ACIT, CIR-3, MALDA, Malda V. Malda District Central Co-Operative Bank Ltd., Malda

ITA 972/KOL/2015

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 1474 (ITAT-KOLKATA)
• Duration Of Justice: 2 year(s) 2 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-09-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2010-2011
• Appeal Filed On: 03-07-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: KALYAN NATH ACIT
• Assessee Lawyers: N O N E
• Keywords: Tax effect

Judgement Text

1 ITA NO.972/KOL/2015 MALDA DISTRICT CENTRAL CO-OPERATIVE BANK LTD., AY 2 010-11 , D , IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH: KOL KATA () BEFORE .., /AND . ' # $% % , ) [BEFORE SHRI A. T. VARKEY, JM & DR. A. L. SAINI, A M] / I.T.A NO. 972/KOL/2015 / ASSESSMENT YEAR: 2010-11 ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-3, MALDA VS. MALDA DISTRICT CENTRAL CO-OPERATIVE BANK LTD., (PAN: AAAAT3262G) ( )* /APPELLANT ) ( +,)* / RESPONDENT ) DATE OF HEARING 04.09.2017 DATE OF PRONOUNCEMENT 04.09.2017 FOR THE APPELLANT/ )* SHRI KALYAN NATH, ACIT FOR THE RESPONDENT/ +,)* N O N E / ORDER PER SHRI A.T.VARKEY, JM THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF LD. CIT(A), JALPAIGURI DATED 18.02.2015 FOR AY 2010-11. 2. NONE APPEARED FOR THE ASSESSEE. AT THE OUTSET, WE FIND THAT THE TAX EFFECT INVOLVED IN THIS APPEAL OF REVENUE IS LESS THAN RS. TEN LAKHS. HENCE, DEPARTMENTAL APPEAL SHOULD NOT BE ALLOWED TO BE PROCEEDED WITH. WE FIND THAT THE APP EAL OF THE REVENUE FALLS IN THE KEN OF THE CBDT CIRCULAR NO. 21/2015 DATED 10.12.2015, WHEREIN THE CBDT HAS DIRECTED THE DEPARTMENT TO WITHDRAW/NOT PRESS THE APPEAL IF THE TAX EFFECT IS LESS THAN RS. 10 LACS BEFORE THE ITAT. ON PERUSAL OF THE CIRCULAR NO. 21 / 2015 DATED 10.12.2015 AND THE MATERIALS AVAILABLE ON RECORD, WE FIND THAT THE REVENUES CAS E DOES NOT FALL UNDER ANY OF THE EXCEPTION CLAUSE AS PROVIDED IN THE CIRCULAR, AS THIS IS COVE RED. WE ALSO FIND THAT THE CIRCULAR MAKES IT VERY CLEAR THAT THE REVISED MONETARY LIMITS SHALL A PPLY RETROSPECTIVELY TO PENDING APPEALS ALSO. WE FIND THAT THE CIRCULAR IS BINDING ON THE T AX AUTHORITIES. THIS POSITION HAS BEEN 2 ITA NO.972/KOL/2015 MALDA DISTRICT CENTRAL CO-OPERATIVE BANK LTD., AY 2 010-11 CONFIRMED BY THE HONBLE APEX COURT IN THE CASE OF COMMISSIONER OF C USTOMS VS INDIAN OIL CORPORATION LTD REPORTED IN 267 ITR 272 (SC). HENCE, WE HOLD THAT THE APPEAL OF THE REVENUE DESERVES TO BE DISMISSED IN TERMS OF LOW TA X EFFECT VIDE CIRCULAR NO.21 / 2015 DATED 10.12.2015. ACCORDINGLY, THIS BEING A LOW TAX EFFE CT CASE, WE DISMISS THIS APPEAL OF REVENUE IN LIMINE, AS UNADMITTED, WITHOUT GOING INTO THE ME RITS OF THE CASE. IN CASE THE REVENUE LATER FINDS THAT THE TAX EFFECT IS MORE THAN RS. 10 LAKHS THEN IT IS AT LIBERTY TO MOVE APPROPRIATE APPLICATION TO RECALL THIS ORDER. WITH THIS CAVEAT , WE ARE INCLINED TO DISMISS THIS APPEAL OF THE REVENUE ON THE 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. SD/- SD/- (DR. A. L. SAINI) (ABY. T. VARKEY) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED :4TH SEPTEMBER, 2017 JD.(SR.P.S.) COPY OF THE ORDER FORWARDED TO: 1 . APPELLANT ACIT, CIRCLE-3, MALDA 2 RESPONDENT MALDA DISTRICT CENTRAL CO-OPERATIVE BA NK LTD., S. P. ROAD, P.O. & DIST. MALDA, W.B-732101. 3 . THE CIT(A), JALPAIGURI 4. 5. CIT , JALPAIGURI DR, KOLKATA BENCHES, KOLKATA / TRUE COPY, BY ORDER, SR. PVT. SECY.,