What did the Tribunal hold?

The Tribunal, following the CBDT Circular No. 3/2018, dismissed the appeal filed by the Revenue. The circular mandates dismissal of appeals where the tax effect is below a certain threshold.

The appeal was filed by the Revenue. The tax effect in the appeal did not exceed the monetary limit of Rs. 20,00,000/- as per CBDT Circular No. 3/2018. The assessee did not appear for the hearing.

What were the issues?

The primary issue was whether the appeal filed by the Revenue should be dismissed based on the monetary limit prescribed by the CBDT circular.

ITO vs M/S. Harshratna Finance &… | ITAT Kolkata 2019

Income Tax Appellate Tribunal, KOLKATA ‘SMC’ BENCH, KOLKATA

Before: Sri J. Sudhakar Reddy]

Date of concluding the hearing : March 25th, 2019 Date of pronouncing the order : April 26th, 2019 O R D E R Per J. Sudhakar Reddy :-

The undisputed fact in this appeal is that the tax effect does not exceed the monetary limit of Rs. 20,00,000/-, fixed by the CBDT Circular No.3/2018, F. NO. 279/Misc. 142/2007-ITJ (Pt), dt. 11th July, 2018. As mandated by this above referred Circular No. 3/2018, the appeal of the revenue is dismissed.

In the result, appeal of the revenue is dismissed. Kolkata, the 26th day of April, 2019. Sd/- Sd/- [S.S. Godara] [J. Sudhakar Reddy] Judicial Member Accountant Member Dated : 26.04.2019 {SC SPS}

Assessment Year: 2014-15 M/s. Harsharatna Finance & Investments Pvt. Ltd Copy of the order forwarded to: 1. M/s. Harsharatna Finance & Investments Pvt. Ltd 27, Shakespeare Sarani Kolkata – 700 017

2. Income Tax Officer, Wd-5(4), Kolkata 3. CIT(A)- 4. CIT- , 5. CIT(DR), Kolkata Benches, Kolkata.

ITO, WARD - 5(4), KOLKATA vs. M/S. HARSHRATNA FINANCE & INVESTMENT PVT. LTD., KOLKATA

What did the Tribunal hold?

What were the facts?

What were the issues?

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