INCOME TAX OFFICER, CHENNAI V. MS. VEL ENTERPRISES, CHENNAI

ITA 1867/CHNY/2024

AI Insights

This case involves an appeal by the Revenue against the order of the Learned Commissioner of Income Tax (Appeals) for the Assessment Year 2015-16. The appeal was initially delayed by 41 days, for which an affidavit for condonation of delay was submitted by the ITO. The main contention in the appeal was the tax effect of the relief granted, which was below ₹60 lakhs as per the revised CBDT Circular No.09 of 2024. The Department of Revenue conceded that the appeal fell within the revised monetary limit but reserved the right to recall the decision if the appeal was found to be exceptional. Ultimately, the tribunal dismissed the appeal based on the CBDT Circular, stating the appeal was not maintainable under the new monetary threshold.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 107513 (ITAT-CHENNAI)
• Duration Of Justice: 3 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-10-2024
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 01-10-2024
• Assessment Year: 2015-2016
• Appeal Filed On: 05-07-2024
• Laws Referred To: Circular No.09 of 2024
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R.ANITA
• Assessee Lawyers: K. BALASUBRAMANIAN
• Keywords: Tax effect

Judgement Text

"आयकर अपीलीय अिधकरण, ’सी’ \u0001यायपीठ, चे\tई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH: CHENNAI \u0001ी एबी टी. वक , \u000bाियक सद\u0011 एवं एवं एवं एवं \u0001ी मनोज क ुमार अ\u0019वाल, लेखा सद\u0007 क े सम\u001d BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.1867/Chny/2024 िनधा\u000eरण वष\u000e/Assessment Year: 2015-16 The ITO, Non-Corporate Ward-22(4), Tambaram. v. M/s.Vel Enterprises, No.21, Ayyasamy Street, West Tambaram, Chennai-600 045. [PAN: AAIFV 3062 F] (अपीलाथ\u0016/Appellant) (\u0017\u0018यथ\u0016/Respondent) Department by : Ms. R. Anita, Addl.CIT Assessee by : Mr. K. Balasubramanian, Advocate सुनवाईक\u001cतारीख/Date of Hearing : 01.10.2024 घोषणाक\u001cतारीख /Date of Pronouncement : 09.10.2024 आदेश / O R D E R PER ABY T. VARKEY, JM: This is an appeal preferred by the Revenue against the order of the Learned Commissioner of Income Tax (Appeals), (hereinafter in short ‘the Ld.CIT(A)’), NFAC, Delhi, dated 26.03.2024 for the Assessment Year (hereinafter in short ‘AY’) 2015-16. 2. At the outset, the Revenue’s appeal, is delayed by ‘41’ days, for which, the ITO has filed the affidavit for condonation of delay, to which, the Ld.Counsel of the assessee has not raised any serious objection. ITA No.1867/Chny/2024 (AY 2015-16) M/s.Vel Enterprises :: 2 :: Consequently, the delay of ‘44’ days in filing of the appeal stands condoned and the appeal filed by the Revenue is taken up for hearing on merits. 3. At the outset, we notice that the tax effect of the relief granted by the Ld.CIT(A) is below ₹60 lakhs and as per Circular No.09 of 2024 dated 17.09.2024 issued by the Central Board of Direct Taxes (hereinafter in short ‘CBDT’), Department of Revenue, Ministry of Finance, Government of India, the CBDT has revised the monetary limit for filing appeals before the ITAT from the existing limit of ₹50 lakhs to ₹60 lakhs. 4. The Ld.DR fairly conceded that per-se this appeal is covered by the aforesaid Circular issued by the CBDT. However, he submitted that in case, this appeal falls in the exceptional clause, the decision may be recalled. This plea of the Revenue will be considered on its merits when occasion arises and we don’t express any such commitments. 5. Having stated so, and having gone through the order of the Ld.CIT(A) and the grounds of appeals, we find per-se that the tax effect in the captioned appeal is less than ₹60 lakhs. Accordingly, we dismiss the aforesaid appeal filed by the Revenue as not maintainable/withdrawn on the strength of the CBDT Circular (supra). ITA No.1867/Chny/2024 (AY 2015-16) M/s.Vel Enterprises :: 3 :: 6. In the result, the appeal filed by the Revenue stands dismissed. Order pronounced on the 09th day of October, 2024, in Chennai. Sd/- (मनोज क ुमार अ\u0019वाल) (MANOJ KUMAR AGGARWAL) लेखा सद\u0003य/ACCOUNTANT MEMBER Sd/- (एबी टी. वक ) (ABY T. VARKEY) \u0005याियक सद\u0003य/JUDICIAL MEMBER चे\tई/Chennai, !दनांक/Dated: 09th October, 2024. TLN, Sr.PS आदेश क\u001c \u0017ितिलिप अ$ेिषत/Copy to: 1. अपीलाथ\f/Appellant 2. \r\u000eथ\f/Respondent 3. आयकरआयु\u0014/CIT, Chennai / Madurai / Salem / Coimbatore. 4. िवभागीय\rितिनिध/DR 5. गाड\u001dफाईल/GF "