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

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.

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.