D.C.I.T. (OSD), Circle – 8, Ahmedabad v. Vrindavan Furnishing Pvt. Ltd
[Citation -2019-LL-0903-2]
| Citation | 2019-LL-0903-2 |
|---|---|
| Appellant Name | D.C.I.T. (OSD), Circle – 8, Ahmedabad |
| Respondent Name | Vrindavan Furnishing Pvt. Ltd. |
| Court | ITAT-Ahmedabad |
| Relevant Act | Income-tax |
| Date of Order | 03/09/2019 |
| Assessment Year | 2010-11 |
| Judgment | View Judgment |
| Keyword Tags | undisclosed income • monetary limit • tax effect • cash credit • onus to prove |
| Bot Summary: | The grounds of appeal raised by the Revenue read as under:- 1). The Ld. Commissioner of Income-Tax-XIV, Ahmedabad has erred in law and on facts in allowing the deduction amounting to Rs.1,35,156/- made u/s.37 of the Act when the same was not claimed in the Return ofIncome. At the time of hearing, it was submitted by the Ld.AR for the assessee that the appeal filed by the Revenue is hit by recently issued CBDT Circular No.17 of 2019 dated 08/08/2019 revising the previous thresholds pertaining to tax effects. As per aforesaid Circular read with instruction, all pending appeals filed by Revenue are liable to be dismissed as a measure for reducing litigation where the tax effect does not exceed the prescribed monetary limit which is now revised at Rs.50 Lakhs. In the instant case, the tax effect on the disputed issues raised by the Revenue is stated to be not exceeding Rs.50 lakhs and therefore appeal of the Revenue is required to be dismissed in limine. The Learned DR for the Revenue fairly admitted the applicability of the CBDT Circular No. 17 of 2019. Accordingly, appeal of the Revenue is dismissed as not maintainable. In the result, the appeal of the Revenue is dismissed. |