DY/ ASSTT.COMMISSIONER OF INCOME TAX-CC-1,, KANPUR vs. SHRI SHIV KUMAR PALIWAL, KANPUR

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ITA 5/LKW/2023Status: HeardITAT Lucknow26 November 2024AY 2017-18Bench: SHRI SUDHANSHU SRIVASTAVA (Judicial Member), SHRI ANADEE NATH MISSHRA (Accountant Member)3 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal observed that the tax effect in all appeals was below or equal to the monetary limit set by the CBDT for filing appeals. Both parties agreed that the appeals were not maintainable on this ground.

What were the facts?

During a search operation, a diary detailing commodity and speculative transactions outside the stock market was found. The Assessing Officer made additions based on this, but the CIT(A) deleted them. The Revenue then appealed against the deletion of penalties levied under Section 271AAB.

What were the issues?

The primary issue was the maintainability of the appeals before the ITAT due to the tax effect being below the prescribed monetary limit for filing appeals by the Revenue.

Which sections of the Income-tax Act were involved?

Section 132,Section 143(3),Section 274,Section 271AAB

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, LUCKNOW BENCH ‘A’, LUCKNOW

Before: SHRI SUDHANSHU SRIVASTAVA & SHRI ANADEE NATH MISSHRA

For Appellant: Shri Ashish Jaiswal, Advocate
For Respondent: Shri Sanjeev Krishna Sharma

Heard together (3 matters)

I.T.A. No. 5/Lkw/2023
I.T.A. No. 6/Lkw/2023
I.T.A. No. 7/Lkw/2023

Read from the judgment's own cause title. This page is filed under one of them.

(C) At the time of hearing before us, it was observed, on perusal of Form- 36 in which the appeal has been filed, that the total tax effect is stated to be Rs.60,00,000/-, Rs.50,50,000/- and Rs.51,10,000/- respectively. The aforesaid two amounts are below Rs.60,00,000/- and one amount is Rs.60,00,000/-. As instructed by Central Board of Direct Taxes, for filing the appeal in Income Tax Appellate Tribunal against order of the learned , 6 & 7/Lkw/2023 Assessment Year:2017-18 3 CIT(A), if the tax effect is upto Rs.60,00,000/- no appeal should be filed by Revenue before the Income Tax Appellate Tribunal. Representatives of both sides, the learned Sr. D.R. for Revenue and the learned A.R. for the assessee were in agreement that the tax effect being Rs.60 lac or below, these appeals are not maintainable and should be dismissed.

(D) In view of foregoing and as representatives of both sides are in agreement on this, these appeals are dismissed in limine without admitting the appeals and without going into the merits of the cases.

(E) In the result, all the appeals filed by the Revenue are dismissed as not maintainable.

(Order pronounced in the open court on 26/11/2024)

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