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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 30/09/2013 passed by the Ld CIT(Appeals)-25, Mumbai for the assessment year 2009-10.
The revenue has challenged the impugned order on following effective grounds of appeal:-
1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition made on account of unexplained investment u/s 69 on account of difference in closing stock shown in the books vis-à-vis the stock statement submitted to the bank, in view of Hon’ble Punjab And Haryana High Court
judgement in the case of Devgon Rice and General Mills Vs. CIT 263 ITR 391(2003).
2. Further, the Ld. CIT(A) erred in relying on the judgement or Hon’ble Bombay High Court in the case of CIT vs. Acrow India Ltd. (2008) 298 ITR (Bom). As the facts of the case are different.
3. The Ld. CIT(A) erred in not appreciating the finding of the A.O. that the premise is owned by the assessee ad whatever repairs and maintenance work has been done is for enduring benefit for the assessee in future ad hence the same is in the nature of capital expenditure.
At the outset, the Ld. Departmental Representative pointed out that the tax involved on this amount is below the monetary limit of Rs. 10 lakhs. As per the CBDT Circular No. 21 of 2015, dated 10th December, 2015, new guidelines of monetary limit of filing of appeals by the Department has been issued, whereby the tax effect for filing of appeal before the ITAT has been prescribed as amount exceeding Rs. 10 lakhs. We also 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 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 23rd June, 2016