DY CIT -CC-8(1), MUMBAI V. M/S. J.K. INVESTORS (BOMBAY) LTD., MUMBAI

ITA 1041/MUM/2021

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 0557 (ITAT-MUMBAI)
• Duration Of Justice: 6 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-01-2022
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: F
• Assessment Year: 2014-2015
• Appeal Filed On: 06-06-2021
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: KUNAL PANDEY
• Keywords: Tax effect; Tax effect
• Section: 143(3); 250

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER & SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER ITA No. 1041/Mum/2021 (A.Y: 2014-15) DCIT, CC-8(1) Room No. 656, 6 th floor Aayakar Bhavan, MK Road, Mumbai – 400 020 Vs. M/s. JK Investors (Bombay) Ltd Ground Floor, New Hind House, NM Marg, Ballard Estate, Mumbai – 400 001. ./ज आइआर ./PAN/GIR No. : AAACJ2089D Appellant .. Respondent Appellant by : Shri. Achal Sharma. DR Respondent by : Shri .Kunal Pandey. AR Date of Hearing 04.01.2022 Date of Pronouncement 07.01.2022 आद श / O R D E R PER PAVAN KUMAR GADALE JM: The revenue has filed the appeal against the order passed by the Commissioner of Income Tax (Appeals)-50, Mumbai passed u/s 143(3) and 250 of the Act. 2. At the time of hearing, the Ld.AR of the assessee submitted that the tax effect in the appeal is below Rs.50 lakhs and is covered by the CBDT Circular No. 17/2019 dated 08.08.2019. Further the Ld. AR submitted that the addition made by the A.O is Rs.1,41,24,270/- and the ITA No. 1041/Mum/2021 M/s. JK Investors (Bombay) Ltd, Mumbai. - 2 - CIT(A) has granted partial relief to the assessee and also the tax effect in the appeal is below Rs.50 lakhs. The Ld.DR has accepted the low tax effect aspects and applicability of CBDT circular. We find as per the CBDT Circular dated 08.08.2019, no appeal shall be filed by the revenue before the Hon’ble Tribunal where the tax effect is below Rs 50 lakhs. Further the circular of the CBDT is also applicable to the pending cases. Accordingly, we dismiss the revenue appeal on maintainability and low tax effect. 3. In case, if the revenue is able to provide evidence that the case falls under any of the exceptions provided in the circular issued by the CBDT. The revenue may prefer miscellaneous application for recalling of this order, if they so desire, in which circumstances, this order shall be recalled by the Hon’ble Tribunal. 4. In the result, the appeal filed by the revenue is dismissed. Order pronounced in the open court on 07.01.2022. Sd/- Sd/- (OM PRAKSH KANT) (PAVAN KUMAR GADALE) ACCOUNTANT MEMBER JUDICIAL MEMBER Mumbai, Dated 07.01.2022 ITA No. 1041/Mum/2021 M/s. JK Investors (Bombay) Ltd, Mumbai. - 3 - KRK, PS /Copy of the Order forwarded to : 1. / The Appellant 2. / The Respondent. 3. आ र आ / The CIT(A) 4. आ र आ ( ) / Concerned CIT 5. "#$ % & &' , आ र ) र*, हमद द / DR, ITAT, Mumbai 6. % -. / 0 / Guard file. ान ु सार/ BY ORDER, " & //True Copy// 1. ( Asst. Registrar) ITAT, Mumbai