Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, “E” BENCH, MUMBAI
Before: SHRI C.N. PRASAD, JM & SHRI RAJESH KUMAR, AM
आदेश / O R D E R PER RAJESH KUMAR, A. M: This appeal by the revenue is directed against the order dated 29.09.2011 of Commissioner of Income Tax (Appeals)-21, Mumbai (hereinafter called as the CIT(A) ) for assessment year 2003-04. The revenue has raised following grounds of appeal:
A.C.I.T Vs. M/s Standard Tin Works Pvt. Ltd.
“On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition of Rs.21,08,028/- on account of modvat on closing stock ignoring that in the financial statement closing value of raw material components, compounds and process materials are valued at cost net of modvat, which means that the assessee was required to value the closing stock of raw material, components and process material including Modvat.”
At the outset the ld. AR of the assessee pointed out that the tax effect in this appeal is below Rs.10.00 lakhs and further submitted that in view of the CBDT Circular No.21/2015, dated 10.12.2015 brought out by the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, Government of India, the appeal was not maintainable and be dismissed. The ld. DR also agreed to the submission of the ld. AR.
We have heard the rival submissions and perused the material on record.
We find from the records before us that the tax involved in the disputed issue is below Rs.10 Lacs and therefore, in view of the circular no 21/2015 dated 10th December, 2015 no appeals should be filed by the Revenue before the Tribunal which has tax effect of Rs. 10.00 lacs or less and this circular is also applicable retrospectively to all pending appeals.
A.C.I.T Vs. M/s Standard Tin Works Pvt. Ltd.
The relevant extract the said CBDT Circular (Supra) is as under:-
“This instruction will apply retrospectively to pending appeals and appeals to be filed henceforth in High Courts/Tribunals. Pending appeals below the specified tax limits in para 3 above may be withdrawn/not pressed. Appeals before the Supreme Court will be governed by the instructions on this subject, operative at the time when such appeal was filed.”
Considering the above, the appeal filed by the Revenue, is therefore dismissed. In the result, the appeal of the Revenue is dismissed.