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

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.

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appeals already filed by the Revenue which are pending before the Tribunal and the same are liable to be dismissed as withdrawn/not pressed. We accordingly treat this appeal of the Revenue involving the tax effect of less than Rs.20 Lacs as withdrawn/not pressed keeping in view the Circular No.3/2018 (supra) issued by CBDT and dismiss the same.

Cross appeals preferred by the assessee have also been withdrawn today before us. The same are also dismissed as withdrawn.

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.