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Income Tax Appellate Tribunal, KOLKATA BENCH “SMC”, KOLKATA
Before: SH. P.M.JAGTAP
This appeal filed by the Revenue is directed against the order of Ld. CIT(A)- 09, Kolkata dated 20.02.2018 and the solitary issue raised therein relates to the deletion by the Ld.CIT(A) of addition of Rs.28,37,600/- made by the AO on account of unexplained cash credit u/s 68 of the Income Tax Act, 1961 (in short “Act”).
At the time of hearing fixed in this case today, none has appeared on behalf of the assessee. It is however, noted that the tax effect involved in this appeal of the revenue is less than the monetary limit of Rs.20 Lacs fixed by the CBDT for filing the Revenue’s appeals before the Tribunal and this position is not disputed even by the Ld. DR. 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 for filing the Revenue’s appeals before the ITAT would apply 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appeals already filed by the Revenue which are pending before the Tribunal and the same are liable to be dismissed as withdrawn/not pressed. I accordingly treat this appeal of the Revenue involving the tax effect of Rs.20 Lacs as withdrawan/not pressed keeping in view the Circular No.3/2018 (supra) issued by CBDT and dismiss the same.
In the result, the appeal of the Revenue is dismissed.
Order pronounced in the open court on 26.07.2018.