INCOME TAX OFFICER 21(2)(3), MUMBAI vs. MURUDE SAHAKARI PATSANSTHA MARYADIT, MUMBAI

At the outset, the learned Authorised Representative submitted that the tax effect on the quantum of additions contested by the Revenue in each of the assessment years is less than the prescribed limit of ` 20 lakh fixed for filing of appeal before the Income Tax Appellate Tribunal, hence, is covered by the recently issued low tax effect Circular no.3/2018, dated 11th July 2018, by the Central Board of Direct Taxes (CBDT).

The learned Departmental Representative agreed with the aforesaid submissions of the assessee.

I have gone through the CBDT Circular referred to above and find that the tax effect on the quantum of additions disputed by the Revenue in each of the assessment years is below the threshold limit of ` 20 lakh, therefore, as per the CBDT Circular referred to above, the appeal filed by the Revenue has to be withdrawn / not pressed, since, the aforesaid Circular by CBDT applies even to the pending appeals. In view of the aforesaid, we dismiss the present appeals filed by the Revenue.

In the result, both the appeals are dismissed. Order pronounced in the open Court on 11.09.2018