OTP 6 (3)(1), MUMBAI V. FSK TRADERS PVT LTD, MUMBAI

ITA 4302/MUM/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 1037 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 6 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-12-2020
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2011-2012
• Appeal Filed On: 20-06-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SANJAY J SETHI LD
• Keywords: Tax effect

Judgement Text

ITA NO.4302 /MUM/2019 FSK TRADERS PRIVATE LIMITED ASSESSMENT YEAR: 2011-12 1 - IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH, MUMBAI , , BEFORE HONBLE SHRI AMARJIT SINGH, JM AND HONBLE SHRI MANOJ KUMAR AGGARWAL, AM (HEARING THROUGH VIDEO CONFERENCING MODE) ./ I.T.A. NO.4302/MUM/2019 ( / ASSESSMENT YEAR: 2011-12) INCOME TAX OFFICER - 6(3)(1) 5 TH FLOOR, ROOM NO.510 AAYKAR BHAVAN, M.K. ROAD MUMBAI-400 020. / VS. FSK TRADERS PVT. LTD. 12, NAIK NAGAR, L.B.S. MARG NEAR SION RAILWAY STATION SION (W), MUMBAI-400 022. '# ./ ./PAN/GIR NO. AABCF-2300-E ( ! #% /APPELLANT ) : ( &'#% / RESPONDENT ) ASSESSEE BY : NONE REVENUE BY : SHRI SANJAY J. SETHI LD. DR / DATE OF HEARING : 21/12/2020 / DATE OF PRONOUNCEMENT : 21/12/2020 / O R D E R MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. AFORESAID APPEAL BY REVENUE FOR ASSESSMENT YEAR (AY) 2011-12 CONTESTS THE ORDER OF LEARNED FIRST APPELLATE AUTHO RITY ON CERTAIN GROUNDS OF APPEAL. 2. AT THE TIME OF HEARING, NONE APPEARED FOR ASSESS EE. HOWEVER, THE MATTER WAS PROCEEDED WITH SINCE THE REVENUES APPEA L, PRIMA-FACIE , IS ITA NO.4302 /MUM/2019 FSK TRADERS PRIVATE LIMITED ASSESSMENT YEAR: 2011-12 2 NOT MAINTAINABLE IN TERMS OF LOW TAX EFFECT CIRCULA R NO. 17/2019 DATED 08/08/2019 [F.NO.279/MISC. 142/2007-TTJ(PT.) ISSUED BY CBDT. 3. WE FIND THAT THE TAX EFFECT OF DISPUTED ADDITION IS BELOW THRESHOLD MONETARY LIMIT OF RS.50 LACS AND THE APPEAL IS NOT MAINTAINABLE IN TERMS OF RECENTLY ISSUED LOW TAX EFFECT CIRCULAR NO. 17/2 019 DATED 08/08/2019 [F.NO.279/MISC. 142/2007-TTJ(PT.) ISSUED BY CBDT. T HIS RECENT CIRCULAR FURTHER ENHANCES THE MONETARY LIMIT FIXED IN EARLIE R CIRCULAR NO.3 OF 2018 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 THAT THE M ATTER IS COVERED BY ANY EXCEPTIONS PROVIDED IN ANY OF THE CIRCULAR OR IN CA SE THE TAX EFFECT IN THE APPEAL EXCEEDS THE PRESCRIBED MONETARY LIMIT. 5. IN THE RESULT, THE APPEAL STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 21 ST DECEMBER, 2020 SD/- SD/- (AMARJIT SINGH) (MANOJ KUMAR AGGARWAL) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI; DATED : 21/12/2020 S R.PS, JAISY VARGHESE ! / 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.