DCIT 8(2), MUMBAI V. NICO EXTRUSIONS P.LTD, MUMBAI

ITA 5367/MUM/2014

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 2635 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 1 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-10-2016
• Appeal Filed By: Department
• Bench Allotted: B
• Assessment Year: 2011-2012
• Appeal Filed On: 25-08-2014
• Court: TRIBUNAL
• Department Lawyers: B SATYANARAYANA RAO
• Assessee Lawyers: PARESH SHPARIA
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, MUMBAI BEFORE SHRI D. KARUNAKARA RAO, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIAL MEMBER I.T.A. NO.5367/M/2014 (ASSESSMENT YEAR: 2011 - 2012 ) DCIT 8(2), R.NO. 209 / 216A, 2 ND FLOOR, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI 400 020. / VS. M/S. NICO EXTRUSIONS PVT LTD, 12, NIRAJ INDUSTRIAL ESTATE, OFF. MAHAKALI CAVES ROAD, ANDHERI (E), MUMBAI 93. ./ PAN : AAACN2104R ( / APPELLANT) .. ( / RESPONDENT ) / APPELLANT BY : SHRI B. SATYANARAYANA RAO, DR / RESPONDENT BY : SHRI PARESH SHPARIA / DATE OF HEARING : 03.10.2016 / DATE OF PRONOUNCEMENT : 03.10.2016 / O R D E R PER D. KARUNAKARA RAO, AM: THIS APPEAL FILED BY THE REVENUE ON 25.08.2014 IS AGA INST THE ORDER OF THE CIT (A) - 17 , MUMBAI DATED 16.06.2014 FOR THE ASSESSMENT YEAR 2011 - 2012 . 2. BEFORE US, AT THE OUTSET, LD COUNSEL FOR THE ASSESSEE BRIEFLY NARRATED THE FACTS OF THE CASE AND MENTIONED THAT THE ONLY ISSUE INVOLVED IN THIS APPEAL RELATES TO THE DISALLOWANCE OF RS. 30,36,670/ - ON ACCOUNT OF UNREALISED LOSS. IN THIS REGARD, HE SUBMITT ED THAT T HE TAX EFFECT INVOLVED IN THIS APPEAL IS BELOW RS. 10 LAKHS AND THEREFORE, THIS APPEAL IS NOT MAINTAINABLE AS PER THE CBDT CIRCULAR NO.21/2015. AFTER HEARING THE LD DR FOR THE REVENUE AND ON PERUSAL OF THE ORDERS OF THE REVENUE AUTHORITIES AS WEL L AS THE RELEVANT MATERIAL PLACED BEFORE US, WE FIND, THE TAX EFFECT IN THIS CASE IS BELO W RS. 10 LAKHS. THEREFORE, THIS CASE IS COVERED BY THE CBDT CIRCULAR NO.21/2015, DATED 10.12.2015 WHICH IS RELEVANT FOR THE PROPOSITION THAT THE APPEALS FILED BY THE REVENUE WITH A TAX EFFECT OF RS. 10 LAKHS AND BELOW ARE TO BE EITHER DISMISSED BY THE TRIBUNAL AS NOT MAINTAINABLE OR NOT PRESSED BY THE REVENUE. CONSIDERING THE SAME, THE PRESENT APPEAL FILED BY THE 2 REVENUE IS REQUIRED TO BE DISMISSED SINCE, THE SAME ARE NOT MAINTAINABLE. WE ORDER ACCORDINGLY. 3. IN THE RESULT, APPEAL FILED BY THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 3 RD OCTOBER , 2016. SD / - S D / - ( AMARJIT SINGH ) (D. KARUNAKARA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; 03.10 .2016 . . ./ OKK , SR. PS / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE . //TRUE COPY// / BY ORDER, / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI