DCIT, Circle - 3(1), Kolkata, Kolkata V. M/s. Guwahati Carbon Limited, Kolkata

ITA 332/KOL/2018

• Counselvise Citation: [2018] 121 COUNSELVISE.COM (IT) 6295 (ITAT-KOLKATA)
• Duration Of Justice: 2 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-05-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2000-2001
• Appeal Filed On: 23-02-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P K MONDAL
• Keywords: Rectification of order; Tax effect
• Section: 154

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH (SMC), KOLKATA [BEFORE SHRI P.M. JAGTAP, AM] I.T.A. NO. 332/KOL/2018 ASSESSMENT YEAR: 2000-01 D.C.I.T. CIR 3(1), KOLKATA.........................................................APPELLANT P-7, CHOWRINGHEE SQUARE, AAYAKAR BHAWAN, 4 TH FLOOR, ROOM NO. 19, KOLKATA 700 069 M/S. GUWAHATI CARBON LTD............................RESPONDENT 37A, BENTINCK STREET, ROOM NO. 301, 3 RD FLOOR, KOLKATA 700 069. [PAN: AABCB 4143 R] APPEARANCES BY: SHRI P.K. MONDAL, ADDL. CIT APPEARING ON BEHALF OF THE REVENUE. SHRI SUBASH AGARWAL, ADVOCATE APPEARING ON BEHALF OF THE ASSESSEE DATE OF CONCLUDING THE HEARING : MAY 16, 2018 DATE OF PRONOUNCING THE ORDER : MAY 16, 2018 ORDER PER P.M. JAGTAP, AM THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST THE ORDER OF LD. CIT(APPEALS) 8, KOLKATA DATED 21.11.2017 WHEREBY HE DELETED THE ADDITION OF RS. 47,87,772/- MADE BY THE A.O. BY WAY OF RECTIFICATION ORDER UNDER SECTION 154 WHILE COMPUTING THE BOOK PROFIT OF THE ASSESSEE UNDER SECTION 115JA BY RESTRICTING ITS CLAIM FOR DEDUCTION UNDER SECTION 80IA TO THAT EXTENT. 2. AS POINTED OUT BY THE LEARNED COUNSEL FOR THE ASSESSEE AT THE OUTSET, THE TAX EFFECT INVOLVED IN THIS APPEAL OF THE REVENUE IS LESS THAN MONETARY LIMIT OF RS. 10,00,000/- FIXED BY THE CBDT FOR FILING THE APPEAL BY THE REVENUE BEFORE THE TRIBUNAL AND THIS POSITION CLEARLY EVIDENT FROM THE ORDER PASSED BY THE A.O. UNDER SECTION 154 IS NOT 2 I.T.A. NO. 332/KOL/2018 ASSESSMENT YEAR: 2000-01 M/S. GUWAHATI CARBON LTD. DISPUTED EVEN BY THE LEARNED DR. IN CIRCULAR NO. 21/2015 (SUPRA) ISSUED BY THE CBDT, THE MONETARY LIMIT FOR FILING THE APPEALS BY THE REVENUE BEFORE THE TRIBUNAL HAS BEEN INCREASED TO RS. 10,00,000/- AND AS CLARIFIED IN THE SAID CIRCULAR, THE SAID MONETARY LIMIT IS APPLICABLE RETROSPECTIVELY EVEN TO THE APPEALS PENDING BEFORE THE TRIBUNAL. THE CBDT HAS ALSO INSTRUCTED THAT SUCH PENDING APPEALS BELOW THIS SPECIFIED TAX LIMIT OF RS. 10,00,000/- MAY BE WITHDRAWN / NOT PRESSED. KEEPING IN VIEW THE INSTRUCTION GIVEN BY THE CBDT VIDE CIRCULAR NO. 21/2015 DATED 10.012.2015, WHICH IS SQUARELY APPLICABLE IN THE PRESENT CASE, THE APPEAL FILED BY THE REVENUE IN THIS CASE IS TREATED AS WITHDRAWN / NOT PRESSED AND DISMISSED ACCORDINGLY. 3. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 16 TH MAY, 2018. SD/- (P.M. JAGTAP) ACCOUNTANT MEMBER DATED: 16/05/2018 BISWAJIT, SR. PS COPY OF ORDER FORWARDED TO: 1. M/S. GUWAHATI CARBON LTD. 37A, BENTINCK STREET, ROOM NO. 301, 3 RD FLOOR, KOLKATA 700 069. 2. DCIT, CIR 3(1), P-7, CHOWRINGHEE SQUARE, AAYAKAR BHAWAN, 4 TH FLOOR, ROOM NO. 19, KOLKATA 700 069. 3. THE CIT(A) 4. THE CIT 5. DR TRUE COPY, BY ORDER, SR. P.S. / H.O.O. ITAT, KOLKATA