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Income Tax Appellate Tribunal, “G” BENCH, MUMBAI
Before: SHRI SAKTIJIT DEY & SHRI ASHWANI TANEJA
This is an appeal by the Department against the order dated 28th March 2014, passed by the learned Commissioner (Appeals)–41, Mumbai, for the assessment year 2006–07.
The only issue raised by the Department in this appeal pertains to deletion of addition of ` 16 lakh made under section 69 of the Shri Ganesh A. Mokashe 2 Income Tax Act, 1961 (for short "the Act") by the Assessing Officer on account of unexplained current liabilities.
When the case was called for hearing, none appeared on behalf of the assessee. Learned Departmental Representative fairly submitted that tax effect on the amount disputed by the Revenue is below the monetory limit of ` 10 lakh fixed by the CBDT vide Circular no.21 of 2015 dated 10th December 2015, in relation to appeal before the Income Tax Appellate Tribunal. Taking into consideration the aforesaid submission 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, Revenue’s appeal stands dismissed. Order pronounced in the open Court on 29.01.2016