What did the Tribunal hold?

The Tribunal noted that the tax effect was less than Rs. 20 lakhs. Following CBDT Circular No. 3/2018, the Tribunal dismissed the appeal.

The Revenue filed an appeal against the CIT(A)'s order for AY 2007-08. The assessee's AR pointed out that the tax effect was below Rs. 20 lakhs.

What were the issues?

The primary issue was whether the Revenue's appeal should be dismissed based on the tax effect threshold stipulated in a CBDT circular.

ITO vs Ekta Gems | ITAT Mumbai 2018

Income Tax Appellate Tribunal, MUMBAI BENCH “E”, MUMBAI

Before: SHRI MAHAVIR SINGH & SHRI RAJESH KUMAR

For Appellant: Shri Vasant K. Mange, A.R

For Respondent: Shri D.G. Pansari, D.R

Hearing: 24.09.2018Pronounced: 26.09.2018

Per Rajesh Kumar, Accountant Member:

The present appeal has been preferred by the Revenue against the order dated 23.01.2017 of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] relevant to assessment year 2007-08.

At the outset, the Ld. A.R. has submitted that tax effect involved in this appeal is less than Rs.20 lacs and the CBDT Circular No.3/2018 (F.No.279/MISC.142/2007-ITJ (PT).] dated 11.07.2018 is applicable to this appeal, hence, this appeal be dismissed in terms of Circular No.3/2018 (F.No.279/MISC.142/2007-ITJ (PT).] dated 11.07.2018.

After hearing both the parties and perusing the material on record, we find that the tax effect in this appeal does not exceed

2 M/s. EKTA Gems Rs.20 lakhs and therefore the appeal has to be dismissed in terms of Circular No.3/2018 (F.No.279/MISC.142/2007-ITJ (PT).] dated 11.07.2018. We, therefore, following the circular issued by the CBDT, dismiss the appeal filed by the Revenue.

Order pronounced in the open court on 26.09.2018.

ITO 19(1)(3), MUMBAI vs. EKTA GEMS, MUMBAI

What did the Tribunal hold?

What were the facts?

What were the issues?

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