SULAIMANI CO-OP BANK LTD.,VARDODARA V. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE 2(1)(1), VADODARA, VADODARA

CO 19/AHD/2023

AI Insights

This case involves an appeal by the Revenue against the Sulaimani Co-Op Bank Limited concerning a reassessment order for the Assessment Year 2015-16. The appeal was based on a Revenue Audit Objection, which was one of the exceptions allowed under previous CBDT Circulars. However, recent Circulars did not include 'Revenue Audit Objection' as an exception for filing appeals despite low tax effect. Consequently, the Tribunal dismissed the Revenue's appeal due to the low tax effect, amounting to only Rs.2,21,117. The Assessee's Cross Objection, which was delayed by 19 days, was also dismissed as the Assessee chose not to press it following the dismissal of the Department's appeal.

• Counselvise Citation: [2024] 140 COUNSELVISE.COM (IT) 23273 (ITAT-AHMEDABAD)
• Duration Of Justice: 10 month(s) 14 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 18-10-2024
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 15-10-2024
• Assessment Year: 2015-2016
• Appeal Filed On: 04-12-2023
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Tax effect; Audit objection
• Section: 147; 268A

Judgement Text

" IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “C” BENCH Before: Shri T.R. Senthil Kumar, Judicial Member And Shri Narendra Prasad Sinha, Accountant Member Assistant Commissioner of Income Tax, Circle-2(1)(1), Vadodara Vs Sulaimani Co-Op Bank Limited, 1, Mogalwada, Vadodara, Gujarat 390017 PAN: AAAAS1759H Sulaimani Co-Op Bank Limited, 1, Mogalwada, Vadodara, Gujarat 390017 PAN: AAAAS1759H (Appellant) Vs Assistant Commissioner of Income Tax, Circle-2(1)(1), Vadodara (Respondent) Revenue Represented: Shri Rignesh Das, Sr.D.R. Assessee Represented: Shri Samir Parikh, A.R. Date of hearing : 15-10-2024 Date of pronouncement : 18-10-2024 आदेश/ORDER PER : T.R. SENTHIL KUMAR, JUDICIAL MEMBER:- This appeal is filed by the Revenue as against the appellate order dated 18.08.2023 passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, arising out of the ITA No. 811/Ahd/2023 & C.O. No. 19/Ahd/2023 Assessment Year 2015-16 I.T.A No. 811/Ahd/23 & C.O. 19/Ahd/23 A.Y. 2015-16 Page No ACIT Vs. Sulaimani Co.Op. Bank Ltd. 2 reassessment order passed under section 147 r.w.s. 144 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) relating to the Assessment Year 2015-16. Against the same, assessee filed Cross Objection with a delay of 19 days. 2. At the outset, it was informed by the Department that the Tax Effect in the above appeal is only Rs.2,21,117/-. Pursuant to the CBDT Circular No. 17/2019 dated 08-08-2019, the present appeal was filed, since there was a Revenue Audit Objection in the above case, which is one of the exception covered as per Para 10C of the Board Circular No. 3/2018 dated 11-07-2018. However CBDT has issued fresh Circular No. 05/2024 dated 15-03-2024 and Circular No. 09/2024 dated 17-09-2024 superseding the earlier Circulars issued u/s. 268A of the Act, wherein various exceptions are mentioned namely in Clause 3.1 (a) to (m) of the said Circular. However “Revenue Audit Objection” is not covered under any of the exception clause. Therefore the Department appeal is liable to be dismissed on Low Tax Effect. 3. Recording the above reasons, the appeal filed by the Revenue is hereby dismissed as withdrawn. 4. In the C.O., the assessee has not filed Affidavit explaining the delay of 19 days, in spite of notices given to the assessee. Further the Ld. Counsel said that the assessee is not pressing the C.O. since Department Appeal is dismissed on Low Tax Effect. Recording the same, the Cross Objection filed by the Assessee is hereby dismissed as not maintainable. I.T.A No. 811/Ahd/23 & C.O. 19/Ahd/23 A.Y. 2015-16 Page No ACIT Vs. Sulaimani Co.Op. Bank Ltd. 3 5. In the combined result, the appeal filed by the Revenue and Cross Objection filed by the Assessee are dismissed. Order pronounced in the open court on 18-10-2024 Sd/- Sd/- (NARENDRA PRASAD SINHA) (T.R. SENTHIL KUMAR) ACCOUNTANT MEMBER JUDICIAL MEMBER Ahmedabad : Dated 18/10/2024 आदेश कȧ ĤǓतͧलͪप अĒेͪषत / Copy of Order Forwarded to:- 1. Assessee 2. Revenue 3. Concerned CIT 4. CIT (A) 5. DR, ITAT, Ahmedabad 6. Guard file. By order/आदेश से, उप/सहायक पंजीकार आयकर अपीलȣय अͬधकरण, अहमदाबाद "