INCOME TAX OFFICER, WARD-2, NIZAMABAD vs. TRINETHRA RICE INDUSTRIES, NIZAMABAD

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ITA 629/HYD/2024Status: DisposedITAT Hyderabad13 November 2024AY 2012-13Bench: Shri Laliet Kumar, Judicial Member, Shri Manjunatha, G. (Accountant Member)3 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 dismissed the appeal as not pressed/not maintainable, citing a CBDT circular that sets a monetary limit for revenue appeals. The issues raised were left open for future proceedings.

What were the facts?

The Revenue filed an appeal before the ITAT for Assessment Year 2012-13. The tax effect in this appeal was less than Rs. 60 lakhs.

What were the issues?

Whether the Revenue's appeal is maintainable before the ITAT given the tax effect and the CBDT circular on monetary limits for appeals.

Which sections of the Income-tax Act were involved?

Section 268A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Hyderabad ‘ A ‘ Bench, Hyderabad

Before: Shri Laliet Kumar, & Shri Manjunatha, G.

Hearing: 29/10/2024

(निर्धारण वर्ा/Assessment Year: 2012-13) The Income Tax Officer, Vs. Trinethra Rice Ward - 2 Industries, Nizamabad. Nizamabad. PAN : AAFFT4896A (Appellant) (Respondent) रधजस् व द्वधरध/Revenue by: Shri P. Murali Mohan Rao, CA निर्धाररती द्वधरध/Assessee by: Shri B. Balakrishna – CIT-DR appeared for Shri Srinath Sadanala, Sr.AR सुिवधई की तधरीख/Date of hearing: 29/10/2024 घोर्णध की तधरीख/Pronouncement: 13/11/2024 आदेश/ORDER PER LALIET KUMAR, J.M This appeal filed by the assessee is directed against the order dated 25.04.2024 of the learned CIT (A)-NFAC Delhi, relating to A.Y.2012-13.

2.

It is stated before us that the tax effect in this appeal is less than Rs.60 lakhs and, therefore, the Circular No.279 /Misc./M-74/2024-ITJ, dated 17th September, 2024 issued by the Central Board of Direct Taxes (CBDT) issued in amendment to Circular 5 of 2024 under Sec.268A(1) of the I.T. Act comes into play, wherein, the monetary limit for filing the appeals by the Revenue before the ITAT and various High Courts as well as Apex Court are revised with an object of the reducing the tax litigation. Vide para 2 of the said circular (supra) it is stated that in cases where the tax effect in the appeals to be filed before the Appellate Tribunal does not exceed Rs.60 lakhs appeals should not be filed. Thus, taking a note of CBDT Circular No.(F.279/Misc./M074/2024-ITJ), dated 17/09/2024 and considering the fact that the tax effect in the instant appeal is less than Rs.60 lakhs, the present appeal deserves to be dismissed as not pressed/not maintainable. However, we make it clear that the issues raised in the instant appeal is left open to be examined in the appropriate proceedings, if arises, in future. At the same time, we also make it clear that, if the appeal falls in any of the exceptions referred to in the above said CBDT Circular, the Revenue is at liberty to move an application for recalling the order, if so, advised.

3.

Accordingly in the light of CBDT Circular No. No.(F.279/Misc./M074/2024-ITJ),dated 17/09/2024, the appeal filed by the Revenue stands dismissed.

4.

In the result, the appeal filed by the Revenue is dismissed.

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