ACIT CIR 3(1)(2), MUMBAI V. CLEARWATER CAPITAL PARTNERS INDIA PRIVATE LIMITED , MUMBAI

ITA 4774/MUM/2017

• Counselvise Citation: [2019] 112 COUNSELVISE.COM (IT) 1061 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 5 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-12-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: K
• Assessment Year: 2010-2011
• Appeal Filed On: 06-07-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect
• Section: 143(3); 201

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL K, BENCH MUMBAI BEFORE SHRI R.C.SHARMA, AM & SHRI C.N. PRASAD, JM ITA NO. 4774/MUM/2017 ( ASSESSMENT YEAR: 2010-11) A.C.I.T.-3(1)(2) ROOM NO. 607, 6 TH FLOOR, AAYAKAR BHAVAN, MUMBAI-400020. VS. M/S CLEARWATER CAPITAL PARTNERS INDIA PVT. LTD. 201, 2 ND FLOOR, CENTRAL PLAZA, 166, CST ROAD, KALINA, MUMBAI. PAN/GIR NO. AACCC 3064 F (APPELLANT ) .. (RESPONDENT ) REVENUE BY SHRI ANAND MOHAN (CIT-DR) ASSESSEE BY NONE DATE OF HEARING 18/12/2019 DATE OF PRONOUNCEMENT 18/12/2019 / O R D E R PER: R.C. SHARMA, A.M. THIS IS THE APPEAL FILED BY THE REVENUE AGAINST TH E ORDER OF THE LD. CIT(A)-55, MUMBAI DATED 30/03/2017 FOR THE A.Y. 201 0-11 IN THE MATTER OF ORDER PASSED U/S 143(3) R.W.S. 144C(3) OF THE IN COME TAX ACT, 1961 (IN SHORT, THE ACT). 2. AT THE TIME OF HEARING, NOBODY HAS APPEARED ON B EHALF OF ASSESSEE, THEREFORE, THE BENCH DECIDED TO DISPOSE O FF THE APPEAL AFTER HEARING THE LD CIT-DR AND THE MATERIAL AVAILABLE ON RECORD. 3. AT THE OUTSET, THE LD DR HAS FAIRLY AGREED THAT THE TAX EFFECT IN THIS APPEAL FILED BY THE REVENUE IS LESS THAN RS. 50.00 LACS. ITA NO. 4774/MUM/2017 ACIT VS M/S CLEARWATER CAPITAL PARTNERS INDIA P LTD . 2 4. WE HAVE CONSIDERED THE RIVAL CONTENTIONS AND CAR EFULLY GONE THROUGH THE ORDERS OF THE AUTHORITIES BELOW AND FOU ND THAT THE TAX EFFECT IN THIS APPEAL IS NOT EXCEEDING THE MONETARY LIMIT AS REVISED BY THE CBDT VIDE CIRCULAR DATED 08.08.2019 FOR THE PURPOSE OF F ILING OF APPEAL BY THE DEPARTMENT BEFORE THE INCOME TAX APPELLATE TRIBUNAL FROM RS. 20,00,000/- TO RS. 50,00,000/-. FOR READY REFERENC E, WE REPRODUCE THE CBDT CIRCULAR NO. 17 OF 2019 DATED 08.08.2019 AS UN DER:- FURTHER ENHANCEMENT OF MONETARY LIMITS FOR FILING O F APPEALS BY THE DEPARTMENT BEFORE INCOME TAX APPELLATE TRIBUNAL , HIGH COURTS AND SLPS/APPEALS BEFORE SUPREME COURT - AMEN DMENT TO CIRCULAR 3 OF 2018 - MEASURES FOR REDUCING LITIGATI ON. CIRCULAR NO. 3/2018 DATED 11TH JULY 2018 HAS BEEN R EPLACED BY CIRCULAR NO. 17/2019 DATED 8TH AUGUST 2019 TO ENHAN CE MONETARY LIMITS FOR FILING OF APPEALS BY THE DEPARTMENT BEFO RE INCOME TAX APPELLATE TRIBUNAL, HIGH COURTS AND SLPS/APPEALS BE FORE SUPREME COURT FOR REDUCING LITIGATION. APPEALS/SLPS IN INCOME- TAX MATTERS MONETARY LIMIT (RS.) (PREVIOUS LIMIT) MONETARY LIMIT (RS.) (REVISED LIMIT) BEFORE APPELLATE TRIBUNAL 20,00,000 50,00,000 BEFORE HIGH COURT 50,00,000 1,00,00,000 BEFORE SUPREME COURT 1,00,00,000 2,00,00,000 THE ASSESSING OFFICER SHALL CALCULATE THE TAX EFFEC T SEPARATELY FOR EVERY ASSESSMENT YEAR IN RESPECT OF THE DISPUTED IS SUES IN THE CASE OF EVERY ASSESSEE. IF, IN THE CASE OF AN ASSES SEE, THE DISPUTED ISSUES ARISE IN MORE THAN ONE ASSESSMENT Y EAR, APPEAL CAN BE FILED IN RESPECT OF SUCH ASSESSMENT YEAR OR YEARS IN WHICH THE TAX EFFECT IN RESPECT OF THE DISPUTED ISSUES EX CEEDS THE MONETARY LIMIT. NO APPEAL SHALL BE FILED IN RESPECT OF AN ASSESSMENT YEAR OR YEARS IN WHICH THE TAX EFFECT IS LESS THAN THE MONETARY LIMIT. FURTHER, EVEN IN THE CASE OF COMPOSITE ORDER OF ANY HIGH COURT OR APPELLATE AUTHORITY WHICH INVOLVES MORE THAN ONE AS SESSMENT YEAR ITA NO. 4774/MUM/2017 ACIT VS M/S CLEARWATER CAPITAL PARTNERS INDIA P LTD . 3 AND COMMON ISSUES IN MORE THAN ONE ASSESSMENT YEAR, NO APPEAL SHALL BE FILED IN RESPECT OF AN ASSESSMENT YEAR OR YEARS IN WHICH THE TAX EFFECT IS LESS THAN THE MONETARY LIMIT. IN CASE WHERE A COMPOSITE ORDER/ JUDGMENT INVOLVES MORE THAN ONE ASSESSEE, EACH ASSESSEE SHALL BE DEALT WITH SEP ARATELY. 5. IT IS ALSO RELEVANT TO MENTION HERE THAT THIS AP PEAL IS NOT COVERED BY ANY OF THE EXCEPTIONS MENTIONED IN THE SAID CIRC ULAR. ACCORDINGLY, THE APPEAL OF THE DEPARTMENT IS NOT MAINTAINABLE BEING MONETARY LIMIT IS LESS THAN/NOT EXCEEDING RS. 50,00,000/-. 6. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISM ISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 18 TH DECEMBER, 2019. SD/- (C.N. PRASAD) SD/- (R.C.SHARMA) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI; DATED 18/12/2019 *RANJAN 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//