ASSISTANT COMMISSIONER OF INCOME TAX 22(1), MUMBAI V. INDIA VALUE FUND MANAGERS LLP, MUMBAI

ITA 935/MUM/2018

• Counselvise Citation: [2019] 118 COUNSELVISE.COM (IT) 1438 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 1 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-03-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2011-2012
• Appeal Filed On: 16-02-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ABHI RAMA KARTIKEYANLD
• Assessee Lawyers: KINESH SHIVKAR LD
• Keywords: Tax effect

Judgement Text

ITA NO.935/MUM/2018 INDIA VALUE FUNDS MANAGERS LLP ASSESSMENT YEAR :2011-12 1 IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, MUMBAI , , BEFORE HONBLE SHRI MAHAVIR SINGH, JM AND HONBLE SHRI MANOJ KUMAR AGGARWAL, AM ./ I.T.A. NO.935/MUM/2018 ( / ASSESSMENT YEAR:2011-12) ACIT - 22(1) ROM NO.322, 3 RD FLOOR PIRAMAL CHAMBERS, LALBAUG PAREL, MUMBAI-400 012. / VS. INDIA VALUE FUND M A NAGERS LLP SUITE F9C, GRAND HYATT PLAZA SANTACRUZ (E) MUMBAI-400 055. ./ ./PAN/GIR NO. AADFI-1108-E ( ! /APPELLANT ) : ( '#! / RESPONDENT ) APPELLANT BY : ABHI RAMA KARTIKEYAN- LD. DR RESPONDENT BY : KINESH SHIVKAR - LD.AR / DATE OF HEARING : 14/03/2019 / DATE OF PRONOUNCEMENT : 18/03/2019 / O R D E R PER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. AFORESAID APPEAL BY REVENUE FOR ASSESSMENT YEAR [IN SHORT REFERRED TO AS AY] 2011-12 CONTEST THE ORDER OF LD. COMMIS SIONER OF INCOME- TAX (APPEALS)-34, MUMBAI, [IN SHORT REFERRED TO AS CIT(A)], APPEAL NO. CIT(A)-34/JCIT-19(2)/IT-59/2014-15 DATED 30/11/2017 QUA CERTAIN RELIEF PROVIDED TO THE ASSESSEE. 2. THE LD. AUTHORIZED REPRESENTATIVE FOR ASSESSEE [ AR], AT THE OUTSET, PLACED ON RECORD THE TAX EFFECT OF THE ADDI TIONS BEING CONTESTED ITA NO.935/MUM/2018 INDIA VALUE FUNDS MANAGERS LLP ASSESSMENT YEAR :2011-12 2 BY THE REVENUE AND SUBMITTED THAT THE REVENUES APP EAL IS NOT MAINTAINABLE IN VIEW OF THE RECENTLY ISSUED LOW TAX EFFECT CIRCULAR NO.03/2018 DATED 11/07/2018 ISSUED BY CENTRAL BOARD OF DIRECT TAXES [CBDT]. OUR ATTENTION IS DRAWN TO THE FACT THAT THE QUANTUM OF IMPUGNED ADDITION IS RS.62 LACS, THE TAX EFFECT ON WHICH COM ES TO LESS THAN RS.20 LACS. AFTER PERUSAL OF THE SAME, PRIMA FACIE, IT APPEARS THAT THE TAX EFFECT OF THE QUANTUM ADDITIONS AS CONTESTED BY THE REVENU E IS LESS THAN PRESCRIBED LIMIT OF RS.20 LACS AND THE SAME IS COVE RED BY RECENTLY ISSUED LOW TAX EFFECT CIRCULAR NO.03/2018 DATED 11/07/2018 ISSUED BY CENTRAL BOARD OF DIRECT TAXES [CBDT]. THE LD. DR COULD NOT POINT OUT ANY EXCEPTION AS GIVEN IN THE CBDT CIRCULARS. 3. WE HAVE GONE THROUGH THE CIRCULAR AND FIND THAT THE TAX EFFECT OF QUANTUM IN DISPUTE IS BELOW PRESCRIBED LIMIT OF RS. 20 LACS AND THE ASSESSEE STOOD BENEFITTED BY THE ABOVE CIRCULAR ISS UED BY CBDT WHEREIN THE MINIMUM MONETARY LIMIT FOR FILING THE A PPEALS BEFORE VARIOUS APPELLATE AUTHORITIES HAVE BEEN FIXED AS UNDER: - S. NO. APPEALS/ SLPS IN INCOME-TAX MATTERS MONETARY LIMIT (RS.) 1 BEFORE APPELLATE TRIBUNAL 20,00,000 2 BEFORE HIGH COURT 50,00,000 3 BEFORE SUPREME COURT 1,00,00,000 THE AFORESAID LIMITS, AS PER PARA 13 OF THE CIRCULAR APPLIES TO PENDING APPEALS ALSO. IN VIEW OF THE ADMITTED POSITION, WE DISMISS THE REVENUES APPEAL. 4. THE REVENUE IS FREE TO MOVE APPROPRIATE APPLICAT ION TO RECALL THIS ORDER, IF AT A LATER STAGE, IT IS FOUND THAT THE MA TTER IS COVERED BY ANY ITA NO.935/MUM/2018 INDIA VALUE FUNDS MANAGERS LLP ASSESSMENT YEAR :2011-12 3 EXCEPTIONS PROVIDED IN THE AFORESAID CIRCULAR OR IN CASE THE TAX EFFECT OF THE QUANTUM ADDITIONS AS AGITATED BY REVENUE EXCEED S THE PRESCRIBED MONETARY LIMIT. 5. RESULTANTLY, THE APPEAL STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 18 TH MARCH, 2019. SD/- SD/- /- (MAHAVIR SINGH) (MANOJ KUMAR AGGARWAL) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI; DATED : 18/03/2019 SR.PS:-JAISY VARGHESE '# $# / COPY OF THE ORDER FORWARDED TO : 1. ! / THE APPELLANT 2. '#! / THE RESPONDENT 3. * ( ) / THE CIT(A) 4. * / CIT CONCERNED 5. +, '%- , - , / DR, ITAT, MUMBAI 6. ,./0 / GUARD FILE / BY ORDER, / (DY./ASSTT.REGISTRAR) , / ITAT, MUMBAI.