DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION) - 2(1)(1), MUMBAI V. COMMONWEALTH BANK OF AUSTRALIA, MUMBAI

ITA 32/MUM/2018

• Counselvise Citation: [2019] 115 COUNSELVISE.COM (IT) 9090 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 8 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-09-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: I
• Assessment Year: 2012-2013
• Appeal Filed On: 04-01-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: V SREEKAR
• Assessee Lawyers: FENIL BHATTLD
• Keywords: Tax effect

Judgement Text

1 ITA NO.32-33/MUM/2018 COMMONWEALTH BANK OF AUSTRALIA ASSESSMENT YEARS-2012-13 & 2013-14 IN THE INCOME TAX APPELLATE TRIBUNAL I BENCH, MUMBAI , , BEFORE SHRI SAKTIJIT DEY, JM AND SHRI MANOJ KUMAR AGGARWAL, AM ./ I.T.A. NO.32/MUM/2018 ( / ASSESSMENT YEAR:2012-13) & ./ I.T.A. NO.33/MUM/2018 ( / ASSESSMENT YEAR:2013-14) D CIT (IT) - 2(1)(1) ROOM NO.1713, 17 TH FLOOR AIR INDIA BUILDING NARIMAN POINT, MUMBAI-400 021. / VS. M/S. COMMONWEALTH BANK OF AUSTRALIA LEVEL-2, HOECHST HOUSE NARIMAN POINT MUMBAI-400 021. '( # ./ # ./PAN/GIR NO. AACCC-7171-R ( !(* /APPELLANT ) : ( +,(* / RESPONDENT ) !(*- / APPELLANT BY : SHRI V . SREEKAR CIT - DR +,(* / RESPONDENT BY : SHRI FENIL BHATT-LD. AR / DATE OF HEARING : 23/09/2019 / DATE OF PRONOUNCEMENT : 23/09/2019 / O R D E R PER BENCH:- 1. AFORESAID APPEALS BY REVENUE FOR ASSESSMENT YEAR S [AY] 2012-13 AND 2013-14 CONTEST THE ORDER OF FIRST APPELLATE AU THORITY ON CERTAIN GROUNDS OF APPEAL. 2 ITA NO.32-33/MUM/2018 COMMONWEALTH BANK OF AUSTRALIA ASSESSMENT YEARS-2012-13 & 2013-14 2. WHEN THE APPEALS WERE CALLED FOR HEARING, THE LE ARNED AUTHORIZED REPRESENTATIVE FOR ASSESSEE, AT THE OUTSET, DREW OU R ATTENTION TO THE FACT THAT THE TAX EFFECT OF THE QUANTUM ADDITIONS BEING CONTESTED BY THE REVENUE IN EACH OF THE APPEAL IS BELOW THE THRESHOLD MONETA RY LIMIT OF RS.50 LACS AS PRESCRIBED BY CENTRAL BOARD OF DIRECT TAXES IN ITS RECENTLY ISSUED CIRCULAR NO.17/2019 DATED 08/08/2019 [F.NO.279/MISC.142/2007 -TTJ(PT.) GOVERNMENT OF INDIA, MINISTRY OF FINANCE, DEPARTMEN T OF REVENUE] AND THEREFORE, THE APPEALS ARE NOT MAINTAINABLE. THIS R ECENT CIRCULAR FURTHER ENHANCES THE MONETARY LIMIT FIXED IN EARLIER CIRCUL AR NO.3 OF 2018 DATED 11/07/2018 ISSUED BY CBDT AS AMENDED ON 20/08/2018. THE LD. DEPARTMENTAL REPRESENTATIVE IS UNABLE TO POINT OUT ANY EXCEPTIONS IN THE APPEALS AS PROVIDED IN PARA-10 OF CIRCULAR NO. 3 OF 2018 DATED 11/07/2018. THE PERUSAL OF GROUND OF APPEALS, PRIMA FACIE, ESTABLISHES THAT THE TAX EFFECT OF QUANTUM ADDITION BEING CONTESTED BY THE R EVENUE IN EACH OF THE APPEAL IS BELOW RS.50 LACS. 3. WE HAVE GONE THROUGH THE CIRCULAR AND FIND THAT THE TAX EFFECT IN BOTH THE APPEALS IS BELOW PRESCRIBED LIMIT OF RS.50 LACS AND THE ASSESSEE STOOD BENEFITTED BY THE ABOVE CIRCULAR ISSUED BY CBDT WHE REIN THE MINIMUM MONETARY LIMIT FOR FILING THE APPEALS BEFORE VARIOU S APPELLATE AUTHORITIES HAVE BEEN FIXED AS UNDER: - S. NO. APPEALS/ SLPS IN INCOME-TAX MATTERS MONETARY LIMIT (RS.) 1 BEFORE APPELLATE TRIBUNAL 50.00,000 2 BEFORE HIGH COURT 1,00.00,000 3 BEFORE SUPREME COURT 2,00.00,000 3 ITA NO.32-33/MUM/2018 COMMONWEALTH BANK OF AUSTRALIA ASSESSMENT YEARS-2012-13 & 2013-14 THE AFORESAID LIMITS, AS PER PARA 13 OF THE CIRCULAR NO. 3 OF 2018 DATED 11/07/2018, APPLIES TO THE PENDING APPEALS ALSO. IN VIEW OF THE ADMITTED POSITION, WE DISMISS BOTH THE APPEALS FILED BY THE REVENUE. 4. AT THE SAME TIME, A LIBERTY IS GRANTED TO REVENU E TO SEEK RECALL OF ANY OF THE APPEAL, IF AT A LATER STAGE, IT IS FOUND THA T THE MATTER IS COVERED BY ANY EXCEPTIONS PROVIDED IN THE AFORESAID CIRCULAR OR IN CASE THE TAX EFFECT OF THE ADDITIONS IN ANY OF THE APPEAL AS AGITATED BY REVEN UE EXCEEDS THE PRESCRIBED MONETARY LIMIT. 5. RESULTANTLY, BOTH THE APPEALS STAND DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 23 RD SEPTEMBER,2019. SD/- SD/- (SAKTIJIT DEY) (MANOJ KUMAR AGGARWAL) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI; DATED : 23/09/2019 SR.PS:-JAISY VARGHESE 78 98 / COPY OF THE ORDER FORWARDED TO : 1. !(* / THE APPELLANT 2. +,(* / THE RESPONDENT 3. ( ! ) / THE CIT(A) 4. / CIT CONCERNED 5. OP+ Q , !Q , / DR, ITAT, MUMBAI 6. PRST / GUARD FILE / BY ORDER, / (DY./ASSTT.REGISTRAR) , / ITAT, MUMBAI.