ITO 14(3)(2), MUMBAI vs. PANKAJ.B. SHAH, MUMBAI

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ITA 715/MUM/2014Status: DisposedITAT Mumbai26 September 2016AY 2003-043 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 held that as per CBDT's Circular No. 21 of 2015, the monetary limit for appeals to the Tribunal is Rs. 10 lakhs, and this applies retrospectively. Therefore, the Revenue's appeal was not maintainable.

What were the facts?

The Revenue filed an appeal against an assessment order for AY 2003-04. Both parties agreed that the disputed addition of Rs. 13,75,997/- had a tax effect below the monetary limit for appeals.

What were the issues?

Whether the Revenue's appeal is maintainable before the Tribunal given the tax effect is below the prescribed monetary limit as per CBDT circulars.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 147

AI-generated summary — verify with the full judgment below

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

Before: SHRI AMIT SHUKLA & SHRI MANOJ K AGGARWAL

For Appellant: Ms Keyuri Desai

आदेश ORDER PER BENCH: The aforesaid appeal and cross objection has been filed by the revenue as well as by the assessee against impugned order dated 13.11.2013, passed by Ld. CIT(Appeals)-25,

1.

2 पंकज बी शाह Pankaj B Shah ITA 715/Mum/2014 CO No. 59/Mum/2015 Mumbai for the quantum of assessment passed under section 143(3) r.w.s. 147 for the assessment year 2003-04.

2.

At the outset, both the parties admitted that, the disputed addition is of only Rs.13,75,997/- on which the tax effect is much below the prescribed monitory limit Rs. 10 lakhs.

3.

Now in the wake of CBDT’s Circular No. 21 of 2015 dated 10.12.2015, the monetary limit prescribed for filing of appeal before the Tribunal is Rs. 10 lakhs. Further it has also been clarified that this circular will apply on pending appeals also which is evident from para 10 of the impugned Circular, which reads as under:- “10. This instruction will apply retrospectively to pending appeals to be filed henceforth in High Courts/Tribunals. Pending appeals below the specified tax limits in para 3 above may be withdrawn/not pressed. Appeals before the Supreme Court will be governed by the instructions on this subject, operative at the time when such appeal was filed”.

Thus, the appeal of the revenue is treated as dismissed as non-maintainable.

4.

In the result, appeal of the revenue stands dismissed.

5.

As regard the Cross Objections filed by the assessee, the Ld. Counsel before us at the time of hearing submitted that Cross Objections filed by the assessee are being not pressed. Accordingly, the C.O. filed by the assessee is dismissed as not pressed.

3 पंकज बी शाह Pankaj B Shah ITA 715/Mum/2014 CO No. 59/Mum/2015

6.

In the result, appeals of the revenue as well as Cross Objection of the assessee are dismissed.

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