ACIT 32 1 MUMBAI, MUMBAI vs. H K PUJARA BUILDERS, MUMBAI

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ITA 4474/MUM/2024Status: DisposedITAT Mumbai14 October 2024AY 2015-16Bench: 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 and the tax effect being below the prescribed limit. Consequently, the appeal of the Revenue Department was deemed liable to be dismissed.

What were the facts?

The Revenue preferred an appeal against an order dated 08.07.2024 passed by the National Faceless Appeal Center (NFAC) for Assessment Year 2015-16. The tax effect in this case was observed to be less than Rs. 60,00,000/-, as per the latest CBDT circular no. 9/2024.

What were the issues?

Whether the Revenue's appeal should be dismissed due to low tax effect as per CBDT circular, with liberty to seek recall if circumstances warrant.

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 Prakash Jotwani, 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 08.07.2024, 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. 2015-16.

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 14.10.2024.

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