ACIT Central Circle 46, Mumbai V. Shri Jayant C. Vora, Mumbai

ITSSA 502/MUM/2004

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 7287 (ITAT-MUMBAI)
• Duration Of Justice: 16 year(s) 4 month(s) 18 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 21-01-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: G
• Next Hearing Date: 03-01-2012
• Assessment Year: misc
• Appeal Filed On: 03-09-2004
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SURENDER KUMAR LD
• Assessee Lawyers: BURZINLD
• Keywords: Tax effect

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, MUMBAI , , BEFORE HONBLE SHRI MAHAVIR SINGH, VP AND HONBLE SHRI MANOJ KUMAR AGGARWAL, AM (HEARING THROUGH VIDEO CONFERENCING MODE) IT(SS) NO. 502/MUM/2004 (BLOCK PERIOD 01/04/1990 TO 22/01/2001) A CIT - CC - 46 136/138, AAYKAR BHAWAN M.K.MARG, MUMBAI 400 020 / VS. SHRI JAYANT C.VORA 71-A, PARADISE APARTMENT NEPEAN SEA ROAD, MUMBAI 40036 !' ./ ./PAN/GIR NO. AAJPV-5092-Q ( '% /APPELLANT ) : ( &''% / RESPONDENT ) ASSESSEE BY : SHRI BURZIN-LD. AR REVENUE BY : SHRI SURENDER KUMAR- LD. CIT-DR / DATE OF HEARING : 21/01/2021 / DATE OF PRONOUNCEMENT : 21/01/2021 / O R D E R MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. AFORESAID APPEAL BY REVENUE CONTESTS THE ORDER O F LEARNED FIRST APPELLATE AUTHORITY ON CERTAIN GROUNDS OF APP EAL. 2. THE LD. COUNSEL FOR ASSESSEE, SHRI BURZIN, AT TH E OUTSET, SUBMITTED THAT TAX EFFECT OF QUANTUM ADDITIONS UNDE R DISPUTE BY REVENUE IS BELOW PRESCRIBED THRESHOLD LIMIT OF RS.5 0 LACS AND THEREFORE, THE REVENUES APPEAL IS NOT MAINTAINABLE IN TERMS OF LATEST LOW TAX EFFECT CBDT CIRCULAR NO. 17/2019 DATED 08/08/2019 [F.NO.279/MISC. 142/2007-TTJ(PT.) . IN SUPPORT, THE RELEVANT 2 COMPUTATIONS HAVE BEEN PLACED ON RECORD. THE LD. DR COULD NOT POINT OUT ANY EXCEPTION TO CONTROVERT THE PLEA RAIS ED BY LD. AR. 3. AFTER GOING THROUGH MATERIAL ON RECORD, WE FIND THAT THE TAX EFFECT OF QUANTUM ADDITIONS UNDER DISPUTE IS BELOW THRESHOLD MONETARY LIMIT OF RS.50 LACS AND THEREFORE, THE APP EAL IS NOT MAINTAINABLE IN TERMS OF RECENTLY ISSUED LOW TAX EF FECT CIRCULAR NO. 17/2019 DATED 08/08/2019 [F.NO.279/MISC. 142/2007-T TJ(PT.) ISSUED BY CBDT. THIS RECENT CIRCULAR FURTHER ENHANC ES THE MONETARY LIMIT FIXED IN EARLIER CIRCULAR NO.3 OF 20 18 DATED 11/07/2018 ISSUED BY CBDT AS AMENDED ON 20/08/2018. IN VIEW OF THE SAME, THE APPEAL IS NOT MAINTAINABLE. 4. AT THE SAME TIME, A LIBERTY IS GIVEN TO REVENUE TO SEEK RECALL OF THE APPEAL, IF AT A LATER STAGE, IT IS FOUND THA T THE MATTER IS COVERED BY ANY EXCEPTIONS PROVIDED IN ANY OF THE CI RCULAR OR IN CASE THE TAX EFFECT IN THE APPEAL EXCEEDS THE PRESCRIBED MONETARY LIMIT. 5. RESULTANTLY, THE APPEAL STANDS DISMISSED. ORDER PRONOUNCED ON 21 ST JANUARY, 2021. SD/- SD/- (MAHAVIR SINGH) (MANOJ KUMAR AGGARWAL) / VICE PRESIDENT / ACCOUNTANT MEMBER MUMBAI; DATED : 21/01/2021 SR.PS, JAISY VARGHESE / COPY OF THE ORDER FORWARDED TO : 1. '% / THE APPELLANT 2. &''% / THE RESPONDENT 3 3. # #- ( ) / THE CIT(A) 4. # #- / CIT CONCERNED 5. ./& ) 0 , # 0 , / DR, ITAT, MUMBAI 6. /123 / GUARD FILE / BY ORDER, / (DY./ASSTT.REGISTRAR) , / ITAT, MUMBAI.