INCOME TAX OFICER WARD -2, PHAGWARA vs. SHRI SUKHDEV SINGH S/O SHRI SUCHA SINGH, PHILLAUR

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ITA 770/ASR/2017Status: DisposedITAT Amritsar22 April 2022AY 2009-105 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal found that the tax effect of the appeal was below the monetary limit prescribed by CBDT circular. With the consent of the Revenue's representative, the appeal was rejected on this ground.

What were the facts?

The Revenue filed an appeal against the deletion of a long-term capital gain addition of Rs. 1,90,18,000. The tax effect on this addition was Rs. 38,03,600.

What were the issues?

Whether the appeal filed by the Revenue is maintainable due to low tax effect below the prescribed monetary limit.

Which sections of the Income-tax Act were involved?

Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, AMRITSAR BENCH, AMRITSAR

Before: DR. M. L. MEENA & SH. ANIKESH BANERJEE

Hearing: 21.03.2022Pronounced: 27.04.2022

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.

2.

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:-

3.

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. .

4.

In the result, the appeal of the Revenue is dismissed.

Order pronounced in the open court on 27.04.2022

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