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Income Tax Appellate Tribunal, MUMBAI BENCHES “D”, MUMBAI
Before: SHRI R.C. SHARMA (AM) & SHRI RAM LAL NEGI (JM)
O R D E R
PER RAM LAL NEGI, JM
1. This appeal has been filed by the revenue against the order dated 12.04.2016 passed by the Commissioner of Income Tax (Appeals) (for short ‘the CIT (A)’)-57, Mumbai, for the assessment year 2011-12, whereby the Ld. CIT (A) has partly allowed the appeal filed by the assessee against assessment order passed u/s 143 (3) of the Income Tax Act, 1961 (for short ‘the Act’).
Aggrieved by the order of Ld. CIT (Appeals), the revenue has preferred this appeal before the Tribunal on the following effective grounds:-
“Whether on the facts and circumstances of the case and in law, the Ld. CIT (A) is correct in allowing relief to the assessee as the assessee did not invest the net consideration on sale of residential property u/s 54F into a new residential house before due date of filing of return u/s 139(1) of the I.T. Act, 1961. 2 Assessment Year: 2011-12
2. Whether on the facts and circumstances of the case and in law, the Ld. CIT (A) is correct in allowing relief to the assessee as the assessee has not invested the net consideration in specified Capital Gain Account Scheme u/s 54(F)(4) before due date of filing of return u/s 139(1) of the I.T. Act, 1961.
The CBDT, vide Circular No. 3/2018 dated 11.07.2018, has revised the monetary limit for filing of appeals by the Department before the Tribunal with retrospective effect. The tax effect in the aforesaid appeal is below the monetary limit of `20 lakhs specified in the CBDT Circular aforesaid.
In this background, the Ld. D.R. appearing for the Revenue was required to state his position, however, he has not referred to any material which would show that the captioned appeal is protected by any of the exceptions provided in para 10 of the CBDT circular (supra).
Without going into the merit of the issue raised, the captioned appeal is deemed to be withdrawn/not pressed as its filing is not in consonance with the CBDT circular dated 11.07.2018 (supra). Before parting we may clarify that if on a later date, the Revenue finds that filing of the appeal is protected by the exceptions provided in para 10 of the CBDT circular (supra), it shall be at liberty to approach the Tribunal for recall of the order and reinstitution of the appeal for adjudication on merits. The Tribunal shall consider such application, if any, as per the extant law.
In conclusion, by applying the CBDT circular dated 11.07.2018 (supra), the captioned appeal of the Revenue is dismissed as withdrawn/ not pressed.