ITO 3(1)(4), MUMBAI V. HEADWAY CAPITAL ADVISORS LTD, MUMBAI

ITA 342/MUM/2019

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 3296 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 1 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-03-2020
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: H
• Assessment Year: 2015-2016
• Appeal Filed On: 25-01-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect

Judgement Text

1 ITA .NO.342/MUM/2019 HEADWAY CAPITAL ADVISORS LTD. IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH H, MUMBAI BEFORE SHRI G MANJUNATHA (ACCOUNTANT MEMBER) AND SHRI RAVISH SOOD (JUDICIAL MEMBER) I.T.A NO. 342/MUM/2019 (ASSESSMENT YEAR: 2015-16) ITO-3(1)(4) ROOM NO.666, 6 TH FLOOR M.K.ROAD, AAYKAR BHAWAN MUMBAI-400 020 VS M/S HEADWAY CAPITAL ADVISORS LTD. 1006, RAHEJA CENTRE 10 TH FLOOR, NARIMAN POINT MUMBAI-400 021 PAN: AAACO1907F APP ELLANT RESPONDENT APPELLANT BY SHRI R. BHOOPATHI, DR RESPONDENT BY SHRI RAJIV KHANDELWAL, AR DATE OF HEARING 02.03.2020 DATE OF PRONOUNCEMENT 02 .03.2020 O R D E R PER G MANJUNATHA, AM : THIS APPEAL FILED BY THE REVENUE IS DIRECTED AGAI NST ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS)-8, MUMBAI, DAT ED 20/11/2018 AND IT PERTAINS TO AY 2015-16. 2. WE HAVE HEARD BOTH PARTIES, PERUSED MATERIALS AV AILABLE ON RECORD 2 ITA .NO.342/MUM/2019 HEADWAY CAPITAL ADVISORS LTD. AND GOE THROUGH ORDERS OF THE AUTHORITIES BELOW. DU RING COURSE OF HEARING, THE LD. AR FOR THE ASSESSEE SUBMITTED THA T TAX EFFECT INVOLVED IN THIS APPEAL FILED BY THE REVENUE IS LESS THAN RS. 5 0 LACS AND IN VIEW OF LATEST CBDT CIRCULAR NO. 17/2019 DATED 08/08/2019, APPEAL FILED BY THE REVENUE IS NOT MAINTAINABLE AND NEEDS TO BE DISMISS ED. THE LD. DR, ON THE OTHER HAND, FAIRLY ACCEPTED THAT DISPUTED TAX I NVOLVED IN THIS APPEAL IS LESS THAN RS. 50 LACS, HOWEVER, HE FURTHER SUBMITTE D THAT ISSUE INVOLVED IN THIS APPEAL IS APPEARS TO BE COVERED BY EXCEPTIO N AS PROVIDED UNDER CLAUSE (E) OF SUBSEQUENT CIRCULAR AND THEREFORE, IF REQUIRED THE REVENUE SHALL BE ALLOWED TO FILE MISCELLANEOUS APPLICATION TO RECALL THE ORDER. WE, FIND THAT, THE CBDT, RECENTLY HAD ISSUED A CIRC ULAR NO. 17/2019 DATED 08/08/2019, SUPERSEDING ITS EARLIER CIRCULAR NO. 03/2018, DATED 11/07/2018 AND ENHANCED MONETARY LIMIT FOR FILING A PPEAL BEFORE VARIOUS APPELLATE AUTHORITIES AND ACCORDINGLY, ENHANCED MON ETARY LIMIT TO RS. 50,00,000/- FOR FILING APPEAL BEFORE THE TRIBUNAL. FURTHER, IN THE SAID CIRCULAR, THE CBDT HAD INSTRUCTED ITS OFFICERS TO FILE APPLICATION FOR WITHDRAWAL OF PENDING APPEALS. WE, THEREFORE, BY TA KING INTO ACCOUNT THE CBDT CIRCULAR NO.17/2019 DATED 08/08/2019 AND ALSO CONSIDERING THE FACT THAT TAX EFFECT INVOLVED IN THE PRESENT APPEAL IS LESS THAN THE AMOUNT OF MONETARY LIMIT FIXED BY THE CBDT FOR NOT FILING APPEAL BEFORE TRIBUNAL, DISMISSED APPEAL FILED BY THE REVENUE AS NOT MAINTA INABLE. HOWEVER, WE 3 ITA .NO.342/MUM/2019 HEADWAY CAPITAL ADVISORS LTD. KEEP OPEN OPTION TO THE REVENUE TO FILE A MISCELLAN EOUS APPLICATION, IF NECESSARY, IN CASE THE ISSUES INVOLVED IN THE PRESE NT APPEAL COMES WITHIN ANY OF 3 EXCEPTIONS AS PROVIDED IN PARA 10 O F SAID CIRCULAR AND CLAUSE (E) OF SUBSEQUENT CIRCULAR AND IF DISPUTED TAX INVOLVED EXCEEDS THRESHOLD LIMIT PROVIDED IN CBDT CIRCULAR. 3. IN THE RESULT, APPEAL FILED BY THE REVENUE IS DI SMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 0 2.03.2020 SD/- SD/- (RAVISH SOOD) (G MANJUNATHA) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DT : 02.03.2020 THIRUMALESH, SR.PS COPY OF THE ORDER FORWARDED TO : BY ORDER, (ASSTT. REGISTRAR) ITAT, MUMBAI 1. THE APPELLANT 2. THE RESPONDENT. 3. THE CIT(A), MUMBAI. 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. //TRUE COPY//