ITO 12(2)(1), MUMBAI vs. DHWAJA SECURITIES & SERVICES P.LTD, MUMBAI
In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.
What did the Tribunal hold?
The Tribunal held that the appeal was not maintainable as per CBDT Circular No. 21/2015, which sets a monetary limit of Rs. 10 lakhs for appeals filed by the Revenue. This circular is retrospective and applicable to pending appeals.
What were the facts?
The Revenue filed an appeal before the ITAT against an order of the CIT(A) for the assessment year 2007-08. The tax effect in the appeal was below Rs. 10 lakhs.
What were the issues?
The primary issue was the maintainability of the Revenue's appeal before the ITAT due to the tax effect being below the prescribed monetary limit.
Which sections of the Income-tax Act were involved?
CBDT Circular No. 21/2015
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, “D” BENCH, MUMBAI
Before: SHRI MAHAVIR SINGH, JM & SHRI RAJESH KUMAR, AM
O R D E R
PER RAJESH KUMAR, AM
The appeal filed by the revenue is directed against the order dated 31.3.2014, passed by the CIT(A)-19, Mumbai, for the assessment year 2007- 08.
At the outset, we have noticed that the tax effect in the appeal of the revenue is below Rs.10 lakhs, therefore, the same is not maintainable as per the CBDT Circular No.21/2015, dated 10th December, 2015. We found that as per the recent Circular No.21/2015, dated 10th December, 2015, issued by the CBDT, the monetary limit has been revised for filing of appeal before 2 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. 3. 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. 4. In the result, appeal of revenue is dismissed.
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