DCIT, CIR-2(2), KOLKATA, KOLKATA vs. M/S NICCO CORPORATION LTD., KOLKATA

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ITA 961/KOL/2016Status: DisposedITAT Kolkata13 September 2018AY 2004-053 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 noted that the tax effect was below the CBDT's revised monetary limit for appeals. Consequently, the Revenue's appeal was treated as withdrawn and dismissed. The assessee's cross-objections were also dismissed as withdrawn.

What were the facts?

The Revenue filed an appeal before the ITAT, and the assessee filed cross-objections. The tax effect in the Revenue's appeal was below the revised monetary limit set by the CBDT for filing appeals.

What were the issues?

Whether the Revenue's appeal should be dismissed due to the tax effect being below the CBDT's revised monetary limit for appeals before the Tribunal.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH ‘C’, KOLKATA

Before: Shri J. Sudhakar Reddy, AM & Smt. Madhumita Roy, JM]

Heard together (2 matters)

C.O. No. 61/Kol/2018
C.O. No. 42/Kol/2016

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

order

: September 13, 2018 ORDER

PER MADHUMITA ROY, JM

1.

The instant appeal has been filed by the revenue against the order dated 04.02.2016 passed by the Ld. CIT(A) -5, Kolkata arising out of the order dated 29.12.2006 passed by the ACIT Circle 2(2), Kolkata. Both the cross-objections have been filed by the assessee against the appeal preferred by the revenue.

2.

As pointed out by Ld. Counsel for the assessee, the tax effect involved in this appeal of the Revenue is less than the revised monetary limit of Rs.20 Lacs fixed by the CBDT for filing the Revenue’s appeals before the Tribunal. The CBDT vide its recent Circular No.3/2018 issued on 11.07.2018 has revised the monetary limit for filing the appeals of the Revenue before the Tribunal to Rs.20 Lacs. As clarified in the said Circular, the revised monetary limit of Rs.20 Lacs or filing the Revenue’s appeals before the ITAT would apply also to the appeals already filed by the Revenue which are pending before the Tribunal and the same are liable to be dismissed as withdrawn/not pressed. We accordingly treat this appeal of the Revenue involving the tax effect of less than Rs.20 Lacs as withdrawn/not pressed keeping in view the Circular No.3/2018 (supra) issued by CBDT and dismiss the same.

3.

Cross appeals preferred by the assessee have also been withdrawn today before us. The same are also dismissed as withdrawn.

4.

In the result, the appeal of the revenue as well as cross- objection of the assessee are dismissed. Order Pronounced in the Open Court on 13th September, 2018.

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