Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, AMRITSAR BENCH, AMRITSAR
Before: DR. M. L. MEENA & SH. ANIKESH BANERJEE
ORDER Per Anikesh Banerjee, JM:
The above appeal is filed by the revenue against the order of learned Commissioner of Income Tax (Appeal)–2, Jalandhar, bearing appeal no- 2/10380/16 –17/CIT (A)/Jal, Date of Order 21.09.2017, passed under section 250 (6) of the Income Tax Act, 1961 for assessment year 2009 – 10.
The Learned Counsel of the Assessee pointed out that the instant appeal was filed by the Revenue against the deletion of addition of long term capital again amount of Rs.1,90,18,000/- which is yielding tax at the rate of 20% which is amount of Rs. 38,03,600/- which is below the monetary limit as prescribed in the ITO v. Sukhdev Singh circular no 17/2019, F No.279/Misc. 142/207-ITJ(Pt) dated 08/08/2019. . The copy of the circular is reproduced as below:-
In the view of the above we find that the issue raised by the revenue related to tax effect is below the monetary limit as prescribed by the CBDT. With the consent of the ld DR the appeal of the revenue is rejected due to low tax effect. .
In the result, the appeal of the Revenue is dismissed.
Order pronounced in the open court on 27.04.2022