ITO WD 1(1)(4), MUMBAI V. THE BHARAT CO-OP. BANK (MUMBAI) LTD., MUMBAI

ITA 2893/MUM/2016

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 1576 (ITAT-MUMBAI)
• Duration Of Justice: 7 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-12-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2006-2007
• Appeal Filed On: 20-04-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S R KIRTANE
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH SMC, MUMBAI BEFORE SHRI G.S.PANNU, ACCOUNTANT MEMBER ITA NO.2893/MUM/2016 (ASSESSMENT YEAR 2006-07) THE INCOME TAX OFFICER, WARD -1(1)(4), R.NO.531A/579, AAYKAR BHAVAN,M.K.ROAD, MUMBAI 400 020 ...... A PPELLANT VS. M/S. BHARAT C0-OP BANK (MUMBAI) LTD. 64/72, MOHAN TERRACE, MODY STREET, FORT, MUMBAI 400 001. PAN:AAAT0030E .... RESPOND ENT APPELLANT BY : SHRI S.R.KIRTANE RESPONDENT BY : SHRI BHUPENDRA SHAH DATE OF HEARING : 01/12/2016 DATE OF PRONOUNCEMENT : 07/12/2016 ORDER THE CAPTIONED APPEAL FILED BY THE REVENUE PERTAI NING TO ASSESSMENT YEAR 2006-07 IS DIRECTED AGAINST AN ORDER PASSED BY CIT(A)-2, MUMBAI DATED 27/01/2016, WHICH IN TURN, ARISES OUT OF AN ORDER PASSED BY THE ASSESSING OFFICER UNDER SECTION 143(3)R.W.S 147 OF THE INCO ME TAX ACT, 1961 (IN SHORT THE ACT) DATED 31/01/2014. 2. IN THIS APPEAL BY THE REVENUE, THE ONLY POINT OF DISPUTE IS WITH REGARD TO THE ORDER OF CIT(A) IN HOLDING THAT THE ASSESSEE WA S ENTITLED TO THE DEDUCTION 2 ITA NO.2893/MUM/2016 (ASSESSMENT YEAR 2006-07) UNDER SECTION 80P(2)(A)(I) OF THE ACT WITH RESPECT TO INSURANCE COMMISSION EARNED BY THE BANK OF RS.22,52,150/-. 3. AT THE OUTSET, IT WAS SUBMITTED BY LD. REPRESEN TATIVE FOR THE ASSESSEE THAT THE TAX EFFECT INVOLVED IN THIS APPEAL IS LE SS THAN RS.10.00 LACS. THE CBDT VIDE CIRCULAR NO.21/2015 DATED 10/12/2015 HAS REVIS ED THE MONETARY LIMITS FOR FILING OF APPEALS BY THE DEPARTMENT BEFORE THE TRIB UNAL RETROSPECTIVELY. SINCE THE TAX EFFECT IN DISPUTE IN THE CAPTIONED APPEAL I S STATED TO BE BELOW THE MONETARY LIMIT OF RS.10.00 LACS SPECIFIED IN THE CB DT CIRCULAR DATED 10/12/2015 (SUPRA), THE SAME IS DISMISSED AS NOT MA INTAINABLE. 4. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISS ED. ORDER PRONOUNCED IN THE OPEN COURT ON 07/12/2016 SD/- (G.S.PANNU) ACCOCUNTANT MEMBER MUMBAI, DATED 07/12/2016 VM , SR. PS COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT , 2. THE RESPONDENT. 3. THE CIT(A)- 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. BY ORDER, //TRUE COPY// (DY./ASSTT. REGISTRAR) ITAT, MUMBAI