Assistant Commissioner of Income Tax, Circle - 2(1), Panaji V. The Pirna Urban Co-op. Credit Society Limited, Pirna, Goa

ITA 162/PAN/2019

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 7042 (ITAT-PANAJI)
• Duration Of Justice: 3 year(s) 1 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-06-2022
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: WT(D)
• Assessment Year: 2015-2016
• Appeal Filed On: 05-05-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RANJAN KUMAR
• Assessee Lawyers: PRANAV NAIK
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, PANAJI BENCH, PANAJI BEFORE SHRI C.M. GARG, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER I.T.A. No.162/PAN/2019 Assessment Year: 2015-16 ACIT, Circle-2(1), Panaji, Goa Vs. M/s The Pirna Urban Co-operative Credit Society Ltd., Ground Floor, Sankalp, Pirna Naikwada, Pirna Bardez, Goa. (PAN: AADAT5849C) Appellant Respondent Date of Hearing 14.06.2022 Date of Pronouncement 15.06.2022 Assessee by Shri Pranav Naik, CA Department by Shri Ranjan Kumar, CIT, DR & Shri Mayur Kamble, Sr. DR ORDER PER C.M. GARG, JM: This appeal has been filed by the Revenue against the order of the CIT(A), Panaji-1, dated 28.02.2019 for assessment year 2015-16. 2. The ld. counsel for the assessee, at the outset, submitted that the tax effect involved in the grounds raised by the Revenue is below Rs.50 lakhs. Therefore, in view of the recent CBDT Circular dated 8 th August, 2019, wherein the CBDT has raised the monetary limit for filing of the appeal by the Revenue before the Tribunal to Rs.50 lakhs, the appeal filed by the Revenue is not maintainable. 2 ITA No.162/PAN/2019 ACIT vs. M/s The Pirna Urban Coop. Credit Society Ltd. 3. The ld. DR, on the other hand, fairly conceded that the tax effect involved in the grounds raised by the Revenue is below Rs.50 lakhs. 4. We have considered the rival arguments made by both the sides and perused the material available on record. We find, the tax effect involved in the grounds raised by the Revenue is below Rs.50 lakhs, therefore, in view of the CBDT Circular No.17/2019 dated 8 th August, 2019 and the subsequent clarification dated 20 th August, 2019, vide F.No.279/Misc./M-93/2018-ITJ clarifying that the said Circular is applicable to all pending appeals, the appeal filed by the Revenue is not maintainable and has to be treated as withdrawn on account of low tax effect. Accordingly, the same is dismissed. 5. In the result, the appeal filed by the Revenue is dismissed. Order pronounced in the open court on 15 th June, 2022. Sd/- Sd/- (Girish Agrawal) (C.M. Garg) Accountant Member Judicial Member Dated: 15.06.2022 dk Copy of the order forwarded to: 1. Appellant 2. Respondent 3. CIT(A) 4. Pr. CIT 5. DR, ITAT, Panaji, Goa. 6. Guard File True Copy By Order Sr. Private Secretary, ITAT Panaji Bench, Panaji (On Tour)