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Income Tax Appellate Tribunal, MUMBAI BENCH “SMC”, MUMBAI
Before: SHRI G.S.PANNU
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.
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/-.
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.
In the result, appeal of the Revenue is dismissed.
Order pronounced in the open court on 07/12/2016