ITO WARD 3(4), THANE, THANE vs. THANE MUNICIPAL CORPORATION EMPLOYEES CO-OP. CREDIT SOCIETY LTD., THANE

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ITA 4572/MUM/2024Status: DisposedITAT Mumbai15 October 2024AY 2018-19Bench: SHRI NARENDER KUMAR CHOUDHRY (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)1 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 considered the peculiar facts and circumstances of the case. It was held that the appeal of the Revenue Department was liable to be dismissed.

What were the facts?

The Revenue preferred an appeal against the order dated 29.06.2024 passed by the National Faceless Appeal Center for A.Y. 2018-19. The tax effect in this case was observed to be less than Rs. 60,00,000/-, the prescribed limit by the latest CBDT circular.

What were the issues?

Whether the Revenue's appeal should be dismissed on the grounds of tax effect being below the prescribed limit.

Which sections of the Income-tax Act were involved?

Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “E”, MUMBAI

Before: SHRI NARENDER KUMAR CHOUDHRY & SHRI GAGAN GOYAL

For Appellant: Shri M. Subramaniam, A.R
For Respondent: Shri G. Santosh Kumar, Sr. A.R

Per : Narender Kumar Choudhry, Judicial Member:

This appeal has been preferred by the Revenue against the order dated 29.06.2024, 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. 2018-19.

2.

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.

3.

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.

4.

In the result, the Revenue’s appeal is dismissed with liberty as mentioned in para no. 3.

Order pronounced in the open court on 15.10.2024.

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