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Income Tax Appellate Tribunal, DELHI BENCH: ‘A’ NEW DELHI
Before: SMT DIVA SINGH & SH.PRASHANT MAHARISHI
Date of Hearing 28.03.2016 Date of Pronouncement 01.04.2016 ORDER
PER DIVA SINGH, JM
The present appeal has been filed by the Revenue assailing the correctness of the order dated 30.09.2014 of CIT(A)-IV, New Delhi pertaining to 2010-11 assessment year on the following ground: – 1. “On the facts and in the circumstances of the case, the Learned CIT(A) has erred:- (i) In deleting the addition of Rs.29,00,000/- u/s 68 being investment made by M/s S.G.Portfolio Ltd. without considering the full facts of the case. (ii) In holding that as the assessment in the case of M/s S.G.Portfolio Ltd. for A.Y. 2010-11 had been annulled by the CIT(A), the investments made by this company should accepted by the dept. when the reassessment proceedings initiated u/s 148 in the case of this company are pending for finalization.”
No one was present at the time of hearing on behalf of the assessee. The Ld. Sr. DR was required to address whether in view of Circular No.21/2015 dated 10th December, 2015 of CBDT the departmental appeal was maintainable or not. Considering the same in the facts on record, the Ld. Sr. DR fairly conceded that the departmental appeal has been filed wherein the tax effect involved is much less than Rs.10 lakh.
I.T.A .No.-6672/Del/2014
We have heard the submissions of the Ld. Sr. DR on this issue and perused the material on record. We find that the CBDT vide the aforesaid Circular dated 10.12.2015 (a) has revised the monetary limit to Rs.10 lakh for filing the appeal by the department before Income Tax Appellate Tribunal; (b) Para 3 of the aforesaid Circular has been made applicable vide para 10 retrospectively; and (c) Considering the settled legal precedent that the Board’s instructions or directions issued to the Income Tax Authorities u/s 268A of the Income Tax Act, 1961 are binding on the authorities 4. Accordingly, in view of the above and in the light of the submissions on facts, we dismiss the departmental appeal considering the material available on record. 5. In the result, the appeal of the Revenue is dismissed. The order is pronounced in the open court on 01st April, 2016.