INCOME TAX OFFICER 3(3)(3), MUMBAI vs. UDIPUR PROPERTIES AND FINANCE LIMITED, MUMBAI

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ITA 6451/MUM/2017Status: DisposedITAT Mumbai08 August 2018AY 2007-083 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 held that the appeals were covered by CBDT Circular No. 03/2018, which sets a monetary limit for filing appeals. Since the tax effect was below the prescribed limit, the appeals were dismissed.

What were the facts?

The revenue filed appeals against the deletion of amounts added by the Assessing Officer under Section 68 for assessment years 2006-07 and 2007-08. The tax effect of these additions was below Rs. 20 Lacs in each year.

What were the issues?

Whether the revenue's appeals should be dismissed based on the low tax effect as per CBDT Circular No. 03/2018.

Which sections of the Income-tax Act were involved?

Section 68

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

Heard together (2 matters)

I.T.A. No.6451/Mum/2017
I.T.A. No.6448/Mum/2017

Read from the judgment's own cause title. This page is filed under one of them.

Per Manoj Kumar Aggarwal (Accountant Member)

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