Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, “B” BENCH: KOLKATA
Before: Shri N. V. Vasudevan, JM & Shri M. Balaganesh, AM]
ORDER Per Shri M. Balaganesh, AM:
This appeal by revenue and Cross Objection by assessee are arising out of order of CIT(A)-XII, Kolkata vide Appeal No. 553/XII/DCIT,Cent.Cir-XXI/Kol/09-10 dated 24.07.2013. Assessment was framed by DCIT, Circle-11, Kolkata u/s. 154 r.w.s. 143(3) of the Income tax Act, 1961 (hereinafter referred to as the “Act”) for AY 2001-02 vide his order dated 27.08.2007.
At the outset, it is seen that the quantum involved in this case is Rs.20,92,048/- and tax effect on the disputed addition before us is Rs.8,20,090/-, which is less than Rs. 10 lacs.
After perusing the materials available on record, we find that the additions disputed before us is below the tax effect limit prescribed by CBDT vide Circular No. 21 / 2015 dated 10.12.2015 for preferring appeals before tribunal by the revenue. On perusal of the Circular No. 21 / 2015 dated 10.12.2015 and the materials available on record, Ld. DR could not point out whether this case falls under any of the exception as provided in the circular despite specific opportunity was given, does not fall under any 2 & CO No.148/K/2013 M/s. Teage Ltd. AY 2001-02 of the exceptions contemplated in the said Circular, as this is covered. We also find that the Circular makes it very clear that the revised monetary limits shall apply retrospectively to pending appeals also. We find that the Circular is binding on the tax authorities. This position has been confirmed by the Hon’ble Apex Court in the case of Commissioner of Customs vs Indian Oil Corporation Ltd reported in 267 ITR 272 (SC). Hence, we hold that the appeal of the revenue deserves to be dismissed in terms of low tax effect vide Circular No.21 / 2015 dated 10.12.2015. Accordingly, this being a low tax effect case, we dismiss this appeal of revenue in limine, as unadmitted, without going into the merits of the case.
The Cross Objection raised by assessee is not pressed. Hence, the same is dismissed as not pressed.
In the result, both the appeal of revenue and the Cross Objection of assessee are dismissed.
Order is pronounced in the open court.