ADDL CIT 2(3), MUMBAI V. RAYMOND LTD, MUMBAI

ITA 2730/MUM/2011

• Counselvise Citation: [2021] 104 COUNSELVISE.COM (IT) 6329 (ITAT-MUMBAI)
• Duration Of Justice: 10 year(s) 8 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-12-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2007-2008
• Appeal Filed On: 06-04-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AMOL KIRTANE
• Keywords: Fair market value; Tax effect

Judgement Text

आयकर अपीलीय अिधकरण मुंबई पीठ “डी ” , मुंबई ŵी जी. एस. पɄू,अȯƗ एवं ᮰ी िवकास अव᭭थी, ᭠याियक सद᭭य के समᭃ IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D”, MUMBAI BEFORE SHRI G. S. PANNU, PRESIDENT & SHRI VIKAS AWASTHY, JUDICIAL MEMBER आअसं. 2730/मुं/2011 (िन.व. 2007-08) ITA NO.2730/MUM/2011 (A.Y.2007-08) DCIT-2(3), Room No. 555, Aayakar Bhavan, M.K. Road, Mumbai-400020 ...... अपीलाथᱮ /Appellant बनाम Vs. M/s Raymond Ltd., New Hind House, Ballard Estate, Mumbai-400001 PAN: AAACR4896A ..... ᮧितवादी/Respondent आअसं. 4447/मुं/2012 (िन.व. 2008-09) ITA NO.4447/MUM/2012 (A.Y.2008-09) Asst. CIT, CC-44, Room No. 656, 6 th Floor, Aayakar Bhavan, M.K. Road, Mumbai-400020 ...... अपीलाथᱮ /Appellant बनाम Vs. M/s Raymond Ltd., New Hind House, N.M. Road, Mumbai-400001 PAN: AAACR4896A ..... ᮧितवादी/Respondent अपीलाथᱮ ᳇ारा/ Appellant by : Sh. Amol Kirtane, CIT-Dr ᮧितवादी ᳇ारा/Respondent by : Sh. Vijay Mehta 2 आअसं.2730/मुं/2011(िन.व.2007-08) ITA NO.2730/MUM/2011 (A.Y.2007-08) आअसं.4447/मुं/2012(िन.व.2008-09) ITA NO.4447/MUM/2012 (A.Y.2008-09) सुनवाई कᳱ ितिथ/ Date of hearing : 15/12/2021 घोषणा कᳱ ितिथ/ Date of pronouncement : 15/12/2021 आदेश/ ORDER These two appeals by the Revenue are directed against the orders of Commissioner of Income Tax (Appeals)-6, Mumbai [hereinafter referred to as ‘the CIT(A)’] for the AY 2007-08 dated 27.01.2011 and for the AY 2008-09 dated 23.04.2012, respectively. 2. Sh. Vijay Mehta appearing on behalf of the assessee submitted at the outset that both the aforesaid appeals by the Revenue are liable to be dismissed on account of low tax effect in the light of CBDT Circular No. 17/2019 dated 08.08.2019. The ld. Authorized Representative (AR) pointed that in appeal for AY 2007-08, the Revenue has raised solitary ground assailing Fair Market Value determined by the CIT(A) after loading the benefit of Central Air Conditioning Facility. The disputed amount is Rs. 20,01,714/- against which the Revenue is in appeal. In AY 2008-09, the Revenue has raised identical ground as was raised in AY 2007-08 and the amount in dispute is Rs. 33,87,516/-. The tax effect involved in both these appeals is less than the monetary limit specified by the Board for filing of appeals before the Tribunal in the aforementioned Circular. 3. Sh. Amol Kirtane representing the department fairly admitted that the tax effect involved in both these appeals is less than the threshold limit specified by the Board for filing of appeals before the Tribunal vide Circular No. 17/2019 (supra). 3 आअसं.2730/मुं/2011(िन.व.2007-08) ITA NO.2730/MUM/2011 (A.Y.2007-08) आअसं.4447/मुं/2012(िन.व.2008-09) ITA NO.4447/MUM/2012 (A.Y.2008-09) 4. Both sides heard. Undisputedly, tax effect involved in the appeal by the Revenue for AY 2007-08 & 2008-09 is less than the monetary limit specified by CBDT in its Circular No. 17/2019 (supra). Since, both these appeals suffer from low tax effect, these appeals are liable to be dismissed, as such. We hold and direct accordingly. 5. In the result, appeal by the Revenue for AYs 2007-08 & 2008-09 are dismissed. Order pronounced in the open court on Wednesday, the 15 th day of December, 2021. Sd/- Sd/- (G.S. PANNU) (VIKAS AWASTHY) अȯƗ / PRESIDENT Ɋाियक सद˟/JUDICIAL MEMBER मुंबई/Mumbai, ᳰदनांक/Dated: 15/12/2021 SK, PS ᮧितिलिप अᮕेिषत/Copy of the Order forwarded to : 1. अपीलाथᱮ/The Appellant , 2. ᮧितवादी/ The Respondent. 3. आयकर आयुᲦ(अ)/ The CIT(A)- 4. आयकर आयुᲦ CIT 5. िवभागीय ᮧितिनिध, आय.अपी.अिध., मुबंई/DR, ITAT, Mumbai 6. गाडᭅ फाइल/Guard file. BY ORDER, //True Copy// (Dy./Asstt. Registrar) ITAT, Mumbai