ACIT, CIRCLE - 29, KOLKATA, KOLKATA vs. M/S. VIDA ENGINEERING CO., KOLKATA

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ITA 204/KOL/2015Status: DisposedITAT Kolkata15 May 2017AY 2009-20102 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 CBDT's revised monetary limit for filing appeals. Following CBDT instructions, the appeal was treated as withdrawn and dismissed.

What were the facts?

The Revenue appealed the CIT(Appeals) decision to allow depreciation deduction. The tax effect of the appeal was below the revised monetary limit set by the CBDT.

What were the issues?

Whether the Revenue's appeal should be dismissed due to the tax effect being below the CBDT's monetary limit for appeals.

Which sections of the Income-tax Act were involved?

Section 32,Section 145(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA ‘A’ BENCH, KOLKATA

Before: Shri P.M. Jagtap & Shri A.T. Varkey

Appearances by: Shri Saurabh Kumar, Addl. CIT, D.R., for the Department N o n e, for the assessee Date of concluding the hearing : May 15, 2017 Date of pronouncing the order : May 15, 2017

O R D E R Per Shri P.M. Jagtap, A.M.: This appeal is preferred by the Revenue against the order of ld. Commissioner of Income Tax (Appeals)-8, Kolkata dated 31.12.2014 and in the solitary ground raised therein, the Revenue has challenged the action of the ld. CIT(Appeals) in allowing the claim of the assessee for deduction on account of depreciation under section 32 from the income of the assessee estimated by the Assessing Officer at Rs.65,04,374/- by invoking the provisions of section 145(3) as against the total income of Rs.33,62,630/- declared by the assessee in the return of income.

2.

At the time of hearing fixed today, i.e. on 15.05.2017, none appeared on behalf of the assessee. It is, however, noted that the tax effect involved in this appeal of the Revenue is less than the revised monetary limit fixed by the CBDT vide Circular No. 21/2015 dated 10th ./2015 Assessment year: 2009-2010 Page 2 of 2 December, 2015 at Rs.10,00,000/- for filing the appeal by the Revenue before the Tribunal and this position clearly evident from the ground 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 May 15, 2017. Sd/- Sd/- (A.T. Varkey) (P.M. Jagtap) Judicial Member Accountant Member Kolkata, the 15th day of May, 2017 Copies to : (1) Assistant Commissioner of Income Tax, Circle-29, Kolkata, Aayakar Bhawan Dakshin, 4th Floor, Gariahat Road (South), Kolkata-700 068 (2) M/s. Vida Engineering Co., 128/4A, Hazra Road, Kolkata-700 026 (3) Commissioner of Income Tax (Appeals)-8, Kolkata, (4) Commissioner of Income Tax- , (5) The Departmental Representative (6) Guard File By order

Senior Private Secretary, Head of Office/DDO, Income Tax Appellate Tribunal, Kolkata Benches, Kolkata Laha/Sr. P.S.

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