ITO, WD-35(1), KOLKATA, KOLKATA vs. SRI PURUSHOTTAM KR. RAJGARHIA, KOLKATA

Date of concluding the hearing : November 28, 2017 Date of pronouncing the order : November 28, 2017 O R D E R

This appeal is preferred by the Revenue against the order of ld. Commissioner of Income Tax (Appeals)-10, Kolkata dated 28.02.2016 on the following grounds:- (1) Whether on the facts and circumstances of the case, the ld. CIT(A) was right in not following the decision of the Hon’ble Supreme Court in the case of Harprasad & Co. Pvt. Ltd. and thereby challenging the constitutional validity of the Act. (2) Whether on the facts and circumstances of the case, the ld. CIT(A) was right in deleting the disallowance made by the AO regarding carry forward of long term capital loss amounting to Rs.23,77,650/- as the transactions are related to STT and hence do not form part of total income and as such it is not allowed to be carried forward.

2. As submitted by the ld. counsel for the assessee, at the outset, the tax effect involved in this appeal of the Revenue is less than the monetary limit fixed by the CBDT vide Circular No. 21/2015 dated 10th December, 2 Assessment Year: 2010-2011 2015 at Rs.10,00,000/- for filing the appeal by the Revenue before the Tribunal and this position clearly evident from the grounds raised

by the Revenue in this appeal is not disputed even by the ld. D.R. In Circular No. 21/2015 (supra) issued by the CBDT, the monetary limit for filing the appeals by the Revenue before the Tribunal has been increased to Rs.10,00,000/- and as clarified in the said Circular, the said monetary limit is applicable retrospectively even to the appeals pending before the Tribunal. The CBDT has also instructed that such pending appeals below this specified tax limit of Rs.10,00,000/- may be withdrawn/ not pressed. Keeping in view the instruction given by the CBDT vide Circular No. 21/2015 dated 10.12.2015, which is squarely applicable in the present case, the appeal filed by the Revenue in this case is treated as withdrawn/not pressed and dismissed accordingly.

3. In the result, the appeal of the Revenue is dismissed. Order pronounced in the open Court on 28th day of November, 2017. Sd/- (P.M. Jagtap) Accountant Member Kolkata, the 28th day of November, 2017 Copies to : (1) Income Tax Officer, Ward-35(1), Kolkata, Aayakar Bhawan Poorva, 7 th Floor, 110, Shantipally, Kolkata-700 107 2) Sri Purushottam Kr. Rajgarhia, 2, Brbourne Road, 5t h Floor, Kolkata-700 001 (3) CIT(Appeals)-10, Kolkata (4) CIT- , Kolkata (5) The Departmental Representative (6) Guard File TRUE COPY