DCIT-14(1)(2), MUMBAI V. DAIWA CAPITAL MARKETS INDIA PVT. LTD., MUMBAI

ITA 21/MUM/2018

• Counselvise Citation: [2019] 112 COUNSELVISE.COM (IT) 3690 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 10 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-11-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: K
• Assessment Year: 2012-2013
• Appeal Filed On: 03-01-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL , K BENCH MUMBAI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER ITA NO. 21/MUM/2018 FOR ASSESSMENT YEAR: 2012-13 ITA NO. 22/MUM/2018 FOR ASSESSMENT YEAR: 2013-14 JCIT (OSD)- 14(1)(2) , ROOM NO. 475, 4 TH FLOOR, AAYAKAR BHAWAN, M.K. ROAD, MUMBAI-400020. VS M/S DAIWA CAPITAL MARKETS INDIA PVT. LTD., 10 TH FLOOR, 3 NORTH AVENUE, MAKER MAXITY, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI-400051. PAN : AACCD7178B (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI ANAND MOHAN CIT-DR WITH SH SUNIL A. UMAP (SR. DR) RESPONDENT BY : SHRI NIRAJ SHETH (AR) DATE OF HEARING : 05/11/2019 DATE OF PRONOUNCEMENT : 05/11/2019 ORDER UNDER SECTION 254(1) O F INCOME TAX ACT PER BENCH: 1. THESE TWO APPEAL BY REVENUE UNDER SECTION 253 OF IN COME TAX ACT ARE DIRECTED AGAINST THE SEPARATE ORDERS OF LD. COMMISS IONER OF INCOME TAX (APPEALS)-55, [CIT(A)], MUMBAI DATED 12.10.2017 FOR ASSESSMENT YEAR 2012-13 & 2013-14 RESPECTIVELY. 2. AT THE OUTSET OF HEARING, THE LD. AUTHORIZED REPRES ENTATIVE (AR) OF THE ASSESSEE SUBMITTED THAT THE TAX EFFECT INVOLVED IN THE PRESENT APPEALS ARE LESS THAN THE MONETARY LIMIT OF RS. 50 LAKHS , AS PRES CRIBED BY CENTRAL BOARD OF DIRECT TAXES (CBDT) IN ITS CIRCULAR NO.17/2019 DAT ED 8 TH AUGUST 2019, THEREFORE, BOTH THE APPEALS ARE LIABLE TO BE DISMIS SED. THE LD. AR FOR THE ASSESSEE ALSO FURNISHED THE WORKING OF THE TAX EFFE CT FOR BOTH THE YEARS. FOR ITA NO.21 & 22 MUM 2018- M/S DAIWA CAPITAL MARKETS INDIA PVT. LTD. 2 ASSESSMENT YEAR 2012-13 THE TAX EFFECT IS ONLY RS. 21,91,328/- AND FOR ASSESSMENT YEAR 2013-4 THE TAX EFFECT IS ONLY RS. 3 4,73,196/-. THE WORKING OF TAX EFFECT IS PROVIDED TO THE LD. DRS FOR THE RE VENUE. 3. ON THE OTHER HAND, THE LD. DEPARTMENTAL REPRESENTAT IVE (DR) FOR THE REVENUE AFTER GOING THROUGH THE GROUNDS OF APPEAL FAIRLY SU BMITS THAT THOUGH THE TAX EFFECT INVOLVED IN THE PRESENT APPEALS ARE LESS THA N THE MONETARY LIMIT OF TAX EFFECT FIXED BY CBDT IN A RECENT CIRCULAR, HOWEVER, THE REVENUE MAY BE GIVEN LIBERTY TO GET THE APPEAL REVIVED IN CASE AT THE LATER STAGE IT IS DISCOVERED THAT THE TAX EFFECT IS MORE THAN THE MON ETARY LIMIT PRESCRIBED IN 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 APPEAL S ARE LESS THAN THE MONETARY LIMIT OF RS. 50,00,000/- FIXED BY CBDT CIRCULAR NO. 17/2019 DATED 8 TH AUGUST 2019, THEREFORE, THE APPEAL OF REVENUE ARE D ISMISSED BEING NOT MAINTAINABLE. HOWEVER, THE REVENUE IS GIVEN LIBERTY TO GET THE APPEALS REVIVED IN CASE, IF IT IS DISCOVERED THAT THE TAX E FFECT INVOLVED IN THE APPEALS ARE MORE THAN THE MONETARY LIMIT AS PRESCRIBED BY C BDT CIRCULAR NO. 17/2019 DATED 8 TH AUGUST 2019. 5. IN THE RESULT, BOTH THE APPEALS OF THE REVENUE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT O N THIS 05/11/2019. SD/- SD/- (SHAMIM YAHYA) (PAWAN SINGH) ACCOUNTANT MEMBER JUDICIAL MEMB ER MUMBAI, DATE: 05.11.2019 ITA NO.21 & 22 MUM 2018- M/S DAIWA CAPITAL MARKETS INDIA PVT. LTD. 3 SK COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT BY ORDER ASSISTANT REGISTRAR IT AT MUMBAI