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Income Tax Appellate Tribunal, DELHI BENCH: ‘E’ NEW DELHI
Before: SMT DIVA SINGH & SH.O.P.KANT
Date of Hearing 10.03.2016 Date of Pronouncement 29.03.2016 ORDER
PER DIVA SINGH, JM
The present appeal has been filed by the Revenue assailing the correctness of the order dated 01.04.2013 of CIT(A)-17, New Delhi pertaining to 2005-06 assessment year on the following grounds:
– 1. “On the facts and in the circumstances of the case and in law the order passed by Ld.CIT(A) is erroneous and the learned CIT(A):- (i) Has erred in deleting the additions of Rs.15,00,000/- made by AO u/s 68 of the I.T.Act as unexplained cash credits in the shape of share application money.
2. The appellant craves, leave or reserving the right to amend, modify, alter, or forego any ground(s) of appeal at any time before or during the hearing his appeal.”
No one was present at the time of hearing on behalf of the assessee. Considering the amount at stake for the Revenue, the Ld. Sr. DR was required to address Circular No.21/2015 dated 10th December, 2015 of CBDT. 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.-6362/Del/2015
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 has revised the monetary limit to Rs.10 lakh for filing the appeal by the department before Income Tax Appellate Tribunal. Para 3 of the aforesaid Circular has been made applicable vide para 10 retrospectively. 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, we dismiss the departmental appeal considering the material available on record.
In the result, the appeal of the Revenue is dismissed. The order is pronounced in the open court on 29th March, 2016.