ITO 9(3)(3), MUMBAI V. FUSION JEWELLERY MANUFACTURING COMPANY P.LTD, MUMBAI

ITA 5084/MUM/2015

AI Insights

The case involves the Income Tax Officer-9(3)(3), Mumbai as the appellant and M/s Fusion Jewellery Mfg. Private Limited as the respondent. The Revenue challenged the order dated 30/07/2015 by the CIT(A)-56, Mumbai, which had partly allowed the assessee's appeal against the assessment order dated 10/04/2014. The assessment had increased the income of the assessee from INR 9,75,015 to INR 16,54,200. However, the appeal was dismissed at the tribunal level due to the tax effect being below INR 50,00,000, adhering to the CBDT's circular on monetary limits for filing appeals.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 113565 (ITAT-MUMBAI)
• Duration Of Justice: 7 year(s) 6 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-04-2023
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: K
• Next Hearing Date: 19-02-2023
• Assessment Year: 2010-2011
• Appeal Filed On: 18-10-2015
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect; Tax effect
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL "K" BENCH, MUMBAI SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER ITA No. 5084/MUM/2015 (Assessment Year: 2010-11) The Income Tax Officer-9(3)(3), Mumbai, Room No. 471, 4 th Floor, Aayakar Bhavan, M.K. Road, Mumbai - 400020 M/s Fusion Jewellery Mfg. Private Limited Unit No. 32, SFD-1, Seepz + SeepzSez, Andheri (East), Mumbai – 400096 [PAN: AAAFC7704R] ............... Vs ................ Appellant Respondent Appearance For the Appellant/Assessee For the Respondent/Department : : Shri Fenil Bhatt Dr. Yogesh Kamat Date Conclusion of hearing Pronouncement of order : : 20.02.2023 26.04.2023 O R D E R Per Rahul Chaudhary, Judicial Member: 1. By way of the present appeal the Revenue has challenged the order, dated 30/07/2015, passed by the Ld. Commissioner of Income Tax (Appeals)-56, Mumbai [hereinafter referred to as ‘the CIT(A)’] for the Assessment Year 2010-11, whereby the CIT(A) had partly allowed the appeal filed by the Assessee against the Assessment Order, dated 10/04/2014, passed under Section 143(3) read with Section 144C(3) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’). 2. When the appeal was taken up for hearing the Ld. Authorised Representative for the Assessee, at the outset, submitted that the tax effect in the said appeal is less than INR 50,00,000/- and therefore, in ITA No. 5084/Mum/2015 (AY 2010-11) 2 view of Circular No. 17/2019, dated 08.08.2019, issued by the Central Board of Direct Taxes (CBDT) the appeal be dismissed. 3. We have perused the material on record and find that the Assessing Officer has assessed income of the Assessee at INR 16,54,200/- vide order dated 10/04/2014 passed under Section 143(3) read with Section 144C(3) of the Act as against returned income of INR.9,75,015/-. According to the Circular No. 17 of 2019, dated 08.08.2019, issued by the CBDT, departmental appeals are not be filed before the Tribunal in cases where the tax effect does not exceed the specified monetary limits of INR 50,00,000/-. The tax effect in the present appeal is below the aforesaid specified monetary limit and therefore, the present appeal is dismissed as ‘withdrawn/not pressed’ in terms of the abovesaid circular with the liberty to the Revenue to file Miscellaneous Application seeking recall the present order within time limit prescribed in the Act in case on re-verification the Revenue comes to a conclusion that the tax effect is higher than the above- said specified monetary limit, or the appeal falls within the exception clauses contained in Circular No.3/2018, dated 11-7-2018 as amended by the letter [F.No.279/ Misc.142/2007-ITJ (PT)], dated 20- 8-2018. 4. In result, the present appeal preferred by the Revenue is dismissed as withdrawn/not pressed. Order pronounced on 26.04.2023. Sd/- Sd/- (Prashant Maharishi) Accountant Member (Rahul Chaudhary) Judicial Member म ुंबई Mumbai; दिन ुंक Dated : 26.04.2023 Alindra, PS ITA No. 5084/Mum/2015 (AY 2010-11) 3 आदेश की प्रतितिति अग्रेतिि/Copy of the Order forwarded to : 1. अपील र्थी / The Appellant 2. प्रत्यर्थी / The Respondent. 3. आयकर आय क्त/ The CIT 4. प्रध न आयकर आय क्त / Pr.CIT 5. दिभ गीय प्रदिदनदध, आयकर अपीलीय अदधकरण, म ुंबई / DR, ITAT, Mumbai 6. ग र्ड फ ईल / Guard file. आिेश न स र/ BY ORDER, सत्य दपि प्रदि //True Copy// उप/सह यक पुंजीक र /(Dy./Asstt. Registrar) आयकर अपीलीय अदधकरण, म ुंबई / ITAT, Mumbai