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Income Tax Appellate Tribunal, DELHI BENCH: ‘SMC-3’ NEW DELHI
Before: SMT DIVA SINGH
Date of Hearing 19.07.2016 Date of Pronouncement 27.07.2016 ORDER The present appeal has been filed by the Revenue assailing the correctness of the order dated 30.01.2015 of CIT(A)-18, New Delhi pertaining to 2010-11 assessment year on the following grounds: – “On the facts and circumstances of the case and in law the Ld.CIT(A) has erred in (i) Accepting the loss of Rs.32,16,119/- as business loss on account of interest paid on loan though there was no business transaction during the year. (ii) The appellant craves the right to add, alter or amend any ground of appeal.”
No one was present on behalf of the assessee. In view of the fact that the appeal was of the Revenue the Ld. Sr. DR was required to address whether the present appeal in view of Circular No.21/2015 dated 10th December, 2015 of CBDT was maintainable. On going through the record in the pass over, the Ld. Sr. DR submitted that considering the tax rates for 1999-2000 AY the tax effect involved is much less than Rs.10 lakh. Accordingly the departmental appeal may be treated as not pressed. In the light of the submissions and perusal of the record, the departmental appeal is dismissed. The CBDT vide the aforesaid Circular dated 10.12.2015 has revised the monetary limit to Rs.10 lakh for filing
I.T.A .No.-2398/Del/2015 the appeal by the department before Income Tax Appellate Tribunal. Para 3 of the aforesaid Circular fixing the monetary limit has been made applicable vide para 10 retrospectively. Considering the settled legal precedent that the Board’s instructions or directions issued to the Income Tax Authorities u/s 268A of the Income Tax Act, 1961 are binding on the authorities, the departmental appeal is dismissed.