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Income Tax Appellate Tribunal, MUMBAI BENCHES “G”, MUMBAI
Before: SHRI JASON P. BOAZ (AM) & SHRI RAM LAL NEGI (JM)
The aforesaid appeal has been filed by the Revenue against the impugned order dated 08/01/2013 passed by the CIT(A)-41, Mumbai in respect of the order of assessment order passed u/s 143(3) for the assessment year 1999-2000, on the following grounds:-
1) "Whether on the facts and in the circumstances of the case and in law, the Ld.CIT(A)was justified in deleting the addition of Rs.24,07,346/-, when neither the assessee nor the loanee person produce the evidence in support of old unsecured loan shown in Balance Sheet of the assessee, before the AO during the course of assessment proceedings.”
2) “Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) was justified in deleting the addition without considering the facts of the case”.
At the outset, it is noticed that, the disputed issue is only for Rs. 24,07,346/- and the tax effect on this amount is much 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 14th January, 2016