ITO vs. THE NEW VIKAS CO-OP,

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ITA 955/DEL/2009Status: DisposedITAT Delhi09 February 2016AY 2006-073 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 appeals filed by the Revenue. This was based on the fact that the tax effect in the appeals did not exceed the monetary limit prescribed by the CBDT circular, making the appeals not maintainable.

What were the facts?

The Revenue filed appeals against the orders of the CIT(A) for AY 2005-06 and 2006-07. The tax effect in these appeals was calculated to be below the monetary limit specified by a CBDT circular.

What were the issues?

Whether the appeals filed by the Revenue are maintainable given the tax effect is below the monetary limit specified by CBDT circular. The applicability of CBDT Circular No. 21/2015 to pending appeals.

Which sections of the Income-tax Act were involved?

Section 268A,Section 254(2)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH ‘F’, NEW DELHI

Before: SHRI N.K. SAINI & SH. SUDHANSHU SRIVASTAVA

For Appellant: Shri R.B. Meena, Sr.D.R

PER SUDHANSHU SRIVASTAVA, ACCOUNTANT MEMBER

These appeals filed by the Revenue directed against the order dt.

29.01.2009 and 30.4.2008 of Ld.CIT(A), Faridabad for Assessment Years 2005-06 and 2006-07.

2.

The tax effect in these appeals by the Revenue does not exceed the monetary limit of Rs.10 lakhs specified in recent CBDT Circular No.21/2015 dated 10th December, 2015, F.No. 279/Misc./142/2007-ITJ(Pt.) read with S.268 A of the Income Tax Act 1961, inasmuch as the tax effect is Rs. 8,97,838.00, which has been calculated as under:

1.

I.T.A. 955/Del/2009 & 2441/Del/2008 Assessment Year 2006-07, 2005-06 For assessment year 2006-07 Income Assessed Rs.29,44,113.00 Tax assessed: First 10,000.00 @ 10% 1,000- Second 10,000.00 @ 20% 2,000- On balance Rs. 29,24,113.00 @ 30% 8,77,233- 8,80,233- Surcharge @ 2% 17,605- TOTAL TAX DUE 8,97,838- For assessment year 2005-06 Income Assessed Rs.29,37,380.00 Tax assessed: First 10,000.00 @ 10% 1,000- Second 10,000.00 @ 20% 2,000- On balance Rs. 29,37,380.00 @ 30% 8,75,214- 8,78,214- Surcharge @ 2.5% 21,955- 9,00,169- Education Cess @ 2% 18,003- TOTAL TAX DUE 9,18,172- Further in this CBDT Circular, at para 10 it is specified that the Instruction will apply retrospectively, to all pending appeals.

3.

The Ld. D.R. could not controvert the fact that the tax effect on the quantum of income in dispute is below the monetary limit of Rs.10,00,000/- (Ten lakhs only).

4.

Hence we dismiss these appeals filed by the Revenue on the ground that the tax effect in the present appeals does not exceed the monetary limit specified by the CBDT Circular No.21/2015 dated 10th December,2015, I.T.A. 955/Del/2009 & 2441/Del/2008 Assessment Year 2006-07, 2005-06 F.No. 279/Misc./142/2007-ITJ(Pt.) read with S.268 A of the Income Tax Act 1961, and hence not maintainable.

5.

In case there is a mistake in the calculation or if the case is covered by any of the exception specified in the Circular, the revenue may file a Misc. Application u/s 254(2) of the Income Tax Act 1961 pointing out the mistake and if the Bench is convinced of the mistake, this order will be recalled and the appeals restored for fresh disposal on merits.

6.

In the result, the Revenue’s appeals are dismissed. Order pronounced in the Open Court on 9th of February, 2016.

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