Deputy commissioner OF INCOME TAX (IT) - 3(1)(2), MUMBAI V. KOTAK SECURITIES Limited , MUMBAI

MA 825/MUM/2017

• Counselvise Citation: [2018] 124 COUNSELVISE.COM (IT) 6650 (ITAT-MUMBAI)
• Duration Of Justice: 6 month(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 03-05-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: L
• Assessment Year: 2015-2016
• Appeal Filed On: 03-11-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M.V.RAJGURU
• Keywords: Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL 'L' BENCH, MUMBAI BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIAL MEMBER MA NO. 825/MUM/2017 (ARISING OUT OF ITA NO. 2798/MUM/2016) (ASSESSMENT YEAR: 2015-16) DCIT (INTL. TAXATION) - 3(10(2) 133, SCINDIA HOUSE BALLARD PIER MUMBAI 400 038 VS. M/S. KOTAK SECURITIES LTD. PLOT NO. C-27, BKC BANDRA (E), MUMBAI 400051 PAN AAACK3436F APPELLANT RESPONDENT APPELLANT BY: SHRI M.V. RAJGURU RESPONDENT BY: SHRI MADHUR AGARWAL DATE OF HEARING: 20.04.2018 DATE OF PRONOUNCEMENT: 03.05.2018 O R D E R PER R.C. SHARMA, AM THIS MISCELLANEOUS PETITION IS FILED BY REVENUE IN RESPECT OF THE ORDER OF TRIBUNAL DATED 14 TH FEBRUARY, 2017, IN ITA NO. 2798/MUM/2016. 2. IT WAS ARGUED BY THE LEARNED D.R. THAT THE HON'BLE ITAT WHILE DECIDING THE SAID APPEAL, DISCUSSED THE CBDT CIRCUL AR NO. 21.2015 DATED 10.12.2015 ON MONETARY LIMITS FOR FILING APPEAL BEF ORE VARIOUS APPELLATE AUTHORITIES, AND ARRIVED AT A CONCLUSION THAT APPEA L OF THE REVENUE IS NOT MAINTAINABLE AS THE TAX EFFECT IN THIS APPEAL IS BE LOW ` 10 LAKHS. THE ITAT HAD NOT TAKEN THE COLLECTIVE TAX EFFECT IN THE SAID APPEAL WHICH IS ` 24,64,754/- AS THE SAME BELONGS TO ONE ASSESSEE I.E . M/S. KOTAK SECURITIES LTD. AND FOR THE SAME ASSESSMENT YEAR I. E. A.Y. 2015-16. THE ITAT DISMISSED THE APPEAL OF THE REVENUE CITING LOW TAX EFFECT WITHOUT DISCUSSION ON MERITS ON THE CASE. MA NO. 825/MUM/2017 M/S. KOTAK SECURITIES LTD. 2 3. ON THE OTHER HAND, THE LEARNED A.R. CONTENDED THAT TAX EFFECT IN THE SAID APPEAL WAS LESS THAN ` 10 LAKHS, THEREFORE THE APPEAL WAS DISMISSED BY THE TRIBUNAL AFTER RELYING ON THE CBDT CIRCULAR NO. 21/2015 DATED 10.12. 2015. 4. RIVAL CONTENTIONS HAVE BEEN HEARD AND RECORD PERUS ED AND CAREFULLY GONE THROUGH THE ORDERS OF THE AUTHORITIES BELOW AN D FIND THAT THE ARGUMENT OF LEARNED D.R. IS NOT COVERED BY THE EXCE PTION PROVIDED IN THE SAID CIRCULAR NO. 21/2015, SINCE THERE IS NO CONSOL IDATED ORDER BY THE CIT(A) IN RESPECT OF ALL THE ENTITIES MENTIONED BY HIM IN THE APPLICATION, ACCORDINGLY WE DO NOT FIND ANY MISTAKE, MUCH LESS T HAN AN APPARENT MISTAKE, IN THE ORDER OF THE TRIBUNAL, IN SO FAR AS THE TAX EFFECT IN THE APPEAL DISMISSED BY THE TRIBUNAL WAS LESS THAN ` 10 LAKHS. 5. IN THE RESULT, THE MISCELLANEOUS APPLICATION FILED BY THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 3 RD MAY, 2018. SD/ - SD/ - (AMARJIT SINGH) (R.C. SHARMA) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 3 RD MAY, 2018 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) -57, MUMBAI 4. THE CIT (IT)-3, MUMBAI 5. THE DR, L BENCH, ITAT, MUMBAI BY ORDER //TRUE COPY// ASSISTANT REGISTRAR ITAT, MUMBAI BENCHES, MUMBAI N.P.