ACIT 20(2), MUMBAI vs. PRINCE INDUSTRIES, MUMBAI

Aforesaid appeals by revenue for Assessment Years [AY] 2009-10 & 2010-11 contest separate orders of Ld. First appellate authority qua certain relief provided to the assessee. The assessee has been assessed for both the AYs u/s 143(3) vide orders dated 27/12/2011 and 28/03/2013.

The Ld. Authorized Representative for assessee, Shri K. Gopal, at the outset drew our attention to the fact that Ld. first appellate authority provided relief of Rs.49.26 Lacs for AY 2009-10 and Rs.58.52 Lacs for AY 2010-11, against which the revenue is in further appeal before us. It is further submitted that the tax effect of the same for each of the AY is less than the prescribed monetary limit of Rs.20 Lacs and the same is covered by recently issued low tax effect Circular No.03/2018 dated 11/07/2018 issued by Central Board of Direct Taxes [CBDT]. The working for both the years have been placed on record by way of tabular chart. The Ld. DR, Shri Rajeev K. Gubgotra, has controverted the same by submitting that necessary instructions / certificate, in this regard, would be required from higher authorities. 3. We have gone through the circular and find that the tax effect of quantum in dispute for both the AYs is below prescribed limit of Rs.20 Lacs and the assessee stood benefitted by the above circular issued by CBDT wherein the minimum monetary limit for filing the appeals before various appellate authorities have been fixed as under:-