DCIT, CC-2(2), Kolkata, Kolkata V. M/s Nicco Corporation Ltd., Kolkata

CO 42/KOL/2016

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 0431 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 2 month(s) 8 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 13-09-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2004-2005
• Appeal Filed On: 05-07-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: G HANGSHING
• Assessee Lawyers: P K CHOWDHURY
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH C, KOLKATA [BEFORE SHRI J. SUDHAKAR REDDY, AM & SMT. MADHUMITA ROY, JM] ITA NO. 961/KOL/2016 ASSESSMENT YEAR: 2004-05 D.C.I.T, CIR 2(2) KOLKATA................................................................................................APPELLANT P-7, CHOWRINGHEE SQUARE, KOLKATA 700 069. M/S. NICCO CORPORATION LTD. ......................RESPONDENT 2, HARE STREET, KOLKATA 700 001. [PAN : AABCN 0570 G] C.O. NO. 61/KOL/2018 (ARISING OUT OF ITA NO. 961/KOL/2016) ASSESSMENT YEAR: 2004-05 M/S. NICCO CORPORATION LTD.................CROSS-OBJECTOR 2, HARE STREET, KOLKATA 700 001. [PAN : AABCN 0570 G] A.C.I.T, CIR 2(2) KOLKATA...........................................................................................RESPONDENT P-7, CHOWRINGHEE SQUARE, KOLKATA 700 069. C.O. NO. 42/KOL/2016 (ARISING OUT OF ITA NO. 961/KOL/2016) ASSESSMENT YEAR: 2004-05 M/S. NICCO CORPORATION LTD.................CROSS-OBJECTOR 2, HARE STREET, KOLKATA 700 001. [PAN : AABCN 0570 G] A.C.I.T, CIR 2(2) KOLKATA...........................................................................................RESPONDENT P-7, CHOWRINGHEE SQUARE, KOLKATA 700 069. APPEARANCES BY: SHRI G. HANGSHING, CIT, DR APPEARING ON BEHALF OF THE REVENUE SHRI P.K. CHOWDHURY, FCA APPEARING ON BEHALF OF THE ASSESSEE DATE OF CONCLUDING THE HEARING : SEPTEMBER 12, 2018 DATE OF PRONOUNCING THE ORDER : SEPTEMBER 13, 2018 ORDER PER MADHUMITA ROY, JM THE INSTANT APPEAL HAS BEEN FILED BY THE REVENUE AGAINST THE ORDER DATED 04.02.2016 PASSED BY THE LD. CIT(A) -5, KOLKATA ARISING 2 ITA NO. 961/K/2016 & C.O. NO. 61/K/2018 & 42/K/2016 ASSESSMENT YEAR 2004-05 NICCO CORPORATION LTD. OUT OF THE ORDER DATED 29.12.2006 PASSED BY THE ACIT CIRCLE 2(2), KOLKATA. BOTH THE CROSS-OBJECTIONS HAVE BEEN FILED BY THE ASSESSEE AGAINST THE APPEAL PREFERRED BY THE REVENUE. 2. AS POINTED OUT BY LD. COUNSEL FOR THE ASSESSEE, THE TAX EFFECT INVOLVED IN THIS APPEAL OF THE REVENUE IS LESS THAN THE REVISED MONETARY LIMIT OF RS.20 LACS FIXED BY THE CBDT FOR FILING THE REVENUES APPEALS BEFORE THE TRIBUNAL. THE CBDT VIDE ITS RECENT CIRCULAR NO.3/2018 ISSUED ON 11.07.2018 HAS REVISED THE MONETARY LIMIT FOR FILING THE APPEALS OF THE REVENUE BEFORE THE TRIBUNAL TO RS.20 LACS. AS CLARIFIED IN THE SAID CIRCULAR, THE REVISED MONETARY LIMIT OF RS.20 LACS OR FILING THE REVENUES APPEALS BEFORE THE ITAT WOULD APPLY ALSO TO THE APPEALS ALREADY FILED BY THE REVENUE WHICH ARE PENDING BEFORE THE TRIBUNAL AND THE SAME ARE LIABLE TO BE DISMISSED AS WITHDRAWN/NOT PRESSED. WE ACCORDINGLY TREAT THIS APPEAL OF THE REVENUE INVOLVING THE TAX EFFECT OF LESS THAN RS.20 LACS AS WITHDRAWN/NOT PRESSED KEEPING IN VIEW THE CIRCULAR NO.3/2018 (SUPRA) ISSUED BY CBDT AND DISMISS THE SAME. 3. CROSS APPEALS PREFERRED BY THE ASSESSEE HAVE ALSO BEEN WITHDRAWN TODAY BEFORE US. THE SAME ARE ALSO DISMISSED AS WITHDRAWN. 3 ITA NO. 961/K/2016 & C.O. NO. 61/K/2018 & 42/K/2016 ASSESSMENT YEAR 2004-05 NICCO CORPORATION LTD. 4. IN THE RESULT, THE APPEAL OF THE REVENUE AS WELL AS CROSS- OBJECTION OF THE ASSESSEE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 13 TH SEPTEMBER, 2018. SD/- SD/- (J.SUDHAKAR REDDY) (MADHUMITA ROY) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED: 13/09/2018 BISWAJIT, SR. PS COPY OF ORDER FORWARDED TO: 1. M/S. NICCO CORPORATION LTD., KOLKATA. 2. ACIT/DCIT, CIRCLE 2(2), KOLKATA. 3. THE CIT(A) 4. THE CIT 5. DR TRUE COPY, BY ORDER, SR. P.S. / H.O.O. ITAT, KOLKATA