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Income Tax Appellate Tribunal, H Bench, Mumbai
Before: Shri G.S. Pannu & Shri Ram Lal NegiShri Haresh P. Pahuja
This appeal by the Revenue is directed against the order dated 24.03.2013 passed by the CIT(A)-34, Mumbai and it pertain to A.Y. 2006-07.
Although the Revenue has raised multiple grounds of appeal
but the pertinent dispute is with respect to the decision of the CIT(A) in accepting the short term capital gains on purchase and sale of shares declared by assessee in return of income as against the business income assessed by the AO.
3. At the time of hearing, the learned A.R. for the assessee stated that the tax effect of the dispute is below the limit prescribed by the CBDT in circular No. 21/2015 dated 10th December, 2015 and therefore the said appeal of the Revenue is liable to be dismissed.
4. As per the working submitted at the time of hearing, the tax effect of the dispute is `8,41,297/-, which has not been disputed by the learned D.R. for the Revenue. In this view of the matter, filing of Shri Haresh P. Pahuja the captioned appeal by Revenue is in contravention to the CBDT circular dated 10th December, 2015.
In view of the aforesaid factual matrix, which is not disputed by the learned D.R., the captioned appeal is dismissed as withdrawn/not pressed having regard to the CBDT circular dated 10th December, 2015. Order pronounced in the open court in the presence of both the parties on 23rd December, 2015. Sd/- Sd/- (Ram Lal Negi) (G.S. Pannu) Judicial Member Accountant Member Mumbai, Dated: 23rd December, 2015