ITO, WD-4(4), KOLKATA, Kolkata V. M/s Tyroon Tea Co. Ltd., Kolkata

ITA 885/KOL/2015

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 100308 (ITAT-KOLKATA)
• Duration Of Justice: 6 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-12-2015
• Appeal Filed By: Department
• Bench Allotted: B
• Assessment Year: 2010-2011
• Appeal Filed On: 17-06-2015
• Court: TRIBUNAL
• Keywords: Capital asset converted into stock in trade; Audit objection; Tax effect
• Section: 147

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH: KOL KATA [BEFORE SHRI MAHAVIR SINGH, JM & SHRI M. BALAGANES H, AM] ITA NO. &A.Y. (1) REVENUE/REP. BY (2) V S 3 ASSESSEE/PAN/REP. BY (4) QUANTUM INVOLVED (5) TAX EFFECT INVOLVED (6) 885/KOL/2015 AY. 2010-11 ITO,WD-4(4), KOLKATA REP. BY NONE M/S. TRYROON TEA CO. LTD. AABCT6058R, REP. BY NONE MCLEOD HOUSE, 3, N.S.RD, KOL-1. RS.1530277 RS.520294 1780/KOL/2014 AY. 2008-09 ITO, WD-12(3), KOLKATA REP. BY NONE SHRI DHIREN DOSHI ADMPD2070L, REP. BY NONE 37/A, 2 ND FLOOR, JUSTICE CHANDRA MADHAB ROAD, KOLKATA-700 020. U/S 271(1)(C) RS.491800 1806/KOL/2014 AY. 2006-07 ITO, WD- 33(3),KOLKATA REP. BY NONE M/S. NICE ENGG. CO. OP. SOCIETY LTD. AAAAN2098Q, REP. BY NONE 67, PURNA MITRA LANE, TOLLYGUNGE, KOLKATA-700041. RS.1825360 RS.620622 205/KOL/2015 AY. 2006-07 ITO, WD- 45(2),KOLKATA REP. BY NONE SUBHKARAN SAMPATLAL (HUF) AALHS7096B REP. BY NONE 207, M.D. ROAD, ROOM NO. 74, KOLKATA-700020. RS.2103153 RS.680365 788/KOL/2015 AY. 2010-11 ITO, WD-3(1),BANKURA REP. BY NONE NANDALAL DEY, AIJPD2089D REP. BY NONE VILL & PO KAMALPUR, DIST. BANKURA, PIN-722102 RS.1220986 RS.415135 1433/KOL/2014 AY. 2009-10 ITO, WD- 41(2),KOLKATA REP. BY NONE SHRI SOHANLAL SAHA, AXBPS6968F REP. BY NONE 13A/46A, ARIFF ROAD, KOLKATA- 700067. RS.2076891 RS.706142 1816/KOL/2014 AY. 2010-11 ACIT, CIR-33, KOLKATA REP. BY NONE M/S. MUKHERJEE ENTERPRISE, AAOFM6847R, REP. BY NONE WEST JAGITALA, P.O. MAHESTALA, KOLKATA-700141 RS.2278123 RS.774561 586/KOL/2014 AY. 2010-11 ITO, WD-(1),DURGAPUR REP. BY NONE M/S. R. K. MONDAL & BROS. AAHFR6294C, REP. BY NONE VILL & PO KAJORA GRAM, DIST. BURDWAN, WB. RS.1897648 RS.645200 1350/KOL/2014 AY. 2008-09 ITO, WD-1, BANKURA REP. BY NONE AJIT PRASAD DEY, ADAPD9381J REP. BY NONE NUTANGANJ, PO&DIST. BANKURA- 722101 RS.482009 RS.163883 1360/KOL/2014 AY. 2006-07 DCIT,CIR-4, KOLKATA REP. BY NONE ASHUTOSH ENTERPRISES LTD. AACCA1969M, REP. BY SHRI J.M. THARD, ADVOCATE 6, OLD POST OFFICE ST., KOL-700001. RS.761121 RS.256193 1004/KOL/2015 AY. 2009-10 ITO, WD-1(1), KOLKATA REP. BY NONE BLAISE TRADECOM PVT. LTD. AACCB7749J, REP. BY NONE 16A, SHAKESPEARE SARANI, KOL-700 071 RS.2107500 RS.716550 1035/KOL/2015 AY. 2012-13 DCIT,CIR-3(1), SILIGURI REP. BY NONE PRADEEP RAKHECHA, AGFPR2711L REP. BY NONE, M/S. AUTO LINK, SEVOKE ROAD, SILIGURI-734001. RS.2243802 RS.762892 1057/KOL/2015 AY. 2008-09 ITO, WD-30(4), KOL. REP. BY NONE SURAJIT CHAKRABORTY, ADXPC3102B REP. BY NONE, 79, JATIN DAS ROAD, KOLKATA-700029. U/S 271(1)(C) RS.553136 2 2 02/KOL/2014 AY. 2006-07 DCIT, CIR-4(1), KOL. REP. BY NONE LIMBUGURI TEA ESTATE PVT. LTD. AAACL4711C, REP. BY NONE, 25, BALLYGUNGE CIRCULAR ROAD, KOL- 700019 RS.1036104 RS.352275 1526/KOL/2013 AY. 2007-08 ITO, WD-3(4), KOLKATA REP. BY NONE CRESMAC FOUNDRY (P) LTD. AABCC0933C, REP. BY NONE, P-387, BLOCK-G, GROUND FLOOR, NEW ALIPORE, KOLKATA-700053. RS.2590456 RS.880755 2211/K/2014 & 346/KOL/2014 AY. 2007-08 & 2008-09 ITO, WD-35(2), KOLKATA REP. BY NONE JAI SINGH DOSHI, ACXPD5066A, REP. BY SHRI SUNIL SURANA, FCA, C/O, INDUSTRIAL TRADERS, 63, RADHA BAZAR ST., 1 ST FLOOR, KOLKATA-700 001. AY 2007-08 RS.12,55,030 AY 2008-09 RS.1757275 AY 2007-08 RS. 358593 AY 2008-09 RS.537850 2808/KOL/2013 AY. 2009-10 ACIT, CIR-35, KOLKATA REP. BY NONE KEDAR NATH AGARWAL, ADAPA4902G, REP. BY S/SHRI S. JHAJHARIA & S. SEN, 405, TODI CHAMBERS, 2, LAL BAZAR STREET, KOLKATA-700 001. RS.989258 RS.296778 1023/KOL/2015 AY. 2009-10 ITO, WD-2(4), ASANSOL REP. BY NONE TAPAN KR. DUTTA, PROP. OF M/S. JMD TRANSPORTING, ADSPD7665F, REP. BY NONE, VILL & PO ETHORA, BURDWAN RS.1556505 RS.529611 1026/KOL/2015 AY. 2011-12 DCIT, CIR-34, KOLKATA REP. BY NONE AJAY TRADING CO., ADEFA5369A, REP. BY NONE, 24, HEMANTA BASU SARANI, R. NO. 408, KOLKATA-700 001. RS.1205507 RS.409872 52/KOL/2014 AY. 2008-09 DCIT, CIR-4, KOLKATA REP. BY NONE NAHORJAN TEA CO. PVT. LTD. AABCN7690R, REP. BY NONE, CHATTERJEE INTERNATIONAL CENTRE, 33A, CHOWRINGHEE ROAD, 20 TH FLOOR, KOLKATA-700 071. RS.906921 RS.308353 2775/KOL/2013 AY 2006-07 DCIT, CIR-12, KOLKATA REP. BY NONE HOBB INTERNATIONAL (P) LTD. AAACH6347Q, REP. BY NONE, 1, A.J.C. BOSE ROAD, KOL-700020 RS.911146 RS.309789 2778/KOL/2013 AY 2008-09 DCIT, CIR-12, KOLKATA REP. BY NONE SMIFS CAPITAL MARKETS LTD. AAECS4139D, REP. BY SHRI AMIT KUMAR, ACA 4, LEE ROAD, VAIBHAV, 4 TH FLOOR, KOLKATA-700020 RS.2716394 RS.923573 2021/KOL/2013 AY. 2009-10 ACIT, CIR-1, ASANSOL REP. BY NONE SUBHASISH ACHARYYA, AFHPA7112D REP. BY NONE, SHANTINAGAR, BURNPUR, DIST. BURDWAN. RS.1680000 RS.571200 658/KOL/2014 AY. 2003-04 ACIT,CIR-MALDA, MALDA REP. BY NONE SAMSI REGULATED MARKET COMMITTEE, , AAALS0341L, REP. BY NONE, SAMSI, MALDA, PIN-732139. RS.1279187 RS.434923 641/KOL/2014 AY. 2009-10 ACIT, CIR-31, KOLKATA REP. BY NONE KANISHKA H MODI, AHCPM2408F REP. BY NONE, 7/7A, CHAKRABERIA ROAD (NORTH), KOLKATA-700 020. RS.1050000 RS.357000 1912/KOL/2013 AY. 2009-10 DCIT, CIR-5, KOLKATA REP. BY NONE HINDUSTAN ENGG. & INDS. LTD. AAACH8505Q, REP. BY S/SHRI S. JHAJHARIA & S. SEN, 27, R. N. MUKHERJEE ROAD, MODY BUILDING, KOLKATA-700 001. RS.1700000 RS.510000 3 3 1976/KOL/2013 AY. 2009-10 ITO, WD-4(2), KOLKATA REP. BY NONE MANIMUNDRA VINCOM PVT. LTD. AADCM4316K, REP. BY SH. AKKAL DUDHWELE, FCA, 16, N. S. ROAD, 4 TH FLOOR, KOLKATA-700 001. RS.1952104 RS.657078 672/KOL/2014 AY. 2008-09 ACIT, CIR-33, KOLKATA REP. BY NONE SAGAR MAL (HUF), AANHS5334Q REP. BY NONE, 4, CHOWRINGHEE LANE, DIAMOND CHAMBERS, UNIT NO. III, 4 TH FLOOR, SUIT NO. 4G, KOLKATA-700016. RS.1501217 RS.510432 2668/KOL/2013 AY. 2007-08 ITO, WD-33(3), KOLKATA REP. BY NONE MANTU SAHA, AJEPS6470R, REP. BY NONE, 6/3, EAST FULL BAGAN GANGULY BAGAN, KOL-86. RS.1625000 RS.552500 190/K/2014 AY. 2006-07 DCIT, CIR-3, KOLKATA REP. BY NONE GNB MOTORS LTD. AAACG9149H, REP. BY NONE, P-15, INDIA EXCHANGE PLACE EXTN. KOL-73. RS.960424 RS.326544 79/KOL/2014 AY. 2010-11 ITO, WD-36(2), KOLKATA REP. BY NONE SUSHMA JALAN, ACHPJ2516R, REP. BY NONE, 7G, CLIVE ROW, KOLKATA-700 001. RS.2365060 RS.804120 2636/KOL/2013 AY. 2005-06 ITO, WD-36(3), KOLKATA REP. BY NONE SIDDHARTH KHAITAN, ALBPK7841F, REP. BY NONE, C/O KHAITAN & CO., 1B, OLD POST OFFICE STREET, KOLKATA-700001 U/S 271(1)(C) RS.454215 2622/KOL/2013 AY 2009-10 ACIT, CIR-26, KOLKATA, REP. BY NONE SUVODEEP ROY, AFSPR1147J, REP. BY NONE, TOWER NO. 4, FLAT NO. 7B, DIAMOND CITY, HO CHI MINH SARANI, KOLKATA-61. RS.1502787 RS.510947 25/KOL/2015 AY. 2011-12 ITO, WD-2(1), SILIGURI REP. BY NONE MONCHER FASHIONS (P) LTD. AABCM9827B, REP. BY SM. VARSHA JALAN, ADVOCATE, SETH SRILAL MARKET, SILIGURI-734001 RS.2090039 RS.645822 1343/KOL/2014 AY. 2009-10 ITO, WD-1, BALURGHAT REP. BY NONE SMT. SITA GUPTA, ANJPG5946M, REP. BY NONE, HARIRAMPUR, D/DINAJPUR-733125 RS.2209808 RS.751334 CO.92/K/2014 SMT. SITA GUPTA ITO, WD-1, BALURGHAT 193-194/K/14 09-10 & 10-11 ITO, WD-31(1), KOLKATA REP. BY NONE VEEJAY IMPEX, AACFV5247L REP. BY NONE, 69, G. C. AVENUE, KOLKATA-700 013 2009-10: RS.388100 2010-11 RS.1045808 2009-10: RS. 131954 2010-11 RS.355574 212/KOL/2014 AY 2009-10 ACIT, CIR-3, ASANSOL REP. BY NONE NARESH CHANDRA AGARWAL, ACTPA5070B, REP. BY SHRI M. D. SHAH, BRIJABASI TRADERS, BANDHAGHAT, JHALDA, PURULIA- 723202 RS.1800677 RS.612230 218/KOL/2014 AY 2008-09 ACIT, CIR-2, ASANSOL REP. BY NONE GHANTY & CO., AACFG4601K, REP. BY NONE, 96, G. T. ROAD, P.O. ASANSOL, DIST. BURDWAN-713301. RS.1081811 RS.367815 241/KOL/2014 AY 2009-10 ACIT, CIR-3, ASANSOL REP. BY NONE ASHIRBAD FOOD PRODUCTS PVT. LTD. AAECA9585B, REP. BY SMT. VARSHA JALAN, ADVOCATE, VILL. DAMDA, PO SIMULIA, TATA PURULIA ROAD, PURULIA-723102. RS.1511241 RS.466973 249/KOL/2014 AY 2008-09 DCIT, CIR-XXI, KOL. REP. BY NONE DURGAPUR IRON & STEEL CO. (P) LTD. AABCD7928E, REP. BY NONE, 39, DR. M. N. GHOSH ROAD, P.O. RANIGANJ, DIST. BURDWAN. RS.1042685 RS.345512 4 4 273/KOL/2014 AY 2007-08 ITO, WD-30(2), KOLKATA REP. BY NONE CHANCHAL KR. CHANDA, ADXPC0843P REP. BY NONE, 3B, SUBIDH, 172/1, R.B. AVENUE, KOLKATA-700029. U/S 271(1)(C) RS.683134 484/KOL/2014 AY 2009-10 ITO, WD-3(2), PURULIA REP. BY NONE DASARATH GORAIN, AAEFD2410R, REP. BY NONE, VILL PORADIH, PO BOGRA, DIST. PURULIA, PIN-723145. RS.2010468 RS.683355 179/KOL/2013 AY 1999-2000 DCIT, CIR-52, KOLKATA REP. BY SHRI SUDIPTA GUHA, JCIT, SR. DR M/S. HEALTH STORES, AACFH6599K, REP. BY SHRI MIRAJ D. SHAH, AR 21, RAJA S. C. MULLICK ROAD, KOLKATA-700086. U/S 271(1)(C) RS.737463 DATE OF HEARING: 28.12.2015 DATE OF PRONOUNCEMENT: 28.12.2015 ORDER PER SHRI MAHAVIR SINGH, JM: THESE APPEALS OF THE REVENUE ARISE OUT OF THE VARIO US ORDERS OF THE LEARNED CIT(A) AGAINST THE ORDERS OF ASSESSMENT FRAMED U/S 147 / 1 43(3) / 144 OF THE INCOME TAX ACT, 1961 (HEREINAFTER REFERRED TO AS THE ACT). 2. AT THE OUTSET, IT IS SEEN THAT THE TAX EFFECT O N THE DISPUTED ADDITIONS BEFORE US IS LESS THAN RS. 10 LACS. AS THE TAX EFFECT IN ALL THESE APPEALS ARE LESS THAN RS 10 LACS (AS MENTIONED IN COLUMN NO. 6), THESE APPEALS ARE TAKEN UP TOGETHER AND DISPOSED OFF BY THIS COMMON ORDER FOR THE SAKE OF CONVENIENCE. 3. AFTER PERUSING THE MATERIALS AVAILABLE ON RECOR D, IN ALL THESE APPEALS, IT IS SEEN FROM THE RECORDS THAT THE TOTAL TAX EFFECT IN EACH OF THE AP PEALS, ON THE ADDITIONS DISPUTED BEFORE US IS BELOW THE TAX EFFECT LIMIT PRESCRIBED BY CBDT VIDE CIRCULAR NO. 21 / 2015 DATED 10.12.2015 FOR PREFERRING APPEALS BEFORE TRIBUNAL BY THE REVENUE. IT WILL BE PERTINENT TO REPRODUCE THE RELEVANT PORTION OF THE SAID CIRCULAR NO. 21 / 2015 DATED 10 .12.2015:- 3. HENCEFORTH, APPEALS / SLPS SHALL NOT BE FILED I N CASES WHERE THE TAX EFFECT DOES NOT EXCEED THE MONETARY LIMITS GIVEN HEREUNDER:- S.NO. APPEALS IN INCOME TAX MATTERS MONETARY LIMIT (IN RS) 1 BEFORE APPELLATE TRIBUNAL 10,00,000/- 2 BEFORE HIGH COURT 20,00,000/- 3 BEFORE SUPREME COURT 25,00,000/- IT IS CLARIFIED THAT AN APPEAL SHOULD NOT BE FILED MERELY BECAUSE THE TAX EFFECT IN A CASE EXCEEDS THE MONETARY LIMITS PRESCRIBED ABOVE. FILING OF APPEAL IN SUCH CASES IS TO BE DECIDED ON MERITS OF THE CASE. 5 5 4. FOR THIS PURPOSE, TAX EFFECT MEANS THE DIFFERE NCE BETWEEN THE TAX ON THE TOTAL INCOME ASSESSED AND THE TAX THAT WOULD HAVE BEEN CHARGEABLE HAD SUC H TOTAL INCOME BEEN REDUCED BY THE AMOUNT OF INCOME IN RESPECT OF THE ISSUES AGAINST WHICH APPEA L IS INTENDED TO BE FILED (HEREINAFTER REFERRED TO AS DISPUTED ISSUES). HOWEVER, THE TAX WILL NOT INCLUDE ANY INTEREST THEREON, EXCEPT WHERE CHARGEABILITY OF INTEREST ITSELF IS IN DISPUTE. IN CASE THE CHARGEABILITY OF INTEREST IS THE ISSUE UN DER DISPUTE, THE AMOUNT OF INTEREST SHALL BE THE TAX EF FECT. IN CASES WHERE RETURNED LOSS IS REDUCED OR ASSESSED AS INCOME, THE TAX EFFECT WOULD INCLUDE NO TIONAL TAX ON DISPUTED ADDITIONS. IN CASE OF PENALTY ORDERS, THE TAX EFFECT WILL MEAN QUANTUM O F PENALTY DELETED OR REDUCED IN THE ORDER TO BE APPEALED AGAINST. 5. THE ASSESSING OFFICER SHALL CALCULATE THE TAX EF FECT SEPARATELY FOR EVERY ASSESSMENT YEAR IN RESPECT OF THE DISPUTED ISSUES IN THE CASE OF EVERY ASSESSEE. IF, IN THE CASE OF AN ASSESSEE, THE DISPUTED ISSUES ARISE IN MORE THAN ONE ASSESSMENT Y EAR , APPEAL, CAN BE FILED IN RESPECT OF SUCH ASSESSMENT YEAR OR YEARS IN WHICH THE TAX EFFECT IN RESPECT OF THE DISPUTED ISSUES EXCEEDS THE MONETARY LIMIT SPECIFIED IN PARA 3. NO APPEAL SHA LL BE FILED IN RESPECT OF AN ASSESSMENT YEAR OR YEARS IN WHICH THE TAX EFFECT IS LESS THAN THE MONE TARY LIMIT SPECIFIED IN PARA 3. IN OTHER WORDS, HENCEFORTH, APPEALS CAN BE FILED ONLY WITH REFERENC E TO THE TAX EFFECT IN THE RELEVANT ASSESSMENT YEAR. HOWEVER, IN CASE OF A COMPOSITE ORDER OF AN Y HIGH COURT OR APPELLATE AUTHORITY, WHICH INVOLVES MORE THAN ONE ASSESSMENT YEAR AND COMMON I SSUES IN MORE THAN ONE ASSESSMENT YEAR, APPEAL SHALL BE FILED IN RESPECT OF ALL SUCH ASSESS MENT YEARS EVEN IF THE TAX EFFECT IS LESS THAN TH E PRESCRIBED MONETARY LIMITS IN ANY OF THE YEAR(S), I F IT IS DECIDED TO FILE APPEAL IN RESPECT OF THE YEAR(S) IN WHICH TAX EFFECT EXCEEDS THE MONETARY LIMIT PRESCRIBED. IN CASE WHERE A COMPOSITE ORDER / JUDGEMENT INVOLVES MORE THAN ONE ASSESSEE, EACH ASSESSEE SHALL BE DEALT WITH SEPARATELY. 8. ADVERSE JUDGEMENTS RELATING TO THE FOLLOWING ISS UES SHOULD BE CONTESTED ON MERITS NOTWITHSTANDING THAT THE TAX EFFECT ENTAILED IS LES S THAN THE MONETARY LIMITS SPECIFIED IN PARA 3 ABOVE OR THERE IS NO TAX EFFECT: (A) WHERE THE CONSTITUTIONAL VALIDITY OF THE PROVISIONS OF AN ACT OR RULE ARE UNDER CHALLENGE, OR (B) WHERE BOARDS ORDER, NOTIFICATION, INSTRUCTION OR C IRCULAR HAS BEEN HELD TO BE ILLEGAL OR ULTRA VIRES, OR (C) WHERE REVENUE AUDIT OBJECTION IN THE CASE HAS BEEN ACCEPTED BY THE DEPARTMENT, OR (D) WHERE THE ADDITION RELATES TO UNDISCLOSED FOREIGN A SSETS / BANK ACCOUNTS. 10. THIS INSTRUCTION WILL APPLY RETROSPECTIVELY TO PENDING APPEALS AND APPEALS TO BE FILED HENCEFORTH IN HIGH COURTS/ TRIBUNALS. PENDING APPE ALS BELOW THE SPECIFIED TAX LIMITS IN PARA 3 ABOVE MAY BE WITHDRAWN / NOT PRESSED. APPEALS BEFO RE THE SUPREME COURT WILL BE GOVERNED BY THE INSTRUCTIONS ON THIS SUBJECT, OPERATIVE AT THE TIME WHEN SUCH APPEAL WAS FILED. 4. WE FIND THAT INTENTION BEHIND THE CIRCULAR NO.21 /2015 DATED 10-12-2015 NEEDS TO BE UNDERSTOOD IN THE FOLLOWING PERSPECTIVE:- BY PASSAGE OF TIME, THE MONEY VALUE HAS GONE DOWN, THE COST OF LITIGATION EXPENSES HAS GONE UP, NUMBER OF ASSESSES ON THE FILES OF THE DE PARTMENT HAVE BEEN INCREASED AND CONSEQUENTLY, THE BURDEN ON THE DEPARTMENT IS ALSO INCREASED TO A TREMENDOUS EXTENT. THE CORRIDORS OF THE SUPERIOR COURTS ARE CHOKED WITH HU GE PENDENCY OF CASES. IN THIS VIEW OF THE MATTER, THE CBDT HAS RIGHTLY TAKEN A DECISIO N TO REVISE THE MONETARY LIMITS IN TUNE WITH THE PRESENT VALUE OF MONEY AND WITH A VIEW TO REDUCE THE LITIGATION AND OFFERING RELIEF TO SMALL TAX PAYERS. THIS IS ALSO IN VIEW OF THE FACT THAT TIME AND ENERGY OF THE 6 6 DEPARTMENT COULD BE USED MORE PRODUCTIVELY AND EFFI CIENTLY TO CATCH HOLD OF BIG FISHES, WHO IN TURN WOULD CONTRIBUTE MORE TO THE DEVELOPMEN T OF THE COUNTRY. 5. ON PERUSAL OF THE CIRCULAR NO. 21 / 2015 DATED 1 0.12.2015 AND THE MATERIALS AVAILABLE ON RECORD, WE COULD NOT SEE WHETHER THE IMPUGNED CASE FALLS UNDER ANY OF THE EXCEPTIONS CONTEMPLATED IN THE SAID CIRCULAR. WE ALSO FIND TH AT THE CIRCULAR MAKES IT VERY CLEAR THAT THE REVISED MONETARY LIMITS SHALL APPLY RETROSPECTIVELY TO PENDING APPEALS ALSO. WE FIND THAT THE CIRCULAR IS BINDING ON THE TAX AUTHORITIES. THIS PO SITION HAS BEEN CONFIRMED BY THE HONBLE APEX COURT IN THE CASE OF COMMISSIONER OF CUSTOMS VS IND IAN OIL CORPORATION LTD REPORTED IN 267 ITR 272 (SC) WHEREIN THEIR LORDSHIPS EXAMINED THE EARLIER DECIS IONS OF THE APEX COURT WITH REGARD TO BINDING NATURE OF THE CIRCULARS AND LAID DOWN THAT WHEN A CIRCULAR ISSUED BY THE BOARD REMAINS IN OPERATION THEN THE REVENUE IS BOUND BY I T AND CANNOT BE ALLOWED TO PLEAD THAT IT IS NOT VALID OR THAT IT IS CONTRARY TO THE TERMS OF THE ST ATUTE. HENCE, WE HOLD THAT THE APPEAL(S) OF THE REVENUE DESERVE TO BE DISMISSED IN TERMS OF LOW TAX EFFECT VIDE CIRCULAR NO.21 / 2015 DATED 10.12.2015. ACCORDINGLY, THESE BEING A LOW TAX EFF ECT CASE, WE DISMISS ALL THE APPEALS OF REVENUE IN LIMINE, AS UNADMITTED, WITHOUT GOING INT O THE MERITS OF THE CASE. 6. SINCE REVENUE APPEAL IN ITA NO.1343/KOL/2014 IS DISMISSED AS UNADMITTED, THE C.O RAISED BY ASSESSEE IN CO NO.92/KOL/2014 IS ALSO DIS MISSED AS INFRUCTUOUS. HOWEVER, ASSESSEE CAN FILE APPEAL AGAINST THE RETAINED ADDITION AS PE R THE PROVISIONS OF LAW. 7. IN THE RESULT, ALL THE APPEALS OF THE REVENUE AR E DISMISSED INLIMINE AND THAT OF THE CO OF THE ASSESSEE IS ALSO DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT. SD/- SD/- (M. BALAGANESH) (MAHAVIR SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 28TH DECEMBER, 2015 JD. SR. P.S COPY OF THE ORDER FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT(A) , KOLKATA 4. CIT , KOLKATA 5. DR, KOLKATA BENCHES, KOLKATA / TRUE COPY, BY ORDER, ASSTT. REGISTRAR .