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Income Tax Appellate Tribunal, MUMBAI BENCH “D”, MUMBAI
O R D E R
PER CN PRASAD, JM :
The appeal filed by the revenue is directed against the order dated 11.02.2016, passed by the Ld. CIT (Appeals) -10, Mumbai, for the assessment year 2011-12.
At the outset, both the parties admitted that the tax effect in the appeal 2. of the revenue is below Rs.10 lakhs as the dispute in appeal is as to whether the cost of improvement of Rs.35,95,350/-(7,42,730+28,52,620) should be considered for indexation while computing the capital gains of the Assessee and therefore, the same is not maintainable as per the CBDT Circular No. 21/2015 dated 10.12.2015. We found that as per the recent Circular
Shri Rajiv Gogia No.21/2015 dated 10.12.2015, issued by the CBDT, the monetary limit has been revised for filing appeal before ITAT by the revenue fixing the tax effect limit of Rs.10 lakhs. In the instant case, the tax effect is below Rs.10 lakhs, therefore the same is not maintainable and liable to be dismissed in limine. This Circular is retrospective and applicable to the pending appeals also.
Considering the above CBDT Circular, we found that this appeal of the revenue is not maintainable as the tax effect in this appeal is below Rs.10 lakhs. Accordingly, we dismiss the appeal of the revenue.
In the result, appeal of revenue is dismissed.
Order has been pronounced in the Open Court on 29.12.2016.