ITO, WD-36(4), KOLKATA, KOLKATA vs. BANK OF INDIA EMPLOYEE CO-OP CREDIT SOCIETY LTD., KOLKATA

This appeal is preferred by the Revenue against the order of ld. Commissioner of Income Tax (Appeals)-10, Kolkata dated 30.03.2015 for the assessment year 2011-12 on the following grounds:- 1. " That on the facts and the circumstances of the case, the Ld. CIT(A), erred in apportioning the expense related to business income (which is exempt u/s 80P) from the taxable income ‘income from other source’.

2. That on the facts and the circumstances of the case and in law, the ld. CIT(A) erred in allowing deduction of section 80P on the enhanced assessed business income which was not claimed as deduction by the assessee in his return of income.

2 As pointed out by the ld. counsel for the assessee at the outset, the tax effect involved in this appeal of the Revenue is less than the revised ./2015 Assessment year: 2011-2012 Page 2 of 2 monetary limit recently fixed by the CBDT vide Circular No. 21/2015 dated 10th December, 2015 at Rs.10,00,000/- for filing the appeal by the Revenue before the Tribunal and this position clearly evident from the grounds raised by the Revenue in this appeal is not disputed even by the ld. D.R. In Circular No. 21/2015 (supra) recently issued by the CBDT, the monetary limit for filing the appeal by the Revenue before the Tribunal has been increased to Rs.10,00,000/- and as clarified in the said Circular, the said monetary limit is applicable retrospectively even to the appeals pending before the Tribunal. The CBDT has also instructed that such pending appeals below this specified tax limit of Rs.10,00,000/- may be withdrawn/ not pressed. Keeping in view the instruction given by the CBDT vide Circular No. 21/2015 dated 10.12.2015, which is squarely applicable in the present case, the appeal filed by the Revenue in this case is treated as withdrawn/not pressed and dismissed accordingly.