ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), AHMEDABAD, AHMEDABAD V. CONCORD BIOTECH LIMITED, AHMEDABAD

ITA 1090/AHD/2024

AI Insights

The case involves two appeals by the Revenue against Concord Biotech Ltd., concerning separate appellate orders for the Assessment Years 2018-19 and 2020-21. The appeals were based on the assessment orders passed under section 143(3) of the Income Tax Act, 1961. The primary legal issue was the tax effect involved in the appeals, which was below the threshold of Rs. 60,00,000 as per the CBDT Circular No. 09/2024. The Assessee filed Cross Objections against the Revenue's appeals, which were also addressed by the tribunal.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 474803 (ITAT-AHMEDABAD)
• Duration Of Justice: 4 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-10-2024
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 30-09-2024
• Assessment Year: 2020-2021
• Appeal Filed On: 22-05-2024
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect
• Section: 143(3); 268A

Judgement Text

" IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “A” BENCH Before: Shri T.R. Senthil Kumar, Judicial Member And Shri Narendra Prasad Sinha, Accountant Member The Assistant Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad Vs Concord Biotech Ltd. 16th Floor, B Wing, Mondeal Heights, Iscon Cross Road, Ahmedabad, Gujarat 380015 PAN: AAACC8514 Concord Biotech Ltd. 16th Floor, B Wing, Mondeal Heights, Iscon Cross Road, Ahmedabad, Gujarat 380015 PAN: AAACC8514 (Appellant) Vs The Assistant Commissioner of Income Tax, Circle-1(1)(1), Ahmedabad (Respondent) Revenue Represented: Shri B. P. Srivastava, Sr. D.R. Assessee Represented: Ms. Kinjal Shah, A.R. Date of hearing : 30-09-2024 Date of pronouncement : 03-10-2024 आदेश/ORDER PER BENCH: These two appeals are filed by the Revenue as against separate appellate orders both dated 28.03.2024 passed by the ITA Nos: 1089 & 1090/Ahd/2024 & C.O. Nos: 21 & 22/Ahd/2024 Asst. Years: 2018-19 & 2020-21 I.T.A No. 1089 & 1090/Ahd/2024 & C.O. Nos. 21 & 22/Ahd/2024 A.Ys. 2018-19 & 2020-21 Page No ACIT Vs Concord Biotech Ltd. 2 Commissioner of Income Tax (Appeals), arising out of the separate assessment orders passed under section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) relating to the Assessment Years 2018-19 & 2020-21, whereas the assessee filed Cross Objections against the above Department appeals. 2. At the outset, it is informed by the Counsel for the assessee that the Tax Effect in both these Asst. Year 2018-19 is Rs.51,08,360/- and Asst. Year 2020-21 is Rs.53,89,164/- which is below Rs.60,00,000/- as prescribed by the CBDT Circular No. 09/2024 dated 17/09/2024 issued u/s. 268A of the Act. Since the assessment years passed for the above assessment years are regular assessment u/s. 143(3) of the Act, the above appeals filed by the Revenue are liable to be dismissed following C. No. 09/2024. 3. The Ld. CIT-DR appearing for the Revenue could not dispute the above facts. However he sought liberty be given to the Department to revive the above appeals in the event if the Tax Effect in the above appeals are higher. 4. Considering the above submissions of both parties, the above appeals filed by the Revenue are hereby dismissed following CBDT Circular No. 09/2024 dated 17/09/2024 with liberty to the Department to revive the appeals, in the event, if there is change in the disputed tax in the above appeals. 5. In the result, the appeals filed by the Revenue are hereby dismissed. I.T.A No. 1089 & 1090/Ahd/2024 & C.O. Nos. 21 & 22/Ahd/2024 A.Ys. 2018-19 & 2020-21 Page No ACIT Vs Concord Biotech Ltd. 3 C.O. Nos. 21 & 22/Ahd/2024 for A.Ys. 2018-19 & 2020-21 6. The first ground raised by the assessee in the above appeals are relating to Low Tax Effect of the above appeals. Since the Revenue appeals are dismissed following CBDT Circular No. 09/2024 dated 17/09/2024, the Cross Objection raised by the Assessee is hereby allowed. 7. In the result, Cross Objections filed by the Assessee are hereby allowed. Order pronounced in the open court on 03-10-2024 Sd/- Sd/- (NARENDRA PRASAD SINHA) (T.R. SENTHIL KUMAR) ACCOUNTANT MEMBER JUDICIAL MEMBER Ahmedabad : Dated 03/10/2024 आदेश कȧ ĤǓतͧलͪप अĒेͪषत / Copy of Order Forwarded to:- 1. Assessee 2. Revenue 3. Concerned CIT 4. CIT (A) 5. DR, ITAT, Ahmedabad 6. Guard file. By order/आदेश से, उप/सहायक पंजीकार आयकर अपीलȣय अͬधकरण, अहमदाबाद "