ITO WD 13(3)(4), MUMBAI vs. TRISHUL TRADERS P.LTD, MUMBAI

This appeal filed by the Revenue on 5.3.2015 is against the order of the CIT (A)-21, Mumbai dated 9.12.2014 for the assessment year 2006-2007.

In this appeal, Revenue raised two grounds. In both the grounds, Revenue mentioned that the alleged purchases of shares involving group concerns of Shri Mukesh Choksi is Rs. 29,55,983/- and the same is the subject matter of appeal by the Revenue. Therefore, the amount of Rs. 30,40,120/- mentioned in Ground no.1 is required to be corrected. The balance of Rs. 84,137/- involves other parties, which was not agitated by the Revenue. Therefore, the tax effect qua the said amount of Rs. 29.55 lakhs is below Rs. 10 lakhs. 3. At the outset, Ld Counsel for the assessee explained the above and mentioned that the tax effect in this appeal is below Rs. 10 lakhs and therefore, the appeal of the Revenue is not maintainable. In support of his argument, he brought my attention to the CBDT Circular No.21/2015, dated 10.12.2015 and submitted that the appeals filed by the Revenue with a tax effect of Rs. 10 lakhs and below are to be either dismissed by the Tribunal as not maintainable or not pressed by the Revenue. Para 10 of the said Circular is relevant in this regard.