JT. C.I.T. (OSD)-4(3), MUMBAI V. MONEY CARE SECURITIES & FINANCIAL SERVICES LTD., MUMBAI

ITA 7749/MUM/2012

• Counselvise Citation: [2015] 121 COUNSELVISE.COM (IT) 0789 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 6 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-07-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 17-06-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 28-12-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect

Judgement Text

, , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES B, MUMBAI , , , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER, AND SHRI RAJENDRA, ACCOUNTANT MEMBER ITA NO.7749/MUM/2012 ASSESSMENT YEAR: 2009-10 ACIT, 4(3), R. NO.649, 6 TH FLOOR, AAYAKAR BHAVAN, M.K. RAOD, MUMBAI-400020 / VS. M/S MONEY CARE SECURITIES & FINANCIAL SERVICES LTD. B-403, VICTORY PARK. OM SHANTI CHOWK, CHANDAVARKAR ROAD, BORIVALI(W), MUMBAI-400092 ( / REVENUE) ( !' # /ASSESSEE) P.A. NO. AAACM4056H / REVENUE BY SHRI AKHILENDRA YADAV !' # / ASSESSEE BY SHRI KIRIT SANGHAVI $ % & # ' / DATE OF HEARING : 06/07/2015 & # ' / DATE OF ORDER: 04/08/2015 / O R D E R PER JOGINDER SINGH (JUDICIAL MEMBER) THE REVENUE IS AGGRIEVED BY THE IMPUGNED ORDER DAT ED 16/10/2012 OF THE LD. FIRST APPELLATE AUTHORITY, MU MBAI. 2. DURING HEARING OF THIS APPEAL SHRI KIRIT SANGHV I, LD. COUNSEL FOR THE ASSESSEE, AT THE OUTSET, POINTED OU T THAT THE M/S MONEY CARE SECURITIES & FINANCIAL SERVICES LTD ITA NO.7749/MUM/2012 2 TAX EFFECT IN THE PRESENT APPEAL IS BELOW PRESCRIB ED MONETARY LIMIT. THIS FACTUAL MATRIX WAS NOT CONTROVERTED BY SHRI AKHILENDRA YADAV, LD. DR. 2.1. IN VIEW OF THE FACT THAT THE TAX EFFECT IN T HE APPEAL IS BELOW PRESCRIBED MONETARY LIMIT, AS CONTAINED IN CB DT INSTRUCTION NO.3/2011 DATED 09/02/2011, FURTHER INS TRUCTION NO.5/2014 (F NO.279/MISC./142/2007-IT(PT) DATED 10/07/2014. WE FIND MERIT IN THE ASSERTION OF THE L D. COUNSEL FOR THE ASSESSEE. THE CBDT REVISED THE MONETARY LI MIT FOR FILING THE APPEAL BEFORE VARIOUS AUTHORITIES/COURTS AND ADVISED/DIRECTED THE DEPARTMENT NOT TO FILE APPEAL IN THE CASES WHERE THE TAX EFFECT DOES NOT EXCEED THE FOLLOWING MONETARY LIMITS, THE APPEAL OF THE REVENUE IS NOT MAINTAINAB LE. THE REVISED MONETARY LIMIT IS AS UNDER:- SL. NO. APPEALS IN INCOME TAX MATTERS MONETARY LIMIT (IN RS.) 1. BEFORE APPELLATE TRIBUNAL 4,00,000/ - 2. U/S 260 A BEFORE HIGH COURT 10,00,000/ - 3. BEFORE SUP REME COURT 25,00,000/ - AS PER THE AFORESAID INSTRUCTION, THE DEPARTMENT IS NOT TO FILE APPEAL BEFORE THE TRIBUNAL, WHEREIN THE TAX EF FECT IS LESS THAN RS.4,00,000/-, CONSEQUENTLY, CONSIDERING THE D ECISION FROM THE HONBLE JURISDICTIONAL HIGH COURT IN THE C ASE OF PITHWA ENGINEERING WORKS (276 ITR 519) (BOM ) , THE APPEAL OF THE REVENUE IS NOT MAINTAINABLE. THEREFORE, IN VIE W OF THE ABOVE, THE APPEAL OF THE REVENUE IS DISMISSED AS NO T MAINTAINABLE. M/S MONEY CARE SECURITIES & FINANCIAL SERVICES LTD ITA NO.7749/MUM/2012 3 THIS ORDER WAS PRONOUNCED IN THE OPEN COURT IN TH E PRESENCE OF LD. REPRESENTATIVES FROM BOTH SIDES AT THE CONCLUSION OF THE HEARING ON 06/07/2015. SD/ - (RAJENDRA) SD/ - (JOGINDER SINGH) '# / ACCOUNTANT MEMBER $# / JUDICIAL MEMBER $ % MUMBAI; ( DATED : 04/08/2015 F{X~{T? P.S/. . . %$&'()(*& / COPY OF THE ORDER FORWARDED TO : 1. *+,- / THE APPELLANT 2. ./,- / THE RESPONDENT. 3. 0 0 $ 1# ( *+ ) / THE CIT, MUMBAI. 4. 0 0 $ 1# / CIT(A)- , MUMBAI 5. 34 .# , 0 *+ ' * 5 , $ % / DR, ITAT, MUMBAI 6. 6! 7% / GUARD FILE. / BY ORDER, /3+# .# //TRUE COPY// / (DY./ASSTT. REGISTRAR) , $ % / ITAT, MUMBAI