ACIT CIR. - 2(3)(2), MUMBAI V. M/S.ICICI PERSONAL FINANCE SERVICES LTD.(NOW MERGED WITH M/s. ICICI BANK LTD), MUMBAI

ITA 2022/MUM/2018

• Counselvise Citation: [2019] 115 COUNSELVISE.COM (IT) 8621 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 5 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-09-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2000-2001
• Appeal Filed On: 03-04-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL , C BENCH MUMBAI BEFORE SHRI R.C.SHARMA, ACCOUNTANT MEMBER AND AND PAWAN SINGH, JUDICIAL MEMBER ITA NO. 2022/MUM/2018 FOR ASSESSMENT YEARS: 2000-01 ACIT- 2(3)(2), ROOM NO. 552, 5 TH FLOOR, AAYAKAR BHAWAN, M.K. ROAD, MUMBAI-400020. VS ICICI PERSONAL FINANCE SERVICES LTD. (NOW MERGED WITH ICICI BANK LTD.) ICICI BANK TOWERS, NORTH EAST WING GROUND FLOOR, BANDRA- KURLA COMPLEX, BANDRA (E) MUMBAI-400051 . PAN : AAACI 2803C (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI ABHI RAM KARTIKAYEN (DR) RESPONDENT BY : MS. RUSHNA DARUWALLA, CHIEF MANAGER TAXATION/ AR DATE OF HEARING : 04/09/2019 DATE OF PRONOUNCEMENT: 04/09/2019 ORDER UNDER SECTION 254(1) O F INCOME TAX ACT PER PAWAN SINGH, JUDICIAL MEMBER: 1. THIS APPEAL BY REVENUE UNDER SECTION 253 OF INCOME TAX ACT IS DIRECTED AGAINST THE ORDER OF LD. COMMISSIONER OF INCOME TAX (APPEALS)-8, [CIT(A)], MUMBAI DATED 12.01.2018, FOR ASSESSMENT Y EAR 2000-01. 2. AT THE OUTSET OF HEARING, THE LD. AUTHORIZED REPRES ENTATIVE (AR) OF THE ASSESSEE SUBMITTED THAT THE TAX EFFECT INVOLVED IN THE PRESENT APPEAL IS BELOW RS. 50,00,000/- I.E. THE MONETARY LIMIT PRESC RIBED BY CBDT CIRCULAR NO.17/2019 DATED 8 TH AUGUST 2019. THE LD. AR OF THE ASSESSEE ALSO FURNISHED THE WORKING OF THE TAX EFFECT. AS PE R THE WORKING PROVIDED BY THE LD AR FOR THE ASSESSEE THE TAX EFFECT IS ONL Y OF RS. 23,80,337/-. THE ITA NO. 2022/M/2018 ICICI PERSONAL FINANCE SERVICES LTD 2 LD. AR OF THE ASSESSEE FURTHER SUBMITS THAT ADMITTE DLY THE TAX EFFECT INVOLVED IN THE PRESENT APPEAL IS LESS THAN RS. 50, 00,000/-. THEREFORE, THE PRESENT APPEAL IS SQUARELY COVERED BY THE CBDT CIRC ULAR NO. 17/2019 DATED 8 TH AUGUST 2019. 3. ON THE OTHER HAND, THE LD. DEPARTMENTAL REPRESENTAT IVE (DR) FOR THE REVENUE AFTER GOING THROUGH THE GROUNDS OF APPEAL S UBMITTED THAT THOUGH THE TAX EFFECT INVOLVED IN THE PRESENT APPEAL IS LE SS THAN THE MONETARY LIMIT OF TAX EFFECT FIXED BY CBDT IN A RECENT CIRCU LAR, HOWEVER, THE REVENUE MAY BE GIVEN LIBERTY TO GET THE APPEAL REVI VED IN CASE AT THE LATER STAGE IT IS DISCOVERED THAT THE GROUND OF APPEAL IS COVERED BY ANY EXCEPTION CLAUSE OF CBDT CIRCULAR NO. 3/2018 DATED 11 TH JULY 2018. 4. CONSIDERING THE SUBMISSIONS OF BOTH THE LD. REPRESE NTATIVES OF THE PARTIES, WE FIND THAT TAX EFFECT INVOLVED IN THE PRESENT APP EAL IS LESS THAN THE MONETARY LIMIT OF RS. 50,00,000/- FIXED BY CBDT CIR CULAR NO. 17/2019 DATED 8 TH AUGUST 2019, THEREFORE, THE APPEAL OF REVENUE IS D ISMISSED BEING NOT MAINTAINABLE. IN THE RESULT, APPEAL OF THE REVE NUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT O N THIS 04/09/2019. SD/- SD/- (RAJESH KUMAR (PAWAN SINGH) ACCOUNTANT MEMBER JUDICIAL MEMB ER MUMBAI, DATE: 04.09.2019 SK COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT ITA NO. 2022/M/2018 ICICI PERSONAL FINANCE SERVICES LTD 3 3. CIT 4. CIT(APPEALS) 5. DR: ITAT BY ORDER ASSISTANT REGISTRAR IT AT MUMBAI