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Income Tax Appellate Tribunal, MUMBAI BENCHES “H”, MUMBAI
Before: SHRI B.R.BASKARAN (AM) & SHRI RAM LAL NEGI (JM)
The aforesaid appeal has been filed by the Revenue against impugned order dated 12/03/2014 passed by the CIT(Appeals)-5, Mumbai in respect of the order of assessment passed u/s 143(3) for the assessment year 1995-96, on the following grounds:-
1. Whether on the facts and circumstances and in law, the Ld. CIT(A) was justified in allowing the set off of sales of shares as Long Term Capital Loss against the Long Term Capital Gain at the rate of Rs. 1 per share (sale price) as against the purchase cost of Rs.18.50 per share by the assessee by using colourable device. The said transaction was made within the family for a worthless price.
2. The appellant craves leave to amend or alter any ground or add a new ground that may be necessary.
At the outset, it is noticed that, the quantum in dispute is only Rs. 32,37,500/- (Long Term Capital Gain) and the tax effect on this amount is below the specified monetary limit of Rs. 10 lakhs. As per the latest CBDT Circular No. 21 of 2015, dated 10th December, 2015, new guidelines of monetary limit for filing of appeals by the Department has been issued, whereby the tax effect for filing of appeal before the ITAT has been prescribed at Rs. 10 lakhs. In the said Circular, it has been specifically clarified that the said instruction will apply retrospectively to all the pending appeals. Accordingly, the appeal filed by the revenue is not maintainable and is dismissed in limine.
Order pronounced in the open court on 22th February, 2016