INCOME-TAX OFFICER, WARD-1, UDUPI, UDUPI vs. THE HEBRI VYAVASAYA SEVA SAHAKARI BANK NIYAMITHA, KARKALA

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ITA 1773/BANG/2024Status: DisposedITAT Bangalore18 November 2024AY 2017-18Bench: SHRI LAXMI PRASAD SAHU (Accountant Member), SHRI PRAKASH CHAND YADAV, JUDICIAL MEMBER Assessment year : 2017-18 The Income Tax Office, Ward - 1, Udupi. Vs. Hebri Vyavasaya Seva Sahakari Sangha Ltd., Kelapete, Hebri, Hebri Taluk – 576 112. PAN : AAAAT 3601 K APPELLANT RESPONDENT Appellant by : Ms. Neha Sahay, JCIT(DR), (ITAT), Bengaluru. Respondent by : Shri Ramesh R. Uppin, Advocate Date of hearing : 12.11.2024 Date of Pronouncement : 18.11.2024 O R D E R Per Laxmi Prasad Sahu (Accountant M2 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 held that the revised monetary limit of Rs. 60 lakhs for filing appeals before the ITAT, as per CBDT Circular No. 5/2024 and 9/2024, applies to pending appeals. Since the tax effect in this case was less than Rs. 60 lakhs, the appeal was not maintainable.

What were the facts?

The Revenue filed an appeal before the ITAT for AY 2017-18. The tax effect in this appeal was Rs. 50,51,256/-. The appeal was filed after the CBDT revised the monetary limit for filing appeals before the ITAT to Rs. 60 lakhs.

What were the issues?

Whether an appeal filed by the revenue before the ITAT is maintainable when the tax effect is below the revised monetary limit prescribed by CBDT circulars.

Which sections of the Income-tax Act were involved?

N/A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A” BENCH : BANGALORE

Before: SHRI LAXMI PRASAD SAHU & SHRI PRAKASH CHAND YADAV

For Appellant: Ms. Neha Sahay, JCIT(DR), (ITAT), Bengaluru
For Respondent: Shri Ramesh R. Uppin, Advocate
Hearing: 12.11.2024Pronounced: 18.11.2024

Assessment year : 2017-18 The Income Tax Office, Vs. Hebri Vyavasaya Seva Ward - 1, Sahakari Sangha Ltd., Udupi. Kelapete, Hebri, Hebri Taluk – 576 112. PAN : AAAAT 3601 K APPELLANT RESPONDENT Appellant by : Ms. Neha Sahay, JCIT(DR), (ITAT), Bengaluru. Respondent by : Shri Ramesh R. Uppin, Advocate Date of hearing : 12.11.2024 Date of Pronouncement : 18.11.2024 O R D E R

Per Laxmi Prasad Sahu, Accountant Member

1.

This appeal is filed by the revenue against the order dated 31.05.2024 of the CIT(Appeals), DIN No. ITBA/NFAC/S/250/2024- 25/1065299779(1) for the AY 2017-18.

2.

As per computation of income of the AO, the net tax effect before interest u/s 234B, 234C & 234D in this appeal filed by the Revenue is Rs.50,51,256/-. In view of the CBDT Circular No.5/2024 (F.No.279/Misc./M-742024-ITJ dated 15.03.2024 and Circular No.9/2024 dated 17.09.2024) revising the monetary limit of Rs.60 lakhs for filing appeal before the ITAT and it applies even to pending appeals, the revenue cannot file appeals before the Tribunal where the tax effect is less than Rs.60 lakhs. Since the tax effect in the present appeal is less than Rs.60 lakhs, this appeal of the revenue is liable to be dismissed as not maintainable. Accordingly, the appeal of the revenue is dismissed. The appellant is given liberty to file rectification application if it is found that the issue raised in grounds of appeal comes under any of the exception class of the above circular issued.

Pronounced in the open court on the date mentioned on the caption page.

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