ITO, WD-12(2), KOLKATA, KOLKATA vs. SHRI KAUSHIK MUKHERJEE, KOLKATA

This appeal is preferred by the Revenue against the order of ld. Commissioner of Income Tax (Appeals)-6, Kolkata dated 07.09.2015 for the assessment year 2009-10 on the following grounds:- “1. That on the facts and & circumstances of the case and as per law, the Ld. CIT(A) erred in not appreciating the fact that as per Section 54(1) of the I.T. Act, 1961, the deduction will be allowed only for a residential house includes only one flat and not more.

2. That on the facts & circumstances of the case and as per law, the Ld. CIT(A) has erred in not appreciating the fact in view of sub-clause (ii) of Section 55A of the Act, the A.O. may refer the valuation to the DVO if having regard to the nature of assets and other relevant circumstances, it is necessary so to do & by claiming higher cost of acquisition, the assessee had reduced the Long Term Capital Gain.

3. That on the facts & circumstances of the case an as per law, the Ld. CIT(A) has erred in not appreciating the fact that ./2015 Assessment year: 2011-2012 Page 2 of 3

during the whole proceedings, the assessee has failed to furnish any documentary evidence in respect of brokerage paid of Rs.2,34,OOO/- i.e. signed copy of confirmation of the party, ledger account of the transaction in the books of the party or the assessee, bank statement showing this transaction. 4. The appellant craves for leave to ad, delete or modify any of the grounds of appeal before or at the time of hearing”.

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 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 The CBDT has also instructed that such pending appeals below this specified tax limit of Rs.10,00,000/- may be withdrawn/ not pressed.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.