DCIT(TDS) CIR-58, KOLKATA, Kolkata V. Punjab National Bank, Kolkata

ITA 934/KOL/2014

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 1551 (ITAT-KOLKATA)
• Duration Of Justice: 3 year(s) 2 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-07-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 23-05-2017
• Assessment Year: 2009-2010
• Appeal Filed On: 09-05-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: N O N E
• Assessee Lawyers: I BAN ERJEE
• Keywords: Tax effect

Judgement Text

1 ITA NO.934/KOL/2014 PUNJAB NATIONAL BANK, AY 2009-10 , C , IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH: KOL KATA () BEFORE .., /AND . , ) [BEFORE SHRI A. T. VARKEY, JM & SHRI M. BALAGANESH , AM] I.T.A. NO. 934/KOL/2014 ASSESSMENT YEAR: 2009-10 DEPUTY COMMISSIONER OF INCOME-TAX (TDS), CIRCLE-58, KOLKATA. VS. PUNJAB NATIONAL BANK (PAN:AAACP0165G) APPELLANT RESPONDENT DATE OF HEARING 23.05.2017 DATE OF PRONOUNCEMENT 12.07.2017 FOR THE APPELLANT N O N E FOR THE RESPONDENT SHRI I. BANERJEE, AR ORDER PER SHRI A.T.VARKEY, JM THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF LD. CIT(A)-XX, KOLKATA DATED 18.02.2014 FOR AY 2009-10. 2. NONE APPEARED ON BEHALF OF THE REVENUE. AT THE OUTSET, WE FIND THAT THE APPEAL OF THE REVENUE FALLS IN THE KEN OF THE CBDT CIRCULAR NO. 2 1/2015 DATED 10.12.2015, WHEREIN THE CBDT HAS DIRECTED THE DEPARTMENT TO WITHDRAW/NOT PR ESS THE APPEAL IF THE TAX EFFECT IS LESS THAN RS. 10 LACS BEFORE THE ITAT. ON PERUSAL OF TH E CIRCULAR NO. 21 / 2015 DATED 10.12.2015 AND THE MATERIALS AVAILABLE ON RECORD, W E FIND THAT THE REVENUES CASE DOES NOT FALL UNDER ANY OF THE EXCEPTION CLAUSE AS PROVIDED IN THE CIRCULAR, AS THIS IS COVERED. WE ALSO FIND THAT THE CIRCULAR MAKES IT VERY CLEAR THAT THE REVISED MONETARY LIMITS SHALL APPLY RETROSPECTIVELY TO PENDING APPEALS ALSO. WE FIND TH AT THE CIRCULAR IS BINDING ON THE TAX AUTHORITIES. THIS POSITION HAS BEEN CONFIRMED BY TH E HONBLE APEX COURT IN THE CASE OF COMMISSIONER OF CUSTOMS VS INDIAN OIL CORPORATION L TD REPORTED IN 267 ITR 272 (SC). HENCE, WE HOLD THAT THE APPEAL OF THE REVENUE DESER VES TO BE DISMISSED IN TERMS OF LOW TAX EFFECT VIDE CIRCULAR NO.21 / 2015 DATED 10.12.2015. ACCORDINGLY, THIS BEING A LOW TAX EFFECT 2 ITA NO.934/KOL/2014 PUNJAB NATIONAL BANK, AY 2009-10 CASE, WE DISMISS THIS APPEAL OF REVENUE IN LIMINE, AS UNADMITTED, WITHOUT GOING INTO THE MERITS OF THE CASE. IN CASE THE REVENUE LATER FIND S THAT THE TAX EFFECT IS MORE THAN RS. 10 LAKHS THEN IT IS AT LIBERTY TO MOVE APPROPRIATE APP LICATION TO RECALL THIS ORDER. WITH THIS CAVEAT, WE ARE INCLINED TO DISMISS THIS APPEAL ON T HE GROUND THAT IT IS BELOW THE TAX EFFECT OF LESS THAN RS.10 LAKH. 3. IN THE RESULT, APPEAL OF REVENUE IS DISMISSED. ORDER IS PRONOUNCED IN THE OPEN COURT ON 12.07.2017 SD/- SD/- (M. BALAGANESH) (ABY. T. VARKEY) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 12 TH JULY, 2017 JD.(SR.P.S.) COPY OF THE ORDER FORWARDED TO: 1 . APPELLANT DCIT (TDS), CIRCLE-58, KOLKATA 2 RESPONDENT PUNJAB NATIONAL BANK, 44, PARK STREET, KOLKATA-700 016. 3 . THE CIT(A), KOLKATA 4. 5. CIT , KOLKATA DR, KOLKATA BENCHES, KOLKATA / TRUE COPY, BY ORDER, SR. PVT. SECRETARY