DCIT CIR 3(1), MUMBAI V. AXIS CAPITAL LTD, MUMBAI

ITA 1029/MUM/2014

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 4249 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 11 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-02-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2010-2011
• Appeal Filed On: 14-02-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: P P BHANDAN
• Keywords: Tax effect

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES A, MUMBAI .. , , , BEFORE, SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI JOGINDER SINGH, JUDICIAL MEMBER ITA NO.1029/MUM/2014 ASSESSMENT YEAR:2010-11 DCIT, CIRCLE-3(1), ROOM NO.607, 6 TH FLOOR, AAAYKAR BAHVAN, MUMBAI-400020 / VS. M/S AXIS CAPITAL LTD. 8 TH FLOOR, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, P.G. MARG, WORLI MUMBAI-400019 ( ! / REVENUE) ( '#$% /ASSESSEE) PAN. NO. AAACU8367M ! / REVENUE BY SHRI AARSI PRASAD '#$% / ASSESSEE BY SHRI P. P. BHANDAN & !'(%) / DATE OF HEARING : 10/02/2016 (%) / DATE OF ORDER: 10/02/2016 / O R D E R PER JOGINDER SINGH (JUDICIAL MEMBER) THE REVENUE IS AGGRIEVED BY THE IMPUGNED ORDER DA TED 27/12/2013, OF THE LD. FIRST APPELLATE AUTHORITY, M UMBAI. ITA NO.1029/MUM/2014 M/S AXIS CAPITAL LIMITED 2 2. DURING HEARING OF THIS APPEAL, THE LD. COUNSEL FOR THE ASSESSEE, SHRI P. P. BHANDAN, AT THE OUTSET, BR OUGHT TO OUR NOTICE THAT THE TAX EFFECT IN THE PRESENT APPEA L IS BELOW PRESCRIBED MONETARY LIMIT. THIS FACTUAL MATRIX WAS NOT CONTROVERTED BY THE LD. DR, SHRI G.N. MAKWANA. 2.1. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. IT IS NOT ED THAT THE ADDITION MADE IN THE PRESENT APPEAL IS RS.12,86,854 /-, WHICH IS BELOW PRESCRIBED LIMIT OF RS.10 LAKH FOR FILING THE APPEAL BEFORE THE TRIBUNAL. 2.2. IN VIEW OF THE FACT, THAT THE TAX EFFECT IN THE APPEAL IS BELOW PRESCRIBED MONETARY LIMIT, AS CONTAINED IN CBDT INSTRUCTION NO.21 OF 2015, DATED 10/12/2015 (F NO.279/MISC./142/2007-IT(PT), WITH RETROSPECTIVE EF FECT, WHEREIN, THE DEPARTMENT WAS ADVISED/DIRECTED BY TH E BOARD NOT TO FILE APPEAL IN THE CASES WHERE THE TAX EFFEC T DOES NOT EXCEED THE FOLLOWING MONETARY LIMIT.:- SL. NO. APPEALS IN INCOME TAX MATTERS MONETARY LIMIT (IN RS.) 1. BEFORE ITAT 10,00,000/ - 2. U/S 260 A BEFORE HONBLE HIGH COURT 20,00,000/ - 3. BEFORE HONBLE SUPREME COURT 25,00,000/ - AS PER THE AFORESAID INSTRUCTION/REVISED MONETARY L IMIT, THE DEPARTMENT IS NOT TO FILE APPEAL BEFORE THE TRI BUNAL, WHEREIN, THE TAX EFFECT IS LESS THAN RS.10,00,000/- , ITA NO.1029/MUM/2014 M/S AXIS CAPITAL LIMITED 3 CONSEQUENTLY, THE APPEAL OF THE REVENUE IS NOT MAIN TAINABLE. THEREFORE, IN VIEW OF UNCONTROVERTED CONTENTION OF THE LD. DR AND THE AFOREMENTIONED CIRCULAR NO. 21 OF 2015, DAT ED 10/12/2015 (F NO.279/MISC./142/2007-IT(PT), OF CBDT , THE APPEAL OF THE REVENUE IS DISMISSED AS NOT MAINTAINA BLE. FINALLY, THE APPEAL OF THE REVENUE IS DISMISSED AS NOT MAINTAINABLE. THIS ORDER WAS PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF LD. REPRESENTATIVE FROM BOTH SIDES AT T HE CONCLUSION OF THE HEARING ON 10/02/2016. SD/- SD/- ( G.S. PANNU ) (JOGINDER SINGH) '# / ACCOUNTANT MEMBER $# / JUDICIAL MEMBER & ' MUMBAI; + DATED : 10/02/2016 F{X~{T? P.S/. .. %$&'()(*& / COPY OF THE ORDER FORWARDED TO : 1. , -. / THE APPELLANT 2. /0-. / THE RESPONDENT. 3. 11 & 2% ( , ) / THE CIT, MUMBAI. 4. 11 & 2% / CIT(A)- , MUMBAI 5. 4!5/%' , 1, ),'6 , & ' / DR, ITAT, MUMBAI 6. 7#8' / GUARD FILE. / BY ORDER, 04%/% //TRUE COPY// / (DY./ASSTT. REGISTRAR) , & ' / ITAT, MUMBAI