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Income Tax Appellate Tribunal, MUMBAI BENCHES, ‘SMC’ MUMBAI
Before: Shri Joginder Singh, & Shri Rajesh Kumar
आदेश / O R D E R Per Joginder Singh (Judicial Member) These two appeals are by the Revenue against the impugned orders both dated 14/06/2017 of the Ld. First Appellate Authority, Mumbai, withdrawing the addition made under section 68 of the Income Tax Act, 1961 (hereinafter the Act), ignoring the decision in the case of Navodaya Castle Pvt. Ltd. (2015) 56 taxman.com 18 (Supreme Court).
During hearing of these appeals, at the outset, Shri Dharan V. Gandhi, ld. counsel for the assessee, pointed out that the tax effect in the present appeals, filed by the Revenue, is below prescribed monetary limit of Rs.20 lakh.
The ld. DR, Shri S.K. Bepari, did not controvert the factual matrix that the tax effect in both the appeals is below prescribed monetary limit.
2.1. We have considered the rival submissions and perused the material available on record. In view of the above, it is noted that the tax effect in the respective appeals are below prescribed limit of Rs.20 lakh, vide instruction/Circular No.3 of 2018, issued by CBDT (F No.279/Misc./142/ 2007-ITJ(PT) dated 11/07/2018. As per the circular, wherein, the Department was advised/directed by the Board not to file appeal in the cases where the tax effect does not exceed the following monetary limit:-
Sl. Appeals in Income –tax matters Monetary Limit (in Rs.) No. 1. Before ITAT 20,00,000/- 2. U/s 260 A before Hon’ble High 50,00,000/- Court 3. Before Hon’ble Supreme Court 1,00,00,000/-
In view of the above instruction, since, the tax effect is less than Rs.20,00,000/- (not controverted by Ld. DR also), consequently, the appeals of the Revenue are not maintainable, therefore, dismissed.
Finally, the appeals of the Revenue are dismissed.
This order was pronounced in the open court in the presence of the ld. representatives from both sides at the conclusion of the hearing on 27/08/2018.