AMIT GULAB PARDASANI,MUMBAI V. DY. COMMISSIONER OF INCOME TAX, CIRCLE-23(1), MUMBAI, MUMBAI

ITA 841/MUM/2025

AI Insights

The case involves an appeal by the Income Tax Officer (ITO) against M/s Watermark Capital Ltd. concerning an order passed by the Commissioner of Income Tax (Appeals)-8, Mumbai. The appeal was related to the assessment year 2014-15, where the addition made by the Assessing Officer (A.O) was Rs. 23,75,261/-. The Commissioner of Income Tax (Appeals) had granted partial relief to the assessee. The revenue's appeal was primarily dismissed due to the low tax effect, which was below the threshold of Rs. 50 lakhs as specified in the CBDT Circular No. 17/2019. Both parties acknowledged the applicability of the circular, leading to the dismissal of the appeal without further examination of the merits.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 714555 (ITAT-MUMBAI)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-08-2025
• Appeal Filed By: Assessee
• Order Result: Allowed
• Assessment Year: 2018-2019
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: VIMAL PUNMIYA
• Assessee Lawyers: S. ANBUSELVAM
• Keywords: Tax effect
• Section: 143(3)

Judgement Text

" IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, ACCOUNTAT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER S RIFAUR ITA No. 814/Mum/2020 (A.Y: 2014-15) ITO – 3(3)(4) Room no 672, Aayakar Bhavan,M.K.Road, Mumbai-40020 Vs. M/s Watermark Capital Ltd., (previously Watermark Financial Constructions Ltd.,) 415, Raheja Chambers, Nariman Point, Mumbai – 400 021 \u0001थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAACW3474H Appellant .. Respondent Appellant by : Shri S.Anbuselvam.DR Respondent by : Shri Vimal Punmiya.AR Date of Hearing 11.07.2022 Date of Pronouncement 12.07.2022 आदेश / O R D E R PER PAVAN KUMAR GADALE, JM: The revenue has filed the appeal against the order passed by the Commissioner of Income Tax (Appeals)-8, Mumbai passed u/s 143(3) and 250 of the Act. 2. At the time of hearing, the Ld.AR of the assessee submitted that the tax effect in the appeal is below Rs.50 lakhs and is covered by the CBDT Circular No. 17/2019 dated 08.08.2019. Further the Ld. AR submitted that the Printed from counselvise.com ITA No. 814/Mum/2020 M/s Watermark Capital Ltd.,., Mumbai. - 2 - addition made by the A.O is Rs 23,75,261/- and the CIT(A) has granted partial relief to the assessee and also the tax effect in the appeal is below Rs.50 lakhs. The Ld.DR has accepted the low tax effect aspects and applicability of CBDT circular. We find as per the CBDT Circular dated 08.08.2019, no appeal shall be filed by the revenue before the Hon’ble Tribunal where the tax effect is below Rs 50 lakhs. Further the circular of the CBDT is also applicable to the pending cases. Accordingly, we dismiss the revenue appeal on maintainability and low tax effect. 3. In case, if the revenue is able to provide evidence that the case falls under any of the exceptions provided in the circular issued by the CBDT. The revenue may prefer miscellaneous application for recalling of this order, if they so desire, in which circumstances, this order shall be recalled by the Hon’ble Tribunal. 4. In the result, the appeal filed by the revenue is dismissed. Order pronounced in the open Court on 12.07.2022 Sd/- Sd/- (PRASHANT MAHARISHI) (PAVAN KUMAR GADALE) ACCOUNTANT MEMBER JUDICIAL MEMBER Mumbai, Dated 12.07.2022 Printed from counselvise.com ITA No. 814/Mum/2020 M/s Watermark Capital Ltd.,., Mumbai. - 3 - KRK, PS Copy of the Order forwarded to : 1. The Appellant 2. The Respondent. 3. The CIT(A) 4. Concerned CIT 5. DR, ITAT, Mumbai 6. Guard file. आदेशानुसार/ BY ORDER, //True Copy// 1. ( Asst. Registrar) Printed from counselvise.com ITA No. 814/Mum/2020 M/s Watermark Capital Ltd.,., Mumbai. - 4 - ITAT, Mumbai Date Initial 1. Draft dictated on 11.07.2022 PS 2. Draft placed before author 11.07.2022 PS 3. Draft proposed & placed before the second member PS 4. Draft discussed/approved by Second Member. PS 5. Approved Draft comes to the Sr.PS/PS PS 6. Kept for pronouncement on 7. File sent to the Bench Clerk 8. Date on which file goes to the AR 9. Date on which file goes to the Head Clerk. 10. Date of dispatch of Order. 11. Dictation Pad is enclosed 2. Other Member… on whi Printed from counselvise.com "