ACIT, Cen. Cir-3(3), Kolkata, Kolkata V. M/s Imax Infrastructure Pvt. Ltd., Kolkata

ITSSA 21/KOL/2017

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 0437 (ITAT-KOLKATA)
• Duration Of Justice: 1 year(s) 3 month(s) 11 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 11-09-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2011-2012
• Appeal Filed On: 31-05-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH A, KOLKATA [BEFORE SHRI P.M. JAGTAP, AM & SHRI A.T. VARKEY, JM] IT(SS) NO. 21/KOL/2017 ASSESSMENT YEAR: 2011-12 A.C.I.T, CENTRAL CIR 3(3) KOLKATA.............................................................................APPELLANT 4 TH FLOOR,AAYAKAR BHAWAN POORVA, E.M. BY PASS, 110, SHANTIPALLY, KOLKATA 700107 M/S. IMAX INFRASTRUCTURE PVT. LTD. ..........RESPONDENT B.B. GANGULY STREET, CENTRAL PLAZA, KOLKATA 700 012. [PAN : AABCI 6031 K] C.O. NO. 75/KOL/2017 (ARISING OUT OF IT(SS) NO. 21/KOL/2017) ASSESSMENT YEAR: 2011-12 M/S. IMAX INFRASTRUCTURE PVT. LTD......CROSS-OBJECTOR B.B. GANGULY STREET, CENTRAL PLAZA, KOLKATA 700 012. [PAN : AABCI 6031 K] A.C.I.T, CENTRAL CIR 3(3) KOLKATA.........................................................................RESPONDENT 4 TH FLOOR,AAYAKAR BHAWAN POORVA, E.M. BY PASS, 110, SHANTIPALLY, KOLKATA 700107 APPEARANCES BY: SHRI P.K. SRIHARI, CIT, DR APPEARING ON BEHALF OF THE REVENUE SHRI S.M. SURANA, ADVOCATE APPEARING ON BEHALF OF THE ASSESSEE DATE OF CONCLUDING THE HEARING : SEPTEMBER 11, 2018 DATE OF PRONOUNCING THE ORDER : SEPTEMBER 11, 2018 ORDER PER P.M. JAGTAP, AM THIS APPEAL IS PREFERRED BY THE REVENUE AGAINST THE ORDER OF LD. CIT (A) 21, KOLKATA DATED 24 TH MARCH, 2017 AND THE SAME IS BEING DISPOSED OF ALONG WITH THE CROSS-OBJECTION FILED BY THE ASSESSEE BEING C.O. NO. 75/KOL/2017. 2 IT(SS) NO. 21/KOL/2017 & C.O. NO. 75/KOL/2017 ASSESSMENT YEAR 2011-12 M/S. IMAX INFRASTRUCTURE PVT. LTD. 2. AS POINTED OUT BY LD. COUNSEL FOR THE ASSESSEE, THE TAX EFFECT INVOLVED IN THIS APPEAL OF THE REVENUE IS LESS THAN THE REVISED MONETARY LIMIT OF RS.20 LACS FIXED BY THE CBDT FOR FILING THE REVENUES APPEALS BEFORE THE TRIBUNAL. THE CBDT VIDE ITS RECENT CIRCULAR NO.3/2018 ISSUED ON 11.07.2018 HAS REVISED THE MONETARY LIMIT FOR FILING THE APPEALS OF THE REVENUE BEFORE THE TRIBUNAL TO RS.20 LACS. AS CLARIFIED IN THE SAID CIRCULAR, THE REVISED MONETARY LIMIT OF RS.20 LACS OR FILING THE REVENUES APPEALS BEFORE THE ITAT WOULD APPLY ALSO TO THE APPEALS ALREADY FILED BY THE REVENUE WHICH ARE PENDING BEFORE THE TRIBUNAL AND THE SAME ARE LIABLE TO BE DISMISSED AS WITHDRAWN/NOT PRESSED. WE ACCORDINGLY TREAT THIS APPEAL OF THE REVENUE INVOLVING THE TAX EFFECT OF LESS THAN RS.20 LACS AS WITHDRAWN/NOT PRESSED KEEPING IN VIEW THE CIRCULAR NO.3/2018 (SUPRA) ISSUED BY CBDT AND DISMISS THE SAME. 3. AS A RESULT OF DISMISSAL OF APPEAL OF THE REVENUE ON ACCOUNT OF LOW TAX EFFECT, THE CROSS-OBJECTION FILED BY THE ASSESSEE HAS BECOME INFRUCTUOUS AS SUBMITTED BY THE LEARNED COUNSEL FOR THE ASSESSEE. THE SAME IS ACCORDINGLY DISMISSED. 4. IN THE RESULT, THE APPEAL OF THE REVENUE AS WELL AS CROSS- OBJECTION OF THE ASSESSEE ARE DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 11 TH SEPTEMBER, 2018. SD/- SD/- (A.T. VARKEY) (P.M. JAGTAP) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 11/09/2018 BISWAJIT, SR. PS 3 IT(SS) NO. 21/KOL/2017 & C.O. NO. 75/KOL/2017 ASSESSMENT YEAR 2011-12 M/S. IMAX INFRASTRUCTURE PVT. LTD. COPY OF ORDER FORWARDED TO: 1. M/S. IMAX INFRASTRUCTURE PVT. LTD. 2. ACIT, CENTRAL CIRCLE 3(3), KOLKATA. 3. THE CIT(A) 4. THE CIT 5. DR TRUE COPY, BY ORDER, SR. P.S. / H.O.O. ITAT, KOLKATA