ITO (E) 2(1), MUMBAI V. NATIONAL VENTURE FUND FOR SOFTWARE & INFORMATION TEHCNOLOGY INDUSTRY, MUMBAI

ITA 7670/MUM/2016

• Counselvise Citation: [2019] 112 COUNSELVISE.COM (IT) 3916 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 10 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-11-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: Not Allotted
• Assessment Year: 2010-2011
• Appeal Filed On: 30-12-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect

Judgement Text

ITA NO.7670/MUM/2016 ASSESSMENT YEAR :2010-11 NATIONAL VENTURE FUND FOR SOFTWARE & INFORMATION TECHNOLOGY INDUSTRY 1 IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, MUMBAI , , BEFORE HONBLE SHRI MAHAVIR SINGH, JM AND HONBLE SHRI MANOJ KUMAR AGGARWAL, AM ./ I.T.A. NO.7670/MUM/2016 ( / ASSESSMENT YEAR : 2010-11 ) INCOME TAX OFFICER (E) - 2( 1) ROOM NO. 512, PIRAMAL CHAMBERS, LALBAUG, PAREL MUMBAI- 400 012. / VS. NATIONAL VENTURE FUND FOR SOFTWARE & INFORMATION TECHNOLOGY INDUSTRY GROUND FLOOR, C-11, G-BLOCK SME DEVELOPMENT CENTRE BKC BANDRA (E), MUMBAI-400 051. $% ./ ./PAN/GIR NO. AAATN-1889-L ( %' /APPELLANT ) : ( ()%' / RESPONDENT ) ASSESSEE BY : SHRI GAUTAM NAYAK-LD.AR REVENUE BY : MS. KAVITA P. KAUSHIK LD.DR / DATE OF HEARING : 27/11/2019 / DATE OF PRONOUNCEMENT : 27/11/2019 / O R D E R MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. AFORESAID APPEAL BY REVENUE FOR ASSESSMENT YEAR 2010-11 CONTEST CERTAIN RELIEF GRANTED BY LEARNED FIRST APPELLATE A UTHORITY VIDE IMPUGNED ORDER APPEAL NO. CIT(A)-8/IT-147/15-16 DATED 26/09/ 2016. 2. THE LD. AUTHORIZED REPRESENTATIVE FOR ASSESSEE, AT THE OUTSET, PLACED ON RECORD A COMPUTATION SHEET TO SUBMIT THE THAT THE TAX EFFECT OF ITA NO.7670/MUM/2016 ASSESSMENT YEAR :2010-11 NATIONAL VENTURE FUND FOR SOFTWARE & INFORMATION TECHNOLOGY INDUSTRY 2 QUANTUM UNDER DISPUTE IS LESS THAN MONETARY LIMIT O F RS.50 LACS AS PRESCRIBED BY CENTRAL BOARD OF DIRECT TAXES IN ITS RECENTLY ISSUED CIRCULAR NO.17/2019 DATED 08/08/2019 [F.NO.279/MISC .142/2007- TTJ(PT.) GOVERNMENT OF INDIA, MINISTRY OF FINANCE, DEPARTMENT OF REVENUE] AND THEREFORE, THE APPEAL IS NOT MAINTAINA BLE. 3. UPON PERUSAL OF COMPUTATION SHEET, PRIMA FACIE, IT APPEARS THAT THE TAX EFFECT BEING CONTESTED BY THE REVENUE IS LESS T HAN PRESCRIBED LIMIT OF RS.50 LACS AND THE SAME IS COVERED BY RECENTLY ISSU ED LOW TAX EFFECT CIRCULAR NO.17/2019 DATED 08/08/2019 ISSUED BY CENTRAL BOARD OF DIRECT TAXES [CBDT]. THIS RECENT CIRCULAR FURTHER ENHANCES THE MONETARY LIMIT FIXED IN EARLIER CIRCULAR NO.3 OF 2018 DATED 11/07/ 2018 ISSUED BY CBDT AS AMENDED ON 20/08/2018. THE LD. DEPARTMENTAL REPR ESENTATIVE IS UNABLE TO POINT OUT ANY EXCEPTIONS IN THE APPEALS A S PROVIDED IN PARA-10 OF CIRCULAR NO. 3 OF 2018 DATED 11/07/2018 OR IN AN Y OTHER SUBSEQUENT CIRCULARS. 4. WE HAVE GONE THROUGH THE CIRCULAR AND FIND THAT THE TAX EFFECT IN DISPUTE IS BELOW PRESCRIBED LIMIT OF RS.50 LACS AND THE ASSESSEE STOOD BENEFITTED BY THE ABOVE CIRCULAR ISSUED BY CBDT WHE REIN THE MINIMUM MONETARY LIMIT FOR FILING THE APPEALS BEFORE VARIOU S APPELLATE AUTHORITIES HAVE BEEN FIXED AS UNDER: - S. NO. APPEALS/ SLPS IN INCOME-TAX MATTERS MONETARY LIMIT (RS.) 1 BEFORE APPELLATE TRIBUNAL 50.00,000 2 BEFORE HIGH COURT 1,00.00,000 3 BEFORE SUPREME COURT 2,00.00,000 ITA NO.7670/MUM/2016 ASSESSMENT YEAR :2010-11 NATIONAL VENTURE FUND FOR SOFTWARE & INFORMATION TECHNOLOGY INDUSTRY 3 THE AFORESAID LIMITS, AS PER PARA 13 OF THE CIRCULAR NO. 3 OF 2018 DATED 11/07/2018, APPLIES TO PENDING APPEALS ALSO. IN VIE W OF THE ADMITTED POSITION, WE DISMISS THE REVENUES APPEAL. 5. AT THE SAME TIME, A LIBERTY IS GIVEN TO REVENUE TO SEEK RECALL OF THE APPEAL, IF AT A LATER STAGE, IT IS FOUND THAT THE M ATTER IS COVERED BY ANY EXCEPTIONS PROVIDED IN ANY OF THE CIRCULAR OR IN CA SE THE TAX EFFECT AS AGITATED BY REVENUE EXCEEDS THE PRESCRIBED MONETARY LIMIT. 6. IN THE RESULT, THE APPEAL STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 27 TH NOVEMBER, 2019. SD/- SD/- (MAHAVIR SINGH) (MA NOJ KUMAR AGGARWAL) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI; DATED : 27/11/2019 SR.PS, JAISY VARGHESE !'! / COPY OF THE ORDER FORWARDED TO : 1. %' / THE APPELLANT 2. ()%' / THE RESPONDENT 3. 0 ( ) / THE CIT(A) 4. 0 / CIT CONCERNED 5. 12(+3 , 3 , / DR, ITAT, MUMBAI 6. 245 / GUARD FILE / BY ORDER, / (DY./ASSTT.REGISTRAR) , / ITAT, MUMBAI.