I.T.O.WD - 8(1),KOL., KOLKATA vs. M/S BAID PARIWAHAN LTD, KOLKATA

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 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. In this regard, he has invited our attention to the computation of the total income given by the Assessing Officer on page no. 6 of the assessment order to show that the only issue in dispute in the case of the assessee being the set off of the alleged speculation loss against the normal short-term capital gain amounting to Rs.16,38,724/-, ./2013 Assessment year: 2004-2005 Page 2 of 2 the tax effect involved is less than Rs.10,00,000/- and this position clearly evident from the computation of total income and tax thereon made by the Assessing Officer in the assessment order 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 The CBDT has also instructed that such pending appeals below this specified tax limit of Rs.10,00,000/- may be withdrawn/ not pressed.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which is squarely applicable in the present case, the appeal filed by the Revenue in this case is treated as withdrawn/ not pressed and dismissed accordingly.