DCIT, CIR-1(1), KOLKATA, KOLKATA vs. M/S ARIM METAL INDUSTRIES (P) LTD., KOLKATA

ITA 1112/KOL/2015Status: DisposedITAT Kolkata17 December 2015AY 2007-20082 pages

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal noted that the tax effect was below the revised monetary limit for filing appeals. Following CBDT instructions, the appeal was treated as withdrawn and dismissed.

What were the facts?

The Revenue appealed the CIT(Appeals) order allowing depreciation and treating interest on fixed deposits as business income. The tax effect of the appeal was below the revised monetary limit set by the CBDT.

What were the issues?

Whether the appeal filed by the Revenue is maintainable given the tax effect below the CBDT's revised monetary limit for appeals.

AI-generated summary — verify with the full judgment below

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)-XXIII, Kolkata dated 13.05.2015 for the assessment year 2007-08 on the following grounds:- (1) On the facts and circumstances of the case and in law, the ld. CIT(Appeals) has erred in allowing depreciation of Rs.1,12,570/- on plant and machinery, even though the plant & machinery were not put to use during the relevant financial year

(2) On the facts and circumstances of the case and in law, ld. CIT(Appeals) has erred in treating interest of Rs.16,85,281/- on fixed deposit as income from business though such interest income is required to be taxed under head of income from other sources.

At the time of hearing before me, none has appeared on behalf of the assessee. It is, however, noted from the grounds raised by the ./2015 Assessment year: 2007-2008 Page 2 of 2

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