Commissioner of Income-tax Aligarh and Anr. v. Farrukhabad Investment India Ltd - 2019-LL-0222-64

Citation	2019-LL-0222-64
Appellant Name	Commissioner of Income-tax Aligarh and Anr.
Respondent Name	Farrukhabad Investment India Ltd.
Court	HIGH COURT OF ALLAHABAD
Relevant Act	Income-tax
Date of Order	22/02/2019
Judgment	View Judgment
Keyword Tags	monetary limit • low tax effect
Bot Summary:	This appeal under Section 260-A of the Income Tax Act, 1961 is directed against the order dated 27.3.2002 passed by the Income Tax Appellate Tribunal. In respect of the assessment year 1996-97 a penalty of Rs. 55,26,734/- under Section 271-E of the Act was imposed upon the assessee. The Tribunal by the impugned order reduced the penalty by Rs. 44,13,798/- and as such, a penalty of Rs. 11,12,936/- remained. It is against the aforesaid order of reduction of penalty that this appeal has been preferred. Learned counsel for the parties submit that as the amount of penalty in dispute remains to be below the Monetary Limit of Rs. 50 lakhs as provided vide Circular dated 11.7.2018, the appeal may be dismissed. In view of the above, as the appeal involves the amount less than Rs. 50 lakhs, the revenue is not competent to maintain the appeal.

Court No. - 29 Case :- INCOME TAX APPEAL No. - 673 of 2012 Appellant :- Commissioner Of Income Tax Aligarh And Anr. Respondent :- M/S Farrukhabad Investment India Ltd. Counsel for Appellant :- A.N. Mahajan,Bharatji Agarwal,D. Awasthi,G.Krishna,Krishna Agrawal,R.K. Upadhaya,S Chopra,S.S.C. I.T. Counsel for Respondent :- Krishna Dev Vyas Hon'ble Pankaj Mithal,J. Hon'ble Umesh Chandra Tripathi,J. Heard Sri Subham Agarwal, learned counsel for appellants and Sri Krishna Dev Vyas, learned counsel for respondent. This appeal under Section 260-A of Income Tax Act, 1961 is directed against order dated 27.3.2002 passed by Income Tax Appellate Tribunal. In respect of assessment year 1996-97 penalty of Rs. 55,26,734/- under Section 271-E of Act was imposed upon assessee. Tribunal by impugned order reduced penalty by Rs. 44,13,798/- and as such, penalty of Rs. 11,12,936/- remained. It is against aforesaid order of reduction of penalty that this appeal has been preferred. Learned counsel for parties submit that as amount of penalty in dispute remains to be below Monetary Limit of Rs. 50 lakhs as provided vide Circular dated 11.7.2018, appeal may be dismissed. In view of above, as appeal involves amount less than Rs. 50 lakhs, revenue is not competent to maintain appeal. Accordingly, appeal is dismissed. Order Date :- 22.2.2019 Jaswant Commissioner of Income-tax Aligarh and Anr. v. Farrukhabad Investment India Ltd

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