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Income Tax Appellate Tribunal, PUNE BENCHES “A” :: PUNE
Before: SHRI SATBEER SINGH GODARA, & DR.DIPAK P. RIPOTE
आदेश/ ORDER
PER DR. DIPAK P. RIPOTE, AM:
This is an appeal filed by the Assistant Commissioner of Income Tax Central Circle -1 Nashik against the order of the Commissioner of Income tax (appeal)(NFAC) for A.Y.2018-19 dated 08/03/2024 passed u/sec.250 of the Income tax Act 1961. The Revenue has raised the following grounds of appeal :
“1. Whether on the facts and in the circumstances of the case, the Ld. CIT(A) has erred in law and in facts by deleting the tax calculated on special rate as per provision of Section 69 r.w.s. 115BBE of the IT. Act, 1961 on declaration made of Rs. 1,05,04,500/- on account of excess stock found.
Whether on the facts and circumstances of the case and in law, the Ld.CIT(A), has erred in law and in facts by not appreciating the facts that the assessee has failed to substantiate the source of excess stock found alongwith supporting documentary evidence.
Whether on the facts and in the circumstances of the case and in law, the Ld. CIT (A), has erred in law and in facts by deleting the addition of Rs. 10,55,404/- on account of daily wages expenses and appreciating the fact that the assessee failed to substantiate expenditure with supporting documentary evidence.”
Submission of Ld.AR: 2. Ld.AR for the Assessee filed written submission which is reproduced as under : “ Tax effect for the year under appeal for Asst. Year 2018-19 is at Rs.57,52,112/- as per item No. 10 i.e. Grounds of appeal of Form No.36 and as determined by respondent tax effect is at Rs.58,18,351/-, which is below Rs.60,00,000/- as prescribed by CBDT Circular No.09/2024 dated 17/9/2024 issued u/s.268A of the I.T. Act, 1961 and case is not covered by any exceptions as per Paras 3.1 & 3.2 of Circular No.5/2024 dated 15/3/2024, this appeal filed by the Revenue is a liable to be dismissed following the Circular No.09/2024 dated 17/9/2024 r.w. Circular No.5 of 2024 dated 15th day of March, 2024, hence Your Honour are kindly requested to dismiss the Revenue’s 2 appeal and oblige.”
Submission of Ld.DR : 3. The Ld.DR accepted that TAX EFFECT mentioned in form number 36 is Rs.57,52,112/-. Ld.DR further explained that the addition which is challenged is of Rs.1,05,04,500/- and Rs.10,55,404/-.
Findings and Analysis: 4. We have heard both the parties and perused the records. As per Form No.36 filed by the Revenue, the Tax Effect is Rs,57,52,112/-.Thus, the Tax Effect shown in the Form 36 is below the monetary Limit of Rs.60 Lacs. CBDT vide Circular Number 09/2024 dated 17 September 2024 has increased the Monetary Limit of Tax Effect for filling the Appeals before the various authorities as under : Monetary Limit of Tax Effect in Rs.
Before ITAT Rs.60 lacs Before Hon’ble High Court Rs.2 crores Before Hon’ble Supreme Court Rs.5 crores.
In the Circular Number 9/2024 the CBDT has also mentioned that the Monetary Limit shall also be applicable for pending 3 appeals before ITAT/High Court/Supreme Court and also directed the Department to withdraw such appeals.
In these facts and circumstances of the case, since the tax effect is less than Rs.60 lacs, the appeal is dismissed.
In the result, appeal of the Revenue is dismissed. Order pronounced in the open Court on 18th October, 2024.