The DCIT, Circle-1(1)(1), Ahmedabad V. Adani Wilmar Ltd., Ahmedabad

ITA 534/AHD/2020

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 0021 (ITAT-AHMEDABAD)
• Duration Of Justice: 1 year(s) 2 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-01-2022
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2012-2013
• Appeal Filed On: 28-10-2020
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DH RU NA L AH
• Keywords: Tax effect; Tax effect
• Section: 143(3)

Judgement Text

, ‘D’ । IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, AHMEDABAD (Convened through Virtual Court) BEFORE SHRI MAHAVIR PRASAD, JUDICIAL MEMEBR & SHRI WASEEM AHMED, ACCOUNTANT MEMEBR आयकर अपील सं./I.T.A. No. 534/Ahd/2020 A/w. CROSS OBJEC TI ON No. 10/Ahd/2021 ( Assess ment Ye ar : 2012-13) DC IT Cir cl e – 1(1 )( 1) , R oo m No . 20 6, 2 n d F lo or , Aa ykar Bh ava n, N r. S ac hin To we r, Vej al pu r, A h med ab ad / V s . M / s. A da ni W il ma r Li mit ed Ad ani H ou se , Nr . Mi tha kh al i Si x Ro a d, Na vra ng pu ra , Ah m eda ba d यी ल सं./ ीआ आर सं./P A N / G IR N o . : A A BC A 8 0 5 6 G (अपील Appellant) . . ( य / Respondent) अपील र स /Appellant by : Sh ri Dh ru na l Sh ah & Sh ri G. M . T ha ko r, A .R s . य क र स / Respondent by : Shri Purushottam Kumar, Sr. D.R. स क र D a t e o f H e a r i n g 18/01/2022 !"# क र /D a t e o f P r o n o u n c e m e n t 19/01/2022 ORDER PER MAHAVIR PRASAD, JM: The captioned appeal and Cross Objection have been filed at the instance of the Revenue and assessee against the order of the Commissioner of Income Tax (Appeals)-1, Ahmedabad (‘CIT(A)’ in short) ITA No. 534/Ahd/2020 A/w. CO No. 10/Ahd/21 (M/s. Adani Wilmar Limited) AY 2012-13 - 2 - vide Appeal No. CIT(A)-1, Ahmedabad/10577/ 2019-20, dated 25.08.2020 arising out of assessment order dated 21.12.2019 passed by the Assessing Officer (AO) under s. 143(3) r.w.s. 147 of the Income Tax Act, 1961 (the Act) concerning AY 2012-13. 2. The grievances, in Revenue’s appeal and assessee’s Cross Objection, raised being common, both the cases were heard together and disposed of by the common order. 3. The grounds of appeal raised by the Revenue reads as under:- “1 The ld. CIT(A) has erred in law and on facts in deleting the disallowance of Rs.1,50,05,250/- on account of exchange difference on foreign currency loan.” 4. At the time of hearing, it was submitted by the Ld.AR for the assessee that the appeal filed by the Revenue is hit by recently issued CBDT Circular No.17 of 2019 dated 08/08/2019 revising the previous thresholds pertaining to tax effects. It is inter alia noticed that the CBDT vide Instruction No. F. No. 279/Misc/M-93/2018-ITJ dt. 20/08/2019 has observed that Circular No.17/2019 dated 08/08/2019 relating to enhancement of monetary limits is also applicable to all pending appeals. As per aforesaid Circular read with instruction, all pending appeals filed by Revenue are liable to be dismissed as a measure for reducing litigation where the tax effect does not exceed the prescribed monetary limit which is now revised at Rs.50 Lakhs. In the instant case, the tax effect on the disputed issues raised by the Revenue is stated to be not exceeding Rs.50 lakhs and therefore appeal of the Revenue is required to be dismissed in limine. ITA No. 534/Ahd/2020 A/w. CO No. 10/Ahd/21 (M/s. Adani Wilmar Limited) AY 2012-13 - 3 - 5. The Learned DR for the Revenue fairly admitted the applicability of the CBDT Circular No. 17 of 2019. Accordingly, appeal of the Revenue is dismissed as not maintainable. However, it will be open to the Revenue to seek restoration of its appeal on showing inapplicability of the aforesaid CBDT Circular in any manner. 6. In the result, the appeal of the Revenue is dismissed. 7. The Ld.AR for the assessee at the time of hearing stated that assessee does not want to press the cross objection. The Cross Objection is accordingly dismissed as not pressed. 8. In the combined result, the appeal of the Revenue is dismissed, whereas assessee’s Cross Objection is dismissed as not pressed. Sd/- Sd/- ( WASEEM AHMED) (MAHAVIR PRASAD) ACC OUNTANT MEMB ER JUDICIAL MEMBER Ahmedabad: Dated 19/01/2022 True Copy S.K.SINHA ेश ! " #े" / Copy of Order Forwarded to:- $. र / Revenue 2. आ दक / Assessee '. सं(ं)* आयकर आय + / Concerned CIT 4. आयकर आय + - अपील / CIT (A) .. / 0 1ीय 2 2 )*3 आयकर अपील य अ)*कर#3 अ45द ( द / DR, ITAT, Ahmedabad 6. 1 78 9 ल / Guard file. By order/आद श स 3 उप/स4 यक पं ीक र आयकर अपील य अ)*कर#3 अ45द ( द । This Order pronounced in Open Court on 19/01/2022