ASSISTANT COMMSSIONER OF INCOME-TAX vs. SMT. TARADEVI RATANLAL BAFNA,, JALGAON

Shri Sunil Ganoo appearing on behalf of the assessee submitted at the outset that the appeal of the Revenue is liable to be dismissed on

Shri Mukesh Jha representing the Department fairly admitted that in the present appeal by the Department tax effect is less than Rs.20 lakhs.

Both sides heard. The Revenue is in appeal against the order of Commissioner of Income Tax (Appeals) in deleting the addition of Rs.27,28,948/- made by the Assessing Officer on account of melting gains of gold in URD purchase. Undisputedly, the tax effect involved in appeal is less than the monetary limit prescribed by recent CBDT Circular for filing of appeals before the Tribunal by the Department. The CBDT vide Circular No. 3/2018, dated 11-07-2018 has raised the monetary limit of tax effect for filing of appeals by the Department before the Tribunal to Rs.20 lakhs. The circular applies to the appeals to be filed by the Department in future, as well as the appeals pending before the Tribunal. Thus, in view of the CBDT Circular the present appeal of the Revenue is liable to be dismissed on account of low tax effect.

In the result, the appeal of the Revenue is dismissed.