Loading judgment…
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.
Held
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.
Key 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.
Sections Cited
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
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.
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 14.10.2024.