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Income Tax Appellate Tribunal, KOLKATA ‘B’ BENCH, KOLKATA
Before: Shri P.M. Jagtap & Shri N.V. Vasudevan
Date of concluding the hearing : November 30, 2016 Date of pronouncing the order : November 30, 2016 O R D E R Per Shri P.M. Jagtap, A.M.: This appeal is preferred by the Revenue against the order of ld. Commissioner of Income Tax (Appeals)-XII, Kolkata dated 02.12.2013 on the following grounds:- (1) That is the facts and in law of the case, the ld. CIT(A) erred in deleting the addition made by the AO u/s. 14A read with Rule 8D amounting to Rs.27,41,273/- for earning exempted income.
(2) That is the facts and in law of the case, the ld. CIT(A) erred in restricting the disallowance u/s 14A to 0.5% of average investment. (3) That in the facts and in law, the ld. CIT(A) erred in deleting the calculation made by the AO as per Rule 8D.
As pointed out by the ld. Counsel for the assessee, at the outset, the tax effect involved in this appeal of the Revenue is less than the revised monetary limit recently fixed by the CBDT vide Circular No. 21/2015 I.T.A. No. 499/KOL./2014 Assessment Year: 2009-2010 Page 2 of 2 dated 10th December, 2015 at Rs.10,00,000/- for filing the appeal by the Revenue before the Tribunal and this position clearly evident from the grounds raised by the Revenue in this appeal is not disputed even by the ld. D.R. In Circular No. 21/2015 (supra) recently issued by the CBDT, the monetary limit for filing the appeals by the Revenue before the Tribunal has been increased to Rs.10,00,000/- and as clarified in the said Circular, the said monetary limit is applicable retrospectively even to the appeals pending before the Tribunal. The CBDT has also instructed that such pending appeals below this specified tax limit of Rs.10,00,000/- may be withdrawn/ not pressed. Keeping in view the instruction given by the CBDT vide Circular No. 21/2015 dated 10.12.2015, which is squarely applicable in the present case, the appeal filed by the Revenue in this case is treated as withdrawn/not pressed and dismissed accordingly.