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Facts
The Revenue filed an appeal and the assessee filed a cross-objection for AY 2013-14, challenging an assessment order passed u/s 153A of the Income-tax Act, 1961. The appeal arose from the order of the CIT(A), New Delhi.
Held
The Tribunal observed that the CBDT Circular No. 09/2024 dated 17/09/2024 revised the monetary limit for filing appeals before the Tribunal to Rs. 60 Lacs. Since the Revenue's appeal had a low tax effect, it was deemed not maintainable as per the revised monetary limits. Consequently, the Revenue's appeal was dismissed, and the assessee's cross-objection was also dismissed as infructuous.
Key Issues
Whether the Revenue's appeal is maintainable before the Tribunal given the revised monetary limits specified by CBDT Circular No. 09/2024, and the consequential status of the assessee's cross-objection.
Sections Cited
153A
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, DELHI BENCH “F”: NEW DELHI
Before: SHRI M. BALAGANESH & SHRI VIMAL KUMAR
O R D E R PER M. BALAGANESH, A. M.: 1. The appeal in CO No. 17/Del/2024 for AY 2013-14, arise out of the order of the Commissioner of Income Tax (Appeals)-23, New Delhi [hereinafter referred to as ‘ld. CIT(A)’, in short] in Appeal No. CIT(A), Delhi-23/10080/2012-13 dated 17.08.2023 against the order of assessment passed u/s 153A of the Income-tax Act, 1961 (hereinafter referred to as ‘the Act’) dated 28.09.2021 by the Assessing Officer, DCIT, Central Circle-03, New Delhi (hereinafter referred to as ‘ld. AO’).
We find that the CBDT vide Circular No.09/2024 dated 17/09/2024 has revised the monetary limit for filing the appeals before the Tribunal to Rs.60 Lacs. In such circumstances, the present appeal filed by the Revenue in case of low tax effect is not maintainable.
In conclusion, by applying the CBDT Circular No.09/2024 dated 17/09/2024 (supra), the captioned appeal of the Revenue is dismissed as withdrawn/not pressed.
In the final result, the appeal of the Revenue stands dismissed.
In view of the above, the Cross objection preferred by the assessee is dismissed as infructuous.
In the result, the appeal of the revenue is dismissed and cross objection filed by the assessee is also dismissed.
Order was pronounced in the open court on 08/10/2024.