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Income Tax Appellate Tribunal, MUMBAI BENCHES “B”, MUMBAI
Before: SHRI B.R.BASKARAN (AM) & SHRI RAM LAL NEGI (JM)
This appeal has been filed by the revenue against order dated 11/10/2010 passed by the Ld CIT(Appeals)-34, Mumbai for the assessment year 2006-07.
The revenue has challenged the impugned order on following effective ground of appeal:-
1. “On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in directing the AO to take the valve of land under transfer as Rs. 50,00,000/- without appreciating the fact that since the property has not come into existence on the date of transfer the best method to calculate the value of property being exchanged i.e.
two flats in this case is to determine the value of these flats as per stamp duty for flat prevailing at that time as held by the Hon’ble ITAT in the case of Paresh K. Bharmani also supported by the decision of Supreme Court in the case of CIT vs. George Henderson & Co (66 ITR 622 SC).”
At the outset, the Ld. Departmental Representative pointed out that the tax effect in this case is below Rs.10,00,000/- as the quantum in dispute is Rs. 27,24,000/- Hence, as per the CBDT Circular No. 21 of 2015, dated 10/12/2015, the present appeal is not maintainable.
We find that the issue raised in appeal does not fall under any of the exceptions specified in para 8 of the Circular. Since, it has been specifically clarified in the Circular aforesaid that the instruction will apply retrospectively to all the pending appeals; the present appeal filed by the revenue is not maintainable. We, therefore, dismiss the same in limine.
Order pronounced in the open court on 21th June, 2016