ITO 15(1)(3), MUMBAI vs. TIME SQUARE INDUSTRIES, MUMBAI

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ITA 5237/MUM/2013Status: DisposedITAT Mumbai20 June 2016AY 2005-062 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal dismissed the appeal filed by the Revenue. The dismissal was based on the fact that the tax effect was below the monetary limit prescribed by the CBDT.

What were the facts?

The Revenue filed an appeal challenging the deletion of a deduction under Section 80IB of the Income Tax Act. The tax effect involved in the appeal was below the monetary limit prescribed by the CBDT.

What were the issues?

Whether the appeal is maintainable when the tax effect is below the prescribed monetary limit set by the CBDT.

Which sections of the Income-tax Act were involved?

Section 80IB,Section 268A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “E” BENCH, MUMBAI

Before: SHRI SHAILENDRA KUMAR YADAV, JM & SHRI RAJESH KUMAR, AM

Hearing: 20.6.2016Pronounced: 20.6.2016

O R D E R PER RAJESH KUMAR, A. M: This is an appeal filed by the revenue challenging the order dated 10.5.2013 of ld.CIT(A)-26, Mumbai, for assessment year 2005-06 by which the revenue is challenging the deletion u/s 80IB of the Act.

2.

We find from the orders of authorities below that the tax effect involved in the above referred case is below the monetary limit (Rs. 10,00,000/-) prescribed by the Central Board of Director Taxes(CBDT), vide its Circular No.21/2015(F.No.l42/2007-ITJ (Pt.) dated 10th December, 2015.

3.

Shri Devang K Shah appeared on behalf of the assessee. The Departmental Representative (DR) on a query by the Bench fairly conceded that the tax effect

1.

2 5237/Mum/2013 involved in the above case is less than Rs. 10.00 lacs. Considering these facts, we dismiss the appeal holding it as not maintainable u/s. 268A of the Act. 4. In the result, appeal of the Revenue is dismissed.

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