What did the Tribunal hold?

The Tribunal noted that the tax effect in the appeals did not exceed Rs. 20 lakhs. Therefore, following the CBDT circular, the appeals filed by the Revenue were dismissed.

The Revenue filed appeals against the CIT(A) orders for assessment years 2007-08 and 2008-09. The assessee argued that the tax effect was below Rs. 20 lakhs and CBDT Circular No. 3/2018 was applicable.

What were the issues?

The primary issue was the applicability of CBDT Circular No. 3/2018 regarding the monetary limit for filing appeals by the Revenue.

ACIT vs N.H. Securities Ltd | ITAT Mumbai 2018

Income Tax Appellate Tribunal, MUMBAI BENCH “B”, MUMBAI

Before: SHRI JOGINDER SINGH & SHRI RAJESH KUMAR

For Appellant: Shri Poojan Mehta, A.R

For Respondent: Dr. P. Danial, D.R

Hearing: 24.07.2018Pronounced: 24.07.2018

Per Rajesh Kumar, Accountant Member:

The above titled appeals have been preferred by the Revenue against the order dated 02.11.2011 & 09.01.2012 of the Commissioner of Income Tax (Appeals) [hereinafter referred to as the CIT(A)] relevant to assessment years 2007- 08 & 2008-09 respectively.

At the outset, the Ld. A.R. has submitted that tax effect involved in these appeals is less than Rs.20 lacs and the CBDT Circular No.3/2018 (F.No.279/MISC.142/2007-ITJ (PT).] dated 11.07.2018 is applicable to these appeals, hence, these

After hearing both the parties and perusing the material on record, we find that the tax effect in these appeals does not exceed Rs.20 lakhs and therefore the appeals have to be dismissed in terms of Circular No.3/2018 (F.No.279/MISC.142/2007-ITJ (PT).] dated 11.07.2018. We, therefore, following the circular issued by the CBDT, dismiss the appeals filed by the Revenue.

Order pronounced in the open court on 24.07.2018.

ACIT CEN CIR 40, MUMBAI vs. N.H. SECURITIES LTD, MUMBAI

What did the Tribunal hold?

What were the facts?

What were the issues?

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