INCOME TAX OFFICER, MUMBAI vs. HITESH MANGILAL JAIN, MUMBAI
Facts
The Revenue preferred an appeal against the order dated 22.11.2023 passed by the National Faceless Appeal Center (NFAC)/Ld. Commissioner of Income Tax (Appeals) for Assessment Year 2014-15. The tax effect in this case was found to be less than the prescribed limit of Rs. 60,00,000/- as per the latest CBDT circular.
Held
The Tribunal observed that the tax effect was below the prescribed monetary limit. Considering the peculiar facts and circumstances, the appeal of the Revenue Department was liable to be dismissed. However, liberty was granted to the Revenue to seek recalling of the order if any contrary circumstance or judgment was found.
Key Issues
Whether the Revenue's appeal should be dismissed based on the tax effect being below the prescribed limit and peculiar facts of the case.
Sections Cited
250 of the Income Tax Act, 1961
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, MUMBAI BENCH “E”, MUMBAI
Before: SHRI BR BASKARAN & SHRI NARENDER KUMAR CHOUDHRY
Per : Narender Kumar Choudhry, Judicial Member:
This appeal has been preferred by the Revenue against the order dated 22.11.2023, impugned herein, passed by the National Faceless Appeal Center (NFAC)/ Ld. Commissioner of Income Tax (Appeals) (in short Ld. Commissioner) under section 250 of the Income Tax Act, 1961 (in short ‘the Act’) for the A.Y. 2014-15.
2 ITA No.258/M/2024 Mr. Hitesh Mangilal Jain
At the outset, we observe that in this case the tax effect is less than Rs. 60,00,000/- the prescribed limit set out as per latest CBDT circular no. 9/2024 dated 17.09.2024.
Thus, considering the peculiar fact and circumstances of the case, the appeal of the Revenue Department is liable to be dismissed, however, with liberty to the Revenue Department to seek recalling of this order, on finding the circumstance or judgment contrary if any.
In the result, the Revenue’s appeal is dismissed with liberty as mentioned in para no. 3.
Order pronounced in the open court on 30.10.2024.
Sd/- Sd/- (BR BASKARAN) (NARENDER KUMAR CHOUDHRY) ACCOUNTANT MEMBER JUDICIAL MEMBER
* Kishore, Sr. P.S.
Copy to: The Appellant The Respondent The CIT, Concerned, Mumbai The DR Concerned Bench
//True Copy//
By Order
Dy/Asstt. Registrar, ITAT, Mumbai.
