ITO 4(3)(2), MUMBAI vs. KHANDWALA SECURITIES LTD, MUMBAI

The Revenue is aggrieved by the decision of learned CIT(A) in deleting the penalty of ` 6,59,543/- levied by the Assessing Officer u/s. 271(1)(c) of the Act.

None appeared on behalf of the assessee. Learned DR fairly admitted that the tax effect involved in this appeal is less than ` 10 lakhs.

We have heard learned Departmental Representative and perused the record. We noticed that the tax effect involved in this appeal is less than ` 10 lakhs. Hence, the Revenue is precluded from pursuing this appeal as per the Circular No. 21/2015 dated 10.12.2015 issued by the CBDT. We also noticed that the issue contested in this appeal is not covered by the exception provided in para 8 of the Circular (supra).

In view of the above, we dismiss the appeal of the Revenue in limine.

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