DY. CIT-1(3)(2), Mumbai V. WEST COAST MARITIME PVT LTD., Mumbai

ITA 3915/MUM/2019

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 4519 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 8 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-02-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: G
• Assessment Year: 2010-2011
• Appeal Filed On: 31-05-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: T S KHALSA LD SR
• Assessee Lawyers: ABHISHEK JHUNJHUNWALALD
• Keywords: Tax effect
• Section: 143(3); 68

Judgement Text

ITA NO.3915/MUM/2019 WEST COAST MARITIME PRIVATE LIMITED ASSESSMENT YEAR: 2010-11 1 IN THE INCOME TAX APPELLATE TRIBUNAL G BENCH, MUMBAI , , BEFORE HONBLE SHRI MAHAVIR SINGH, VP AND HONBLE SHRI MANOJ KUMAR AGGARWAL, AM (HEARING THROUGH VIDEO CONFERENCING MODE) ./ I.T.A. NO.3915/MUM/2019 ( / ASSESSMENT YEAR: 2010-11) DCIT - 1(3)(2) ROOM NO.540, 5 TH FLOOR AAYKAR BHAWAN, M.K.ROAD MUMBAI-400 020 / VS. WEST COAST MARITIME PRIVATE LIMITED 7, SHREEJI HOUSE 78 MINT ROAD, FORT MUMBAI-400 001 !' ./ ./PAN/GIR NO. AACCW-6724-C ( '$ /APPELLANT ) : ( %&'$ / RESPONDENT ) ASSESSEE BY : SHRI.ABHISHEK JHUNJHUNWALA-LD.AR REVENUE BY : SHRI T.S. KHALSA- LD. SR.AR / DATE OF HEARING : 09/02/2021 / DATE OF PRONOUNCEMENT : 09/02/2021 / O R D E R MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. AFORESAID APPEAL BY REVENUE FOR ASSESSMENT YEAR [IN SHORT REFERRED TO AS AY] 2010-11 CONTEST THE ORDER OF L D. COMMISSIONER OF INCOME-TAX (APPEALS)-3, MUMBAI [IN SHORT REFERRE D TO AS CIT(A)], APPEAL NO.CIT(A)-3IT-10758/2017-18, DATE D 18/03/2019 WHICH HAS DELETED ADDITION OF RS.129 LACS U/S 68 AS MADE BY LD. AO WHILE FRAMING AN ASSESSMENT U/S 143(3) R.W.S. 14 7 ON 29/12/2017. ITA NO.3915/MUM/2019 WEST COAST MARITIME PRIVATE LIMITED ASSESSMENT YEAR: 2010-11 2 2. THE LD. COUNSEL FOR ASSESSEE, SHRI ABHISHEK JHUNJHU NWALA, AT THE OUTSET, PLACED ON RECORD WORKING OF TAX EFFE CT COMPUTATIONS TO SUBMIT THAT THE TAX EFFECT OF QUANTUM ADDITIONS UNDER DISPUTE BY REVENUE IS BELOW PRESCRIBED THRESHOLD LIMIT OF RS.5 0 LACS AND THEREFORE, THE REVENUES APPEAL IS NOT MAINTAINABLE IN TERMS OF LATEST LOW TAX EFFECT CBDT CIRCULAR NO. 17/2019 DATED 08/08/2019 [F.NO.279/MISC. 142/2007-TTJ(PT.) . THE LD. DR COULD NOT POINT OUT ANY EXCEPTION TO CONTROVERT THE PLEA RAISED BY LD. AR. 3. AFTER GOING THROUGH MATERIAL ON RECORD, WE FIND THAT THE TAX EFFECT OF QUANTUM ADDITIONS UNDER DISPUTE IS BELOW THRESHOLD MONETARY LIMIT OF RS.50 LACS AND THEREFORE, THE APP EAL IS NOT MAINTAINABLE IN TERMS OF RECENTLY ISSUED LOW TAX EF FECT CIRCULAR NO. 17/2019 DATED 08/08/2019 [F.NO.279/MISC. 142/2007-T TJ(PT.) ISSUED BY CBDT. THIS RECENT CIRCULAR FURTHER ENHANC ES THE MONETARY LIMIT FIXED IN EARLIER CIRCULAR NO.3 OF 20 18 DATED 11/07/2018 ISSUED BY CBDT AS AMENDED ON 20/08/2018. IN VIEW OF THE SAME, THE APPEAL IS NOT MAINTAINABLE. 4. AT THE SAME TIME, A LIBERTY IS GIVEN TO REVENUE TO SEEK RECALL OF THE APPEAL, IF AT A LATER STAGE, IT IS FOUND THA T THE MATTER IS COVERED BY ANY EXCEPTIONS PROVIDED IN ANY OF THE CI RCULAR OR IN CASE THE TAX EFFECT IN THE APPEAL EXCEEDS THE PRESCRIBED MONETARY LIMIT. 5. RESULTANTLY, THE APPEAL STANDS DISMISSED. ORDER PRONOUNCED ON 09 TH FEBRUARY, 2021. SD/- SD/- (MAHAVIR SINGH) (MANOJ KUMAR AGGARWAL) / VICE PRESIDENT / ACCOUNTANT MEMBER MUMBAI; DATED : 09/02/2021 SR.PS, KASARLA THIRUMALESH ITA NO.3915/MUM/2019 WEST COAST MARITIME PRIVATE LIMITED ASSESSMENT YEAR: 2010-11 3 / COPY OF THE ORDER FORWARDED TO : 1. '$ / THE APPELLANT 2. %&'$ / THE RESPONDENT 3. - ( ) / THE CIT(A) 4. - / CIT CONCERNED 5. ./% ( 0 , 0 , / DR, ITAT, MUMBAI 6. /123 / GUARD FILE / BY ORDER, / (DY./ASSTT.REGISTRAR) , / ITAT, MUMBAI.