ITO WD 1(1)(4), MUMBAI vs. THE BHARAT CO-OP. BANK (MUMBAI) LTD., MUMBAI

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ITA 2893/MUM/2016Status: DisposedITAT Mumbai07 December 2016AY 2006-072 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 dismissed the Revenue's appeal as not maintainable. This was based on the CBDT's revised monetary limits for filing appeals, which the tax effect in this case fell below.

What were the facts?

The Revenue appealed an order by the CIT(A) allowing the assessee a deduction under Section 80P(2)(a)(i) for insurance commission. The tax effect involved in the appeal was below the monetary limit set by CBDT for filing appeals.

What were the issues?

The primary issue was whether the Revenue's appeal was maintainable given the tax effect was below the prescribed monetary limit for appeals to the Tribunal.

Which sections of the Income-tax Act were involved?

Section 80P(2)(a)(i),Section 143(3),Section 147

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “SMC”, MUMBAI

Before: SHRI G.S.PANNU

For Appellant: Shri S.R.Kirtane
For Respondent: Shri Bhupendra Shah
Hearing: 01/12/2016Pronounced: 07/12/2016

ORDER The captioned appeal filed by the Revenue pertaining to assessment year 2006-07 is directed against an order passed by CIT(A)-2, Mumbai dated 27/01/2016, which in turn, arises out of an order passed by the Assessing Officer under section 143(3)r.w.s 147 of the Income Tax Act, 1961 (in short ‘the Act’) dated 31/01/2014.

2.

In this appeal by the Revenue, the only point of dispute is with regard to the order of CIT(A) in holding that the assessee was entitled to the deduction under section 80P(2)(a)(i) of the Act with respect to insurance commission earned by the bank of Rs.22,52,150/-.

3.

At the outset, it was submitted by Ld. Representative for the assessee that the tax effect involved in this appeal is less than Rs.10.00 lacs. The CBDT vide Circular No.21/2015 dated 10/12/2015 has revised the monetary limits for filing of appeals by the Department before the Tribunal retrospectively. Since the tax effect in dispute in the captioned appeal is stated to be below the monetary limit of Rs.10.00 lacs specified in the CBDT Circular dated 10/12/2015 (supra), the same is dismissed as not maintainable.

4.

In the result, appeal of the Revenue is dismissed.

Order pronounced in the open court on 07/12/2016

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