DCIT - CIRCLE -11(3)(1), MUMBAI V. TOPS SECURITIES LTD., MUMBAI

ITA 3444/MUM/2018

• Counselvise Citation: [2019] 111 COUNSELVISE.COM (IT) 3980 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 5 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-11-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Assessment Year: 2010-2011
• Appeal Filed On: 21-05-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AMIT PRATAP SINGH
• Keywords: Tax effect

Judgement Text

IN THE INC OME TAX APPELLATE TRIBUNAL E BENCH, MUMBAI BEFORE SHRI S . RIFAUR RAHMAN , AM & SHRI RA VISH SOOD , JM ./ I.T.A. NO . 3444 / MUM/ 2018 ( / ASSESSMENT YEAR: 2010 - 11 ) DC IT CIRCLE 11(3)(1 ), ROOM NO. 204 , 2 ND FLOOR, AAYAKAR BHAVAN, M. K. ROAD, M UMBAI - 400 020 / VS. M/S TOPS SECURITIES LTD. 5, ROYAL PALM GOLF COUNTRY CLUB, SURVEY 169, AAREY MILK COLONY, GOREGAON (E), M UMBAI - 400 065 ./ ./ PAN NO. AAACT 0160 F ( / APPELLANT ) : ( / RESPONDENT ) / APPELLANT BY : SHRI AMIT PRATAP SINGH , DR / RESPONDENTBY : NONE / DATE OF HEARING : 17.10 .201 9 / DATE OF PRONOUNCEMENT : 06.11.2019 / O R D E R PER S. RIFAUR RAHMAN, ACCOUNTANT MEMBER : THE PRESENT APPEAL HAS BEEN FILED BY THE REVENUE AGAINST THE ORDER OF LD. COMMIS S IONER OF INCOME TAX (APPEALS) - 18 IN SHORT REFERRED AS LD. CIT(A) , MUMBAI, DATED 28.02.18 FOR A SSESSMENT YEAR (IN SHORT A Y ) 2010 - 11 . 2 I.T.A. NO. 3444 /MUM/201 8 M/S TOPS SECURITIES LTD. 2 . AT THE OUTSET, IT WAS NOTICED THAT NONE HAS APPEARED ON BEHALF OF ASSESSEE IN SPITE OF CALLS. THEREFORE, WE HAVE NO OTHER OPTION EXCEPT TO PROCEED THE ASSESSEE EX - PARTE. ON THE OTHER HAND, L D. DR IS PRESENT IN THE COURT AND IS READY WITH ARGUMENTS. HENCE, WE HAV E DECIDED TO PROCEED WITH THE HEARING OF THE CASE EX - PA RTE WITH THE ASSISTANCE OF THE L D. DR AND THE MATERIAL PLACED ON RECORD. 3. FROM THE RECORDS, WE NOTICE THAT THE TAX EFFECT OF THE RELIEF GRANTED BY THE LD. COMMISSIONER OF INCOME TAX (APPEALS) IS BELO W RS. 50 LACS AND AS PER CIRCULAR NO.17 OF 2019 DATED 08.08.2019 ISSUED BY THE CENTRAL BOARD OF DIRECT TAXES (CBDT), DEPARTMENT OF REVENUE, MINISTRY OF FINANCE, GOVERNMENT OF INDIA, THE CBDT HAS REVISED THE MONETARY LIMIT FOR FILING APPEALS BEFORE THE ITAT FROM THE EXISTING LIMIT OF RS. 20 LACS TO RS. 50 LACS. 4. THE LD. DEPARTMENTAL REPRESENTATIVE (DR) FAIRLY CONCEDED THAT THIS APPEAL IS NOT MAINTAINABLE IN LIGHT OF THE AFORESAID CIRCULAR ISSUED BY THE CBDT. THE LD. DR ALSO DID NOT 3 I.T.A. NO. 3444 /MUM/201 8 M/S TOPS SECURITIES LTD. POINT OUT THAT THIS APP EAL FALLS IN ANY OF THE EXCEPTIONS CARVED OUT IN THE ABOVE SAID CIRCULAR. 5. WE HAVE GONE THROUGH THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS) AND THE GROUNDS OF APPEALS. WE FIND THAT THE TAX EFFECT IN THE ABOVE REFERRED APPEAL IS LESS THAN R S. 50 LACS. ACCORDINGLY, WE DISMISS THE AFORESAID APPEAL FILED BY THE REVENUE AS NOT MAINTAINABLE/WITHDRAWN. 6 . IN THE NET RESULT, THE APPEAL FILED BY THE REVENUE STA NDS DISMISSED . ORDER PRONOUNCED IN THE OPEN COURT ON 6 TH NOV , 20 19 . SD/ - SD/ - ( RAVISH SOOD ) (S. RIFAUR RAHMAN ) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED : 06 . 11 .201 9 SR.PS . DHANANJAY / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT 3. ( ) / THE CIT(A) 4. / CIT - CONCERNED 5. , , / DR, ITAT, 4 I.T.A. NO. 3444 /MUM/201 8 M/S TOPS SECURITIES LTD. MUMBAI 6. / GUARD F I LE / BY ORDER, . / (DY./ASSTT.REGISTRAR) , / ITAT, MUMBAI