ITO 3(1)(3), MANGALORE vs. CONWOOD DEVELOPERS P.LTD, MUMBAI

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ITA 4252/MUM/2014Status: DisposedITAT Mumbai16 December 2015AY 2005-062 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the Revenue's appeal was not maintainable due to the tax effect being below the monetary limit specified in CBDT Circular No. 21/2015. The circular was also held to apply retrospectively to pending appeals.

What were the facts?

The Revenue filed an appeal against the CIT(A)'s order deleting an addition of Rs. 10 lakhs made on account of unsecured loans. The assessee argued that the tax effect was below Rs. 10 lakhs, making the appeal not maintainable as per CBDT Circular No. 21/2015.

What were the issues?

Maintainability of the Revenue's appeal based on the tax effect and the retrospective applicability of CBDT Circular No. 21/2015.

Which sections of the Income-tax Act were involved?

Not Applicable

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH, MUMBAI

Before: SHRI D. KARUNAKARA RAO & SHRI AMARJIT SINGH

For Appellant: Ms. R.M. Madhavi, DR
Hearing: 16.12.2015Pronounced: 16.12.2015

PER D. KARUNAKARA RAO, AM: This appeal filed by the Revenue on 13.6.2014 is against the order of the CIT (A)-6, Mumbai dated 9.1.2008 for the assessment year 2005-2006. 2. At the outset, Ld Counsel for the assessee brought our attention to the solitary ground raised by the Revenue relates to the CIT (A)‟s decision in deleting the addition of Rs. 10 lakhs made on account of „unsecured loans received from M/s. PPL Housing Finance Ltd‟. In this regard, he mentioned that the tax effect in this appeal is below Rs. 10 lakhs and therefore, the appeal of the Revenue is not maintainable. In support of his argument, he brought our attention to the recently issued CBDT Circular No.21/2015, dated 10.12.2015 and submitted that the appeals filed by the Revenue with a tax effect of Rs. 10 lakhs and below are to be either dismissed by the Tribunal as not maintainable or not pressed by the Revenue. Referring to the above mentioned Board Circular No.21/2015, Ld Counsel for the assessee brought our attention to para 10 and submitted that the said monetary

limitation of Rs. 10 lakhs applies to all the appeals filed by the Revenue retrospectively. Considering the significance of the said para 10 of the CBDT Circular (supra) is extracted as under:- “10. This instruction will apply retrospectively to pending appeals and appeals to be filed henceforth in High Courts / Tribunals. Pending appeals below the specified tax limits in para 3 above may be withdrawn / not pressed. Appeals before the Supreme Court will be governed by the instructions on this subject operative at the time when such appeal was filed.”

3.

Considering the above, the appeal filed by the Revenue, wherein the tax effect is below the above stated tax limit of Rs. 10 lakhs, is dismissed as not maintainable.

4.

In the result, appeal of the Revenue is dismissed. Order pronounced in the open court on 16th December, 2015. (AMARJIT SINGH) ACCOUNTANT MEMBER भुंफई Mumbai; ददनांक 16/12/2015 व.नन.स./ OKK , Sr. PS आदेश की प्रतिलऱपि अग्रेपिि/Copy of the Order forwarded to : अऩीराथी / The Appellant 1. प्रत्मथी / The Respondent. 2. आमकय आमुक्त(अऩीर) / The CIT(A)- 3. आमकय आमुक्त / CIT 4. 5. ववबागीम प्रनतननधध, आमकय अऩीरीम अधधकयण, भुंफई / DR, ITAT, Mumbai गार्ड पाईर / Guard file. 6. सत्मावऩत प्रनत ////

आदेशानुसार/ BY ORDER, उि/सहायक िंजीकार (Dy./Asstt.

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