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Facts
The Revenue filed an appeal for Assessment Year 2012-13 against an order from the CIT(A)-NFAC, which stemmed from proceedings under sections 147 r.w.s. 144 of the Income-tax Act. The tax involved in this appeal was Rs. 56,48,896/-.
Held
The Tribunal observed that the tax effect of Rs. 56,48,896/- was below the Rs. 60 lakhs minimum threshold set by CBDT Circular No. 9/2024, which applies retrospectively. The Departmental Representative did not dispute this fact. Consequently, the Revenue's appeal was dismissed based on the low tax effect.
Key Issues
Whether the Revenue's appeal should be dismissed due to the tax effect being below the threshold stipulated in a retrospective CBDT circular.
Sections Cited
Section 147, Section 144
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Income Tax Appellate Tribunal, DELHI BENCH: ‘G’ NEW DELHI
Before: SHRI SHAMIM YAHYA & SHRI SATBEER SINGH GODARA
This Revenue’s appeal for assessment year 2012-13, arises against the Commissioner of Income Tax (Appeals)-National Faceless Appeal Centre [in short, the “CIT(A)-NFAC”], Delhi’s DIN and order No. ITBA/NFAC/S/250/2023-24/1063715259(1) dated 30.03.2024 involving proceedings under section 147 r.w.s. 144 of the Income-tax Act, 1961 (hereinafter referred to as ‘the Act’).
Heard both the parties at length. Case file perused.
It emerges from the Revenue’s Form 36 forming part of the instant case file at column 10 that the tax involved herein is Rs. 56,48,896/- which is less than the minimum tax effect prescribed of Rs.60 lakhs in the CBDT latest Circular No. 9/2024, dated 17.09.2024 with retrospective effect.