Jt. Commissioner of Income-tax (OSD), Circle – 7, Pune v. Tranter India Pvt. Ltd
[Citation -2019-LL-0903-104]
| Citation | 2019-LL-0903-104 |
|---|---|
| Appellant Name | Jt. Commissioner of Income-tax (OSD), Circle – 7, Pune |
| Respondent Name | Tranter India Pvt. Ltd. |
| Court | ITAT-Pune |
| Relevant Act | Income-tax |
| Date of Order | 03/09/2019 |
| Assessment Year | 2014-15 |
| Judgment | View Judgment |
| Keyword Tags | low tax effect • monetary limit • depreciation on goodwill |
| Bot Summary: | Shri Manoj Solanki appearing on behalf of the assessee submitted at the outset that the appeal of the Revenue is liable to be dismissed on account of low tax effect in terms of recent CBDT Circular No. 17/2019, dated 08-08-2019. AR furnished working of tax effect involved in the appeal. Ms. Shabana Parveen representing the Department fairly admitted that in the present appeal by the Department tax effect is less than Rs.50 Lakhs. The Revenue is in appeal against the order of Commissioner of Income Tax in deleting the additions made by the Assessing Officer at Rs.1,00,31,606/- on account of depreciation on goodwill. Undisputedly, the tax effect involved in appeal is less than the monetary limit prescribed by the recent CBDT Circular No. 17/2019, dated 08-08-2019 for filing of appeals before the Tribunal by the Department. The CBDT vide circular dated 08-08-2019 has amended Para 3 of Circular No. 3 of 2018 dated 11-07-2018 thereby enhancing monetary limit of tax effect from Rs.20 Lakhs to Rs.50 Lakhs for filing of appeals by the Department before the Tribunal. Thus, without going into merit of the issues raised in the appeal, in view of the CBDT Circular the present appeal of the Revenue is dismissed on account of low tax effect. |