ITO WD4(1)(3), MUMBAI vs. M/S.AKAR INDUSTRIES PRIVATE LIMITED (FORMERLY KNOWN AS M/S.KATHIAWAD INVESTMENTS P. LTD), MUMBAI

ITA 1472/MUM/2018Status: DisposedITAT Mumbai10 August 2018AY 2012-133 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal noted that the tax effect was below the prescribed limit of Rs. 20 Lacs as per CBDT Circular No. 03/2018. Therefore, the appeal filed by the Revenue was dismissed.

What were the facts?

The Revenue filed an appeal against an order of the first appellate authority that provided relief to the assessee. The tax effect of the additions contested by the Revenue was below the monetary limit prescribed by a CBDT circular.

What were the issues?

Whether the Revenue's appeal should be dismissed based on the low tax effect as per the CBDT circular, despite the Revenue's contention for further instructions.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “F” BENCH, MUMBAI

Before: SHRI SAKTIJIT DEY, JM & SHRI MANOJ KUMAR AGGARWAL, AM

आदेश / O R D E R

Per Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by revenue for Assessment Year [AY] 2012-13 contests the order of Ld. first appellate authority qua certain relief provided to the assessee. None has appeared for assessee. Therefore, left with no option, we proceed to dispose-off the same on the basis of material available on record and after hearing Ld. Departmental Representative [DR], Shri Rajeev K.Gubgotra.

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