Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, “E” BENCH, MUMBAI
Before: SHRI SAKTIJIT DEY & SHRI RAMIT KOCHAR
Instant appeal of the Department is directed against the order dated 2nd May 2013, passed by the learned Commissioner (Appeals)– 6, Mumbai, for the assessment year 2007–08. Following grounds have been raised by the Department:–
On the facts and in the circumstances of the case and in law, the learned Commissioner (Appeals) erred in passing an order u/s. 154 of the IT Act as there is no mistake apparent
2 M/s. Tayabi Tags from the record i.e order u/s.250 of the IT Act passed by the Ld. CIT(A) on 17.12.2012. 2. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in holding that disallowance u/s.14A of the IT Act for the computation of book profit should also be restricted to disallowance made u/s.14A of the said section under normal computation of income.
At the outset, both the parties agreed before us that the tax effect pertaining to the amounts disputed by the Department is less than the monetory limit of ` 10 lakh fixed by the CBDT in Circular no.21 of 2015 dated 10th December 2015, in relation to appeal before the Income Tax Appellate Tribunal. Taking into consideration the aforesaid submissions of the learned Departmental Representative and also finding that the CBDT circular under reference applies retrospectively, even to pending appeals, we dismiss the appeal of the Department as not maintainable.
In the result, appeal stands dismissed. Order pronounced in the open Court on 29.02.2016