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Income Tax Appellate Tribunal, “F” BENCH, MUMBAI
Before: SHRI SAKTIJIT DEY, JM & SHRI MANOJ KUMAR AGGARWAL, AM
Per Manoj Kumar Aggarwal (Accountant Member) 1. The captioned appeal by revenue for Assessment Year [AY] 2008- 09 contest the order of Ld. Commissioner of Income-Tax (Appeals)-20 [CIT(A)], Mumbai, Appeal No.CIT(A)-20/ITO.12(2)(2)/IT-129/2015-16 dated 2810/2016 qua deletion of addition of Rs.50 Lacs u/s.68 as made ITA.No.424/Mum/2017 Future Vision Financial Advisors Pvt.Ltd. Assessment Year-2008-09 by Ld. AO in an assessment u/s 143(3) read with section 147 of the Income Tax Act,1961 vide order dated 30/03/2015.
At the outset, Ld. Authorized Representative for assessee drew our attention to the fact that the tax effect of the quantum additions as contested by the revenue is less than prescribed 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 Ld. DR, Ms. Pooja Swaroop, has controverted the same by submitting that necessary instructions / certificate, in this regard, would be required from higher authorities.
We have gone through the circular and find that the tax effect of quantum in dispute 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:-