ITO 3(3)(3), MUMBAI V. TCFC FINANCE LTD, MUMBAI

ITA 2657/MUM/2017

• Counselvise Citation: [2018] 112 COUNSELVISE.COM (IT) 5405 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 6 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-10-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Assessment Year: 2011-2012
• Appeal Filed On: 12-04-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: D G
• Keywords: Tax effect

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, E MUMBAI , , , BEFORE SHRI JOGINDER SINGH, VICE PRESIDENT, AND SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER ITA NO.2657/MUM/2017 ASSESSMENT YEAR: 2011-12 INCOME TAX OFFICER-3(3)(3), ROOM NO.672, AAYAKAR BHAVAN, M. K. ROAD, NEW MARINE LINES, MUMBAI-400020 / VS. M/S TCFC FINANCE LTD. 501/502, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI-400021 ( / REVENUE) ( #$%& ' /ASSESSEE) PAN. NO . AAACR2710H ( ) ' * / DATE OF HEARING : 29/10/2018 ) ' * / DATE OF ORDER: 29/10/2018 / O R D E R PER JOGINDER SINGH(VICE PRESIDENT) THE REVENUE IS AGGRIEVED BY THE IMPUGNED ORDER DATE D 15/12/2016 OF THE LD. FIRST APPELLATE AUTHORITY, MU MBAI. ! / REVENUE BY SHRI D.G. PANSARI-DR #$%& ' ! / ASSESSEE BY SHRI ANUJ KISNADWALLA ITA NOS.2657/MUM/2017 M/S TCFC FINANCE LTD. 2 2. DURING HEARING OF THIS APPEAL, AT THE OUTSET, S HRI ANUJ KISHNADWALLA, LD. COUNSEL FOR THE ASSESSEE, PO INTED OUT THAT THE TAX EFFECT IN THE PRESENT APPEAL IS RS.11, 21,464/-. THE LD. COUNSEL ALSO FILED CALCULATION OF TAX EFFEC T, THE COPY OF WHICH WAS PROVIDED TO THE LD. DR. THE LD. DR, SHRI D.G. PANSARI, DID NOT OBJECT TO THE CLAIM OF THE ASSESSE E TO THE EFFECT THAT THE TAX EFFECT INVOLVED IS BELOW PRESCR IBED MONETARY LIMIT OF RS.20 LAKH. 2.1. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD . IN VIEW OF THE ABOVE, IT IS NOTED THAT THE TAX EFFECT IN THE PRESE NT APPEAL IS BELOW PRESCRIBED LIMIT OF RS.20 LAKH, VIDE INSTRUCTION/CIRCULAR NO.3 OF 2018, ISSUED BY CBDT ( F NO.279/MISC./142/ 2007-ITJ(PT) DATED 11/07/2018. A S PER THE CIRCULAR, THE DEPARTMENT WAS ADVISED/DIRECTED BY THE BOARD NOT TO FILE APPEAL IN THE CASES WHERE THE TAX EFFECT DOES NOT EXCEED THE FOLLOWING MONETARY LIMIT.:- SL. NO. APPEALS IN INCOME TAX MATTERS MONETARY LIMIT (IN RS.) 1. BEFORE ITAT 20,00,000/ - 2. U/S 260 A BEFORE HONBLE HIGH COURT 50,0 0,000/ - 3. BEFORE HONBLE SUPREME COURT 1,00,00,000/ - ITA NOS.2657/MUM/2017 M/S TCFC FINANCE LTD. 3 IN VIEW OF THE ABOVE INSTRUCTION, SINCE, THE TAX EF FECT IS LESS THAN RS.20,00,000/- (NOT CONTROVERTED BY LD. D R ALSO), CONSEQUENTLY, THE APPEAL OF THE REVENUE IS NOT MAIN TAINABLE, THEREFORE, DISMISSED. FINALLY, THE APPEAL OF THE REVENUE IS DISMISSED. THIS ORDER WAS PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF LD. REPRESENTATIVE FROM BOTH SIDES AT T HE CONCLUSION OF HEARING ON 29/10/2018. SD/- SD/- ( MANOJ KUMAR AGGARWAL ) (JOGINDER SINGH) '!# / ACCOUNTANT MEMBER / VICE PRESIDENT ( MUMBAI; , DATED : 29/10/2018 F{X~{T? P.S/. #. . $%&'()(*& / COPY OF THE ORDER FORWARDED TO : 1. ./ / THE APPELLANT (RESPECTIVE ASSESSEE) 2. 01./ / THE RESPONDENT. 3. 2 2 3' ( ) / THE CIT, MUMBAI. 4. 2 2 3' / CIT(A)- , MUMBAI, 5. 56 0#'#$ , 2 * $ 7 , ( / DR, ITAT, MUMBAI 6. 8% 9( / GUARD FILE. ! / BY ORDER, /! (DY./ASSTT. REGISTRAR) , ( / ITAT, MUMBAI