ITO 8(3)(2), MUMBAI vs. SINDOORI TRADERS P.LTD, MUMBAI

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ITA 8113/MUM/2011Status: DisposedITAT Mumbai27 October 2016AY 2005-063 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 in all appeals was below Rs. 10 lakhs. Following CBDT Circular No. 21/2015, the Tribunal held that such appeals are either not maintainable or should not be pressed by the Revenue.

What were the facts?

The Revenue filed five appeals against the CIT(A)'s orders allowing deduction of interest under Section 24(b). The assessee argued that the total tax effect was below Rs. 10 lakhs, making the appeals non-maintainable as per CBDT Circular No. 21/2015.

What were the issues?

The primary issue was the maintainability of Revenue's appeals before the ITAT due to low tax effect, as per CBDT Circular No. 21/2015.

Which sections of the Income-tax Act were involved?

Section 24(b)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “E” BENCH, MUMBAI

Before: SHRI D. KARUNAKARA RAO & SHRI AMARJIT SINGH

For Appellant: Shri Nitin R. Waghmode, DR
For Respondent: Shri Rakesh Milwani
Hearing: 27.10.2016Pronounced: 27.10.2016

सुनवाई की तायीख / Date of Hearing : 27.10.2016 घोषणा की तायीख /Date of Pronouncement : 27.10.2016 आदेश / O R D E R PER BENCH:

There are five appeals under consideration involving the assessment years 2000-01 to 2005-06. All these appeals are filed by the Revenue against the different orders of the CIT (A)-18, Mumbai. The common issue raised in these appeals relates to the decision of the CIT (A) in directing the AO to allow deduction of interest u/s 24(b) of the Act. Since, the above issue raised in all these appeals is identical and the only difference is in figures, therefore, for the sake of convenience, they are clubbed heard combinedly and disposed off in this consolidated order. Appeal wise adjudication is given in the following paras of this order.

2.

Before us, Ld Counsel for the assessee brought our attention to the grounds raised in these appeal which revolve around the only issue relating to the allowability of deduction of interest u/s 24(b) of the Act and demonstrated that total tax effect in

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