DEPUTY COMMISSIONER OF INCOME CENTRAL CIRCLE-6(3), MUMBAI vs. M/S.EXCEL INDUSTRIES LIMITED , MUMBAI

IN THE INCOME TAX APPELLATE TRIBUNAL “K” BENCH, MUMBAI BEFORE SHRI B. R. BASKARAN, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No.757/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2014-15) Asst. CIT Circle-2(3)(2), बिधम/ M/s. Stock Traders Pvt. Ltd. Aayakar Bhavan, Room No. 63, Sonawala CHS Bombay Vs. 552, 5th Floor M.K. Road, Samachar Marg Fort, Mumbai-400020. Mumbai-400001. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAACS7235A (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue by: Shri Manoj Kumar (DR) Assessee by: Shri Prashant Shah आयकर अपील सं/ I.T.A. Nos. 842 & 843/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2013-14 & 2014-15) Jt. CIT (O ) Central बिधम/ M/s. Excel Industries Ltd. Circle-6(3) 184-187, S.V. Road, Vs. Room No. 1926, 19th Floor, Jogeshwari (W), Mumbai- Air India Building, Nariman 400102. Point, Mumbai-400021. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAACE2488F (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Revenue by: Shri Manoj Kumar (DR) Assessee by: Shri Kirit Kamdar आयकर अपील सं/ I.T.A. No.1952/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2014-15) बिधम/ ACIT-2(2)(1) M/s. Infina Finance Pvt. Ltd. Road, Churchgate, Mumbai- Santacruz (E) Mumbai- 400020. 400095. स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AACCM1581D (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue by: Shri Manoj Kumar (DR) Assessee by: Shri Chetan Kakka

सुनवाई की तारीख / Date of Hearing: 10.08.2018 घोषणा की तारीख /Date of Pronouncement: 10.08.2018

PER BENCH: The revenue has filed these appeals challenging the orders passed by Ld CIT(A) in the respective hands of the assessees and they relate to the assessment years mentioned in the caption against the name of each of the assessees. In all these appeals, the revenue is aggrieved by the decision of Ld CIT(A) in granting relief to the respective asessees.

1 Stock Traders Pvt. Ltd. 32,44,960/- 2 33,06,310/- Excel Industries Ltd (ITA. No.842/M/2018) 3 47,28,067/- Excel Industries Ltd (ITA. No.843/M/2018) 4 45,08,812/- Infina Finance Pvt. Ltd The CBDT has issued a new Circular No.3/2018 dated 11.07.2018 in supersession of its earlier Circular No.21/2015 dated 10.12.2015. According to the Circular No.3/2018, the revenue is precluded from pursuing its appeal if the tax effect is Rs.20.00 lakhs or less. Apparently the issue in dispute does not fall in any of the exceptions provided in paragraph 10 of the Circular No.3/2018, referred above. The Ld D.R, however, sought time to get a certificate from the PCIT/CIT concerned that the grounds urged in this appeal does not fall under any of the exceptions specified in the said circular. However, from the available material, he could not point out that the issue contested in this appeal fall in any of the exceptions.

in any of the exceptions specified in the Circular. Accordingly we dismiss the appeal of the revenue in limine. However, the revenue is given liberty to move miscellaneous application seeking recall of this order, if it is found that the issue contested in this appeal falls in any of the exception provided in paragraph 10 of the Circular.