ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE 2(1)(1), VADODARA, VADODARA vs. SULAIMANI CO-OP BANK LIMITED, VARDODARA

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ITA 811/AHD/2023Status: DisposedITAT Ahmedabad18 October 2024AY 2015-16Bench: Shri T.R. Senthil Kumar (Judicial Member), Shri Narendra Prasad Sinha (Accountant Member)3 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 held that the Revenue's appeal was liable to be dismissed due to low tax effect as it did not fall under any exceptions in the latest CBDT circulars. The assessee's cross-objection was dismissed as not maintainable.

What were the facts?

The Revenue filed an appeal against a reassessment order. The tax effect in the appeal was below the threshold stipulated by CBDT circulars, and the exception for 'Revenue Audit Objection' was no longer applicable under newer circulars.

What were the issues?

Whether the Revenue's appeal should be dismissed on the grounds of low tax effect, and whether the assessee's cross-objection was maintainable.

Which sections of the Income-tax Act were involved?

Section 147,Section 144,Section 268A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, AHMEDABAD “C” BENCH

Before: Shri T.R. Senthil Kumar & Shri Narendra Prasad Sinha

Heard together (2 matters)

ITA No. 811/Ahd/2023
C.O. No. 19/Ahd/2023

Read from the judgment's own cause title. This page is filed under one of them.

Assistant Commissioner Sulaimani Co-Op of Income Tax, Bank Limited, Circle-2(1)(1), Vs 1, Mogalwada, Vadodara Vadodara, Gujarat 390017 PAN: AAAAS1759H Sulaimani Co-Op Assistant Bank Limited, Commissioner 1, Mogalwada, Vs of Income Tax, Vadodara, Circle-2(1)(1), Gujarat 390017 Vadodara PAN: AAAAS1759H (Respondent) (Appellant) Revenue Represented: Shri Rignesh Das, Sr.D.R. Assessee Represented: Shri Samir Parikh, A.R. Date of hearing : 15-10-2024 Date of pronouncement : 18-10-2024 आदेश/ORDER PER : T.R. SENTHIL KUMAR, JUDICIAL MEMBER:-

This appeal is filed by the Revenue as against the appellate order dated 18.08.2023 passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, arising out of the & C.O. 19/Ahd/23 A.Y. 2015-16 Page No 2 ACIT Vs. Sulaimani Co.Op. Bank Ltd. reassessment order passed under section 147 r.w.s. 144 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) relating to the Assessment Year 2015-16. Against the same, assessee filed Cross Objection with a delay of 19 days.

2.

At the outset, it was informed by the Department that the Tax Effect in the above appeal is only Rs.2,21,117/-. Pursuant to the CBDT Circular No. 17/2019 dated 08-08-2019, the present appeal was filed, since there was a Revenue Audit Objection in the above case, which is one of the exception covered as per Para 10C of the Board Circular No. 3/2018 dated 11-07-2018. However CBDT has issued fresh Circular No. 05/2024 dated 15-03-2024 and Circular No. 09/2024 dated 17-09-2024 superseding the earlier Circulars issued u/s. 268A of the Act, wherein various exceptions are mentioned namely in Clause 3.1 (a) to (m) of the said Circular. However “Revenue Audit Objection” is not covered under any of the exception clause. Therefore the Department appeal is liable to be dismissed on Low Tax Effect.

3.

Recording the above reasons, the appeal filed by the Revenue is hereby dismissed as withdrawn.

4.

In the C.O., the assessee has not filed Affidavit explaining the delay of 19 days, in spite of notices given to the assessee. Further the Ld. Counsel said that the assessee is not pressing the C.O. since Department Appeal is dismissed on Low Tax Effect. Recording the same, the Cross Objection filed by the Assessee is hereby dismissed as not maintainable.

& C.O. 19/Ahd/23 A.Y. 2015-16 Page No 3 ACIT Vs. Sulaimani Co.Op. Bank Ltd.

5.

In the combined result, the appeal filed by the Revenue and Cross Objection filed by the Assessee are dismissed.

Order pronounced in the open court on 18-10-2024

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