DY. CIT CIRCLE 3 3 1, MUMBAI V. SHRI SHYAM ADVISORY SERVICES PVT. LTD., MUMBAI

ITA 669/MUM/2024

AI Insights

The case involves the Deputy Commissioner of Income Tax, Mumbai, as the appellant, and Shri Shyam Advisory Services Pvt. Ltd. as the respondent. The Revenue challenged the order dated 19/12/2023 by the National Faceless Appeal Centre (NFAC), which partly allowed the appeal against the Assessment Order dated 18/12/2019 for the Assessment Year 2017-18. The tax effect in question was INR 58,66,665, which is below the INR 60 Lakhs threshold set by the CBDT for filing departmental appeals. Consequently, the appeal was dismissed as per the updated guidelines.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 471075 (ITAT-MUMBAI)
• Duration Of Justice: 7 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-10-2024
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: F
• Next Hearing Date: 07-10-2024
• Assessment Year: 2017-2018
• Appeal Filed On: 14-02-2024
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: ASSESSEE
• Keywords: Tax effect
• Section: 143(3)

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL \"F\" BENCH, MUMBAI MS. PADMAVATHY S, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER ITA No. 669/MUM/2024 (Assessment Year: 2017-18) Deputy Commissioner of Income Tax Circle -3(3)(1), Mumbai Room No.522, Aayakar Bhavan, M.K.Road, Mumbai – 400020. Maharashtra. …………. Appellant Shri Shyam Advisory Services Pvt. Ltd. 105 C Wing, Mittal Tower, 10th Floor, Nariman Point, Mumbai – 400021 Maharashtra. [PAN: AAPCS1731E] Vs …………. Respondent Appearance For the Appellant/Department For the Respondent/Assessee : : Ms. Rajeshwari Menon Shri Ashok Bansal Date Conclusion of hearing Pronouncement of order : : 07.10.2024 09.10.2024 O R D E R Per Rahul Chaudhary, Judicial Member: 1. By way of the present appeal the Revenue has challenged the order, dated 19/12/2023, passed by the National Faceless Appeal Centre (NFAC), Delhi, [hereinafter referred to as the ‘CIT(A)’] partly allowing the appeal against the Assessment Order, dated 18/12/2019, passed under Section 143(3) of the Income Tax Act, 1961 [hereinafter referred to as ‘the Act’] for the Assessment Year 2017-18. 2. As per the Memorandum of Appeal in Form 36 filed before the Tribunal the tax effect in the present appeal is INR 58,66,665/-. ITA No. 669/MUM/2024 Assessment Year: 2017-18 2 3. According to the Circular No. 9 of 2024, dated 17/09/2024, issued by the Central Board of Direct Taxes (CBDT) the monetary limit for filing departmental appeals before the Tribunal stands enhanced and departmental appeals are not be filed before the Tribunal in cases where the tax effect does not exceed the specified monetary limits of INR 60 Lakhs. The aforesaid limit is also applicable to the pending appeals which are required to be withdrawn by the Revenue. 4. The tax effect in the present appeal is below the aforesaid specified monetary limit and therefore, the present appeal is dismissed as ‘withdrawn/not pressed’ in terms of the aforesaid circular. It is, however, clarified that in case on re-verification the Revenue comes to the conclusion that the tax effect is higher than the abovesaid specified monetary limit, or the appeal falls within the exemption clause as contained in Circular No.3/2018, dated 11/07/2018 as amended by the letter [F.No.279/Misc.142/2007- ITJ (PT)], dated 20/08/2018, then the Revenue would be at liberty to file Miscellaneous Application within the time prescribed under the Act for seeking recall the present order. In the result, this appeal is dismissed as withdrawn. Order pronounced on 09.10.2024. Sd/- Sd/- (Ms. Padmavathy S) Accountant Member (Rahul Chaudhary) Judicial Member म ुंबई Mumbai; दिन ुंक Dated : 09.10.2024 Milan, LDC ITA No. 669/MUM/2024 Assessment Year: 2017-18 3 आदेश की प्रतितिति अग्रेतिि/Copy of the Order forwarded to : 1. अपील र्थी / The Appellant 2. प्रत्यर्थी / The Respondent. 3. आयकर आय क्त/ The CIT 4. प्रध न आयकर आय क्त / Pr.CIT 5. दिभ गीय प्रदिदनदध, आयकर अपीलीय अदधकरण, म ुंबई / DR, ITAT, Mumbai 6. ग र्ड फ ईल / Guard file. आिेश न स र/ BY ORDER, सत्य दपि प्रदि //True Copy// उप/सह यक पुंजीक र /(Dy./Asstt. Registrar) आयकर अपीलीय अदधकरण, म ुंबई / ITAT, Mumbai "