Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, KOLKATA ‘SMC’ BENCH, KOLKATA
Before: Shri P.M. Jagtap
This appeal is preferred by the Revenue against the order of ld. Commissioner of Income Tax (Appeals)-XXI, Kolkata dated 11.06.2015 for the assessment year 2010-11 on the following grounds:- (1) That in the facts and circumstances of the case and in law, the ld. CIT(Appeals) has erred in deleting the disallowance on account of shortage/loss amounting to Rs.18,35,435/- on manufacturing of jute products without considering the facts that the assessee did not produce any documents in support of claim that the assessee had actually received more moisturized jute than the discounted moisturized jute.
(2) That in the facts and circumstances of the case and in law, ld. CIT(Appeals) has erred in deleting the addition in respect of interest expenses amounting to Rs.7,12,500/- on account of interest free loan without considering the facts that the assessee company claimed huge amount of interest as business expenses and at the same time the I.T.A. No. 1092/KOL./2015 Assessment year: 2010-2011 Page 2 of 3 assessee had given interest free loan to reduce own income.
(3) That in the facts and circumstances of the case and in law, the Tribunal’s observation is not based on facts or documentary evidences.
As pointed out by the ld. Counsel for the assessee, at the outset, the tax effect involved in this appeal of the Revenue is less than the revised monetary limit recently fixed by the CBDT vide Circular No. 21/2015 dated 10th December, 2015 at Rs.10,00,000/- for filing the appeal by the Revenue before the Tribunal and this position clearly evident from the grounds raised by the Revenue in this appeal is not disputed even by the ld. D.R. In Circular No. 21/2015 (supra) recently issued by the CBDT, the monetary limit for filing the appeals by the Revenue before the Tribunal has been increased to Rs.10,00,000/- and as clarified in the said Circular, the said monetary limit is applicable retrospectively even to the appeals pending before the Tribunal. The CBDT has also instructed that such pending appeals below this specified tax limit of Rs.10,00,000/- may be withdrawn/ not pressed. Keeping in view the instruction given by the CBDT vide Circular No. 21/2015 dated 10.12.2015, which is squarely applicable in the present case, the appeal filed by the Revenue in this case is treated as withdrawn/not pressed and dismissed accordingly.