Income Tax Appellate Tribunal - Mumbai
Ito (E) 2(1), Mumbai vs National Venture Fund For Software & ... on 27 November, 2019
1 ITA No.7670/Mum/2016 Assessment Year :2010-11 National Venture Fund for Software & Information Technology Industry आयकर अपीलीय अिधकरण "बी" ायपीठ मुंबई म । IN THE INCOME TAX APPELLATE TRIBUNAL "B" BENCH, MUMBAI माननीय ी महावीर िसं ह, ाियक सद एवं माननीय ी मनोज कुमार अ वाल ,ले खा सद के सम । BEFORE HON'BLE SHRI MAHAVIR SINGH, JM AND HON'BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपील सं./ I.T.A. No.7670/Mum/2016 (िनधा रण वष / Assessment Year: 2010-11) Income Tax Officer (E)-2(1) National Venture Fund for Room No. 512, Piramal Softw are & Information Chambers, Lalbaug, Parel बनाम/ Technology Industr y Mumbai- 400 012. Vs. Ground Floor, C-11, G-Block SME Development Centre BKC Bandra (E), Mumbai-400 051.
$थायीले खासं ./जीआइआरसं ./PAN/GIR No. AAATN-1889-L (अ पीलाथ'/Appellant) : (()थ' / Respondent) Assessee by : Shri Gautam Nayak-Ld.AR Revenue by : Ms. Kavita P. Kaushik -Ld.DR सुनवाई की तारीख/ : 27/11/2019 Date of Hearing घोषणा की तारीख / : 27/11/2019 Date of Pronouncement आदे श / O R D E R Manoj Kumar Aggarwal (Accountant Member)
1. Aforesaid appeal by revenue for Assessment Year 2010-11 contest certain relief granted by learned first appellate authority vide impugned order Appeal No. CIT(A)-8/IT-147/15-16 dated 26/09/2016.
2. The Ld. Authorized Representative for Assessee, at the outset, placed on record a computation sheet to submit the that the tax effect of 2 ITA No.7670/Mum/2016 Assessment Year :2010-11 National Venture Fund for Software & Information Technology Industry quantum under dispute is less than monetary limit of Rs.50 Lacs as prescribed by Central Board of Direct Taxes in its recently issued Circular No.17/2019 dated 08/08/2019 [F.No.279/Misc.142/2007- TTJ(Pt.) Government of India, Ministry of Finance, Department of Revenue] and therefore, the appeal is not maintainable.
3. Upon perusal of computation sheet, prima facie, it appears that the tax effect being contested by the revenue is less than prescribed limit of Rs.50 Lacs and the same is covered by recently issued low tax effect Circular No.17/2019 dated 08/08/2019 issued by Central Board of Direct Taxes [CBDT]. This recent circular further enhances the monetary limit fixed in earlier Circular No.3 of 2018 dated 11/07/2018 issued by CBDT as amended on 20/08/2018. The Ld. Departmental Representative is unable to point out any exceptions in the appeals as provided in para-10 of Circular no. 3 of 2018 dated 11/07/2018 or in any other subsequent circulars.
4. We have gone through the circular and find that the tax effect in dispute is below prescribed limit of Rs.50 Lacs and the assessee stood benefitted by the above circular issued by CBDT wherein the minimum monetary limit for filing the appeals before various appellate authorities have been fixed as under: -
S. No. Appeals/ SLPs in Income-tax Monetary Limit (Rs.) matters 1 Before Appellate Tribunal 50.00,000 2 Before High Court 1,00.00,000 3 Before Supreme Court 2,00.00,000 3 ITA No.7670/Mum/2016 Assessment Year :2010-11 National Venture Fund for Software & Information Technology Industry The aforesaid limits, as per para 13 of the Circular no. 3 of 2018 dated 11/07/2018, applies to pending appeals also. In view of the admitted position, we dismiss the revenue's appeal.
5. At the same time, a liberty is given to revenue to seek recall of the appeal, if at a later stage, it is found that the matter is covered by any exceptions provided in any of the circular or in case the tax effect as agitated by revenue exceeds the prescribed monetary limit.
6. In the result, the appeal stands dismissed.
Order pronounced in the open court on 27th November, 2019.
Sd/- Sd/-
(Mahavir Singh) (Manoj Kumar Aggarwal)
ाियक सद / Judicial Member लेखा सद / Accountant Member
मुंबई Mumbai; िदनां क Dated : 27/11/2019 Sr.PS, Jaisy Varghese आदे शकी ितिलिपअ "ेिषत/Copy of the Order forwarded to :
1. अपीलाथ'/ The Appellant
2. ()थ'/ The Respondent
3. आयकरआयु0(अपील) / The CIT(A)
4. आयकरआयु0/ CIT- concerned
5. िवभागीय(ितिनिध, आयकरअपीलीयअिधकरण, मुंबई/ DR, ITAT, Mumbai
6. गाड5 फाईल / Guard File आदे शानुसार/ BY ORDER, उप/सहायक पंजीकार (Dy./Asstt.Registrar) आयकरअपीलीयअिधकरण, मुंबई / ITAT, Mumbai.