ACIT 3(2)(1), MUMBAI vs. J M FINANCIAL VENTURES LTD, MUMBAI

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ITA 6361/MUM/2016Status: DisposedITAT Mumbai09 November 20173 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 noted that the tax effect was below the monetary limit specified in the CBDT Circular No. 21/2015. Therefore, the appeal was dismissed as not maintainable.

What were the facts?

The Revenue filed an appeal before the ITAT against an order of the CIT(A). The assessee's representative submitted that the tax effect involved in the appeal was less than Rs. 10 lakhs.

What were the issues?

The primary issue was the maintainability of the Revenue's appeal before the ITAT due to the tax effect being below the prescribed monetary limit.

Which sections of the Income-tax Act were involved?

Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, ‘G’ BENCH, MUMBAI

Before: SHRI RAJENDRA, AM & SHRI RAVISH SOOD, JM

For Appellant: Shri K. Shivaram, A.R
For Respondent: Shri V.Vidhyadhar, D.R

आदेश / O R D E R

PER RAVISH SOOD, JUDICIAL MEMBER

1.

The captioned appeal filed by the revenue pertaining to assessment year 2012-13 is directed against the order passed by the CIT(A)-8, Mumbai, dated 28.07.2016, which in itself arises from the P a g e | 2 AY: 2012-13 ACIT Vs. M/s JM Financial Ventures Ltd. order passed by the Assessing Officer under section 143(3) of the Income Tax Act, 1961 (in short ‘the Act’), dated 24.03.2015.

2.

That at the very outset of the hearing of the appeal it was submitted by the ld. Authorized Representative (for short A.R.) for the assessee that tax effect involved in this appeal was less than Rs.10.00 lacs. The ld. A.R in order to drive home his aforesaid contention had placed on record the calculation sheet, as per while the ‘tax effect’ stood calculated at Rs.9,51,254/-. The Ld. D.R. after making verifications had accepted the aforesaid contention of the ld. A.R. The CBDT vide its Circular No. 21.2015, dated 10.12.2015 has revised the monetary limits for filing of appeals by the Department before the Tribunal, retrospectively. Since the tax effect in dispute in the captioned appeal is stated to be below the monetary limit of Rs.10.00 lac specified in the CBDT Circular, dated 10.12.2015 (supra), the same is dismissed as not maintainable.

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