D.C.I.T., Circle-XXI, Kolkata, Kolkata V. M/s Tege Ltd., Kolkata

ITA 2582/KOL/2013

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 4806 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 6 month(s) 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-05-2016
• Appeal Filed By: Department
• Bench Allotted: B
• Assessment Year: 2001-2002
• Appeal Filed On: 12-11-2013
• Court: TRIBUNAL
• Department Lawyers: RAJAT KUMAR KUREEL
• Keywords: Tax effect
• Section: 143(3); 154

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH: KOL KATA [BEFORE SHRI N. V. VASUDEVAN, JM & SHRI M. BALAGAN ESH, AM] I.T.A NO.2582/KOL/2013 ASSESSMENT YEAR: 2001-02 DEPUTY COMMISSIONER OF INCOME-TAX, VS. M/S. TEAGE LTD. CENTRAL CIRCLE-XXI, KOLKATA. (PAN: AAACT9750D) ( APPELLANT ) ( RESPONDENT ) & C. O. NO.148/KOL/2013 IN I.T.A NO.2582/KOL/2013 ASSESSMENT YEAR: 2001-02 M/S. TEAGE LTD. VS. DEPUTY COMMISSIONER OF INC OME-TAX, CENTRAL CIRCLE-XXI, KOLKATA. (CROSS OBJECTOR) (RESPONDENT) DATE OF HEARING: 26.05.2016 DATE OF PRONOUNCEMENT: 26.05.2016 FOR THE REVENUE: SHRI RAJAT KUMAR KUREEL, JCIT, SR . DR FOR THE ASSESSEE/CROSS OBJECTOR: SHRI MANISH TIW ARI, AR ORDER PER SHRI M. BALAGANESH, AM: THIS APPEAL BY REVENUE AND CROSS OBJECTION BY ASSES SEE ARE ARISING OUT OF ORDER OF CIT(A)-XII, KOLKATA VIDE APPEAL NO. 553/XII/DCIT ,CENT.CIR-XXI/KOL/09-10 DATED 24.07.2013. ASSESSMENT WAS FRAMED BY DCIT, CIRCLE-1 1, KOLKATA U/S. 154 R.W.S. 143(3) OF THE INCOME TAX ACT, 1961 (HEREINAFTER REFERRED T O AS THE ACT) FOR AY 2001-02 VIDE HIS ORDER DATED 27.08.2007. 2. AT THE OUTSET, IT IS SEEN THAT THE QUANTUM INV OLVED IN THIS CASE IS RS.20,92,048/- AND TAX EFFECT ON THE DISPUTED ADDITION BEFORE US I S RS.8,20,090/-, WHICH IS LESS THAN RS. 10 LACS. 3. AFTER PERUSING THE MATERIALS AVAILABLE ON RECOR D, WE FIND THAT THE ADDITIONS DISPUTED BEFORE US IS BELOW THE TAX EFFECT LIMIT PR ESCRIBED BY CBDT VIDE CIRCULAR NO. 21 / 2015 DATED 10.12.2015 FOR PREFERRING APPEALS B EFORE TRIBUNAL BY THE REVENUE. ON PERUSAL OF THE CIRCULAR NO. 21 / 2015 DATED 10.12.2 015 AND THE MATERIALS AVAILABLE ON RECORD, LD. DR COULD NOT POINT OUT WHETHER THIS CAS E FALLS UNDER ANY OF THE EXCEPTION AS PROVIDED IN THE CIRCULAR DESPITE SPECIFIC OPPORTUNI TY WAS GIVEN, DOES NOT FALL UNDER ANY 2 ITA NO.2582/K/2013 & CO NO.148/K/2013 M/S. TEAGE LTD. AY 2001-02 OF THE EXCEPTIONS CONTEMPLATED IN THE SAID CIRCULAR , AS THIS IS COVERED. WE ALSO FIND THAT THE CIRCULAR MAKES IT VERY CLEAR THAT THE REVISED M ONETARY LIMITS SHALL APPLY RETROSPECTIVELY TO PENDING APPEALS ALSO. WE FIND TH AT THE CIRCULAR IS BINDING ON THE TAX AUTHORITIES. THIS POSITION HAS BEEN CONFIRMED BY TH E HONBLE APEX COURT IN THE CASE OF COMMISSIONER OF CUSTOMS VS INDIAN OIL CORPORATION L TD REPORTED IN 267 ITR 272 (SC). HENCE, WE HOLD THAT THE APPEAL OF THE REVENUE DESER VES TO BE DISMISSED IN TERMS OF LOW TAX EFFECT VIDE CIRCULAR NO.21 / 2015 DATED 10.12.2 015. ACCORDINGLY, THIS BEING A LOW TAX EFFECT CASE, WE DISMISS THIS APPEAL OF REVENUE IN LIMINE, AS UNADMITTED, WITHOUT GOING INTO THE MERITS OF THE CASE. 4. THE CROSS OBJECTION RAISED BY ASSESSEE IS NOT PR ESSED. HENCE, THE SAME IS DISMISSED AS NOT PRESSED. 5. IN THE RESULT, BOTH THE APPEAL OF REVENUE AND TH E CROSS OBJECTION OF ASSESSEE ARE DISMISSED. 6. ORDER IS PRONOUNCED IN THE OPEN COURT. SD/- SD/- (N. V. VASUDEVAN) (M. BALAGANESH) JUDICIAL MEMBER ACCOUNTAN T MEMBER DATED : 26 TH MAY, 2016 JD.(SR.P.S.) COPY OF THE ORDER FORWARDED TO: 1 . APPELLANT DCIT, CENTRAL CIRCLE-XXI, KOLKATA. 2 RESPONDENT M/S. TEAGE LTD., UNIT NO. CGE. 9/1, LO WER RAWDON STREET, KOLKATA-700 020. 3 . THE CIT(A), KOLKATA 4. 5. CIT , KOLKATA DR, KOLKATA BENCHES, KOLKATA / TRUE COPY, BY ORDER, ASSTT. REGISTRAR .