ACIT CC 39, MUMBAI vs. GANESH A MOKASHE, PUNE

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ITA 4727/MUM/2014Status: DisposedITAT Mumbai29 January 2016AY 2006-073 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal dismissed the Department's appeal. This was based on the Department's submission that the tax effect was below the monetary limit for appeals, and the CBDT circular on this limit applies retrospectively.

What were the facts?

The Department appealed against the deletion of an addition of ₹16 lakh made under Section 69 for unexplained current liabilities. The assessee did not appear for the hearing.

What were the issues?

Whether the Department's appeal is maintainable before the Tribunal given the low tax effect, as per CBDT circulars.

Which sections of the Income-tax Act were involved?

Section 69

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “G” BENCH, MUMBAI

Before: SHRI SAKTIJIT DEY & SHRI ASHWANI TANEJA

For Respondent: Shri Awungshi Gimson

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.

2.

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.

3.

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.

4.

In the result, Revenue’s appeal stands dismissed. Order pronounced in the open Court on 29.01.2016

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