ITO 17(1)(3), MUMBAI, MUMBAI V. M/S. DERIVE INVESTMENTS , MUMBAI

ITA 7105/MUM/2018

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 3941 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 2 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-02-2020
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2012-2013
• Appeal Filed On: 10-12-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect
• Section: 13

Judgement Text

IN THE INC OME TAX APPELLATE TRIBUNAL SMC BENCH, MUMBAI BEFORE SHRI C. N. PRASAD , JM & SHRI S . RIFAUR RAHMAN, AM ./ I.T.A. NO . 7105 / MUM/ 2018 ( / ASSESSMENT YEAR: 20 12 - 13 ) ITO 17 (1) (3 ) ROOM NO. 135 , 1 ST FLOOR, AAYAKAR BHAVAN, M. K. MARG, MUMBAI 400 020 . / VS. M/S DERIVE INVESTMENTS, 903, DALAMAL HOUSE, 206, JAMNALAL BAJAJ ROAD, NARIMAN ROAD, MUMBAI - 400 021 ./ ./ PAN NO. AAGFD 5938 A ( / APPELLANT ) : ( / RESPONDENT ) / APPELLANT BY : SHRI K IRAN UNAVEKAR , DR / RESPONDENTBY : NONE / DATE OF HEARING : 27.02.2020 / DATE OF PRONOUNCEMENT : 28.02.2020 / O R D E R PER S. RIFAUR RAHMAN, ACCOUNTANT MEMBER : THE PRESENT APPEAL HAS BEEN FILED BY THE REVENUE AGAINST THE ORDER OF LD. COMMIS S IONER OF INCOME TAX (APPEALS) - 5 5 IN SHORT REFERRED AS LD. CIT(A) , MUMBAI, DATED 21.09 .2018 FOR A SSESSMENT YEAR (IN SHORT A Y ) 20 12 - 13 . 2 I.T.A. NO. 7108 /MUM/201 8 M/S DERIVE INVESTMENTS 2 . AT THE OUTSET, WE NOTICE NONE HAS APPEARED ON BEHALF OF THE ASSESSEE INSPITE OF CALLS. ON THE OTHER HAND, LD. DR IS PRESENT IN THE COURT. WE NOTICE THAT THE TAX EFFECT OF THE RELIEF GRANTED BY THE LD. COMMISSIONER OF INCOME TAX (APPEALS) IS BELOW RS. 50 LACS AND AS PER CIRCULAR N O.17 OF 2019 DATED 08.08.2019 ISSUED BY THE CENTRAL BOARD OF DIRECT TAXES (CBDT), DEPARTMENT OF REVENUE, MINISTRY OF FINANCE, GOVERNMENT OF INDIA, THE CBDT HAS REVISED THE MONETARY LIMIT FOR FILING APPEALS BEFORE THE ITAT FROM THE EXISTING LIMIT OF RS. 20 LACS TO RS. 50 LACS. 3 . THE LD. DEPARTMENTAL REPRESENTATIVE (DR) FAIRLY CONCEDED THAT THIS APPEAL IS COVERED BY THE AFORESAID CIRCULAR ISSUED BY THE CBDT. THE LD. DR SUBMITTED THAT IN CASE THIS APPEAL FALLS IN THE EXCEPTIONAL CASE, THE APPEAL MAY BE ALLOW ED TO RECALL. 4 . WE HAVE GONE THROUGH THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS) AND THE GROUNDS OF APPEALS. WE FIND THAT THE TAX EFFECT IN THE ABOVE REFERRED APPEAL IS LESS THAN RS. 50 LACS. ACCORDINGLY, WE DISMISS THE AFORESAID APPEAL FIL ED BY THE REVENUE AS NOT MAINTAINABLE/WITHDRAWN. 3 I.T.A. NO. 7108 /MUM/201 8 M/S DERIVE INVESTMENTS 5 . IN THE NET RESULT, THE APPEAL FILED BY THE REVENUE STA NDS DISMISSED . ORDER PRONOUNCED IN THE OPEN COURT ON 28 TH FEB 20 20 . SD/ - SD/ - ( C. N. PRASAD ) (S. RIFAUR RAHMAN ) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED : 28 . 02 .2020 SR.PS . DK / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT 3. ( ) / THE CIT(A) 4. / CIT - CONCERNED 5. , , / DR, ITAT, MUMBAI 6. / GUARD F I LE / BY ORDER, . / (DY./ ASSTT.REGISTRAR) , / ITAT, MUMBAI