INCOME TAX OFFICER, WARD 1(1), NASHIK, NASHIK vs. HARMEETSINGH HARDEVSINGH KOHLI, NASHIK

The Revenue’s sole substantive grievance raised herein seeks to reverse the Ld. CIT(A)'s action in deleting the 2 ITA.No.1103/PUN./2023 addition of Rs.89,34,750/- made by the Assessing Officer on account of income from unexplained source and cash deposited in bank u/sec.69A of the Act.

Learned counsel drew the attention of the Bench that the tax effect involved in the instant appeal is Rs.56,59,158/- and therefore, the Revenue’s instant appeal is not maintainable in view of CBDT’s latest Circular no.F.No.279/Misc./M-74/2024-ITJ dated 17.09.2024 wherein the CBDT has prescribed the tax limit up-to 60 lakhs even for the pending appeals before the tribunal, to which, the learned DR has no objection.

That being the case, there would be hardly any denial to the clinching fact that the tax effect comes to less than Rs.60 lakhs as per the CBDT’s circular dated 17.09.2024 (supra), made applicable to all pending appeals as well. We accordingly reject the Revenue’s instant appeal in very terms.