Asst. Commissioner of Income-tax, Circle-4(1), Hyderabad v. Subhash Gupta
[Citation -2019-LL-0903-84]
| Citation | 2019-LL-0903-84 |
|---|---|
| Appellant Name | Asst. Commissioner of Income-tax, Circle-4(1), Hyderabad |
| Respondent Name | Subhash Gupta |
| Court | ITAT-Hyderabad |
| Relevant Act | Income-tax |
| Date of Order | 03/09/2019 |
| Assessment Year | 2014-15 |
| Judgment | View Judgment |
| Keyword Tags | tax effect • disallowance of capital gain • monetary limit |
| Bot Summary: | The Revenue has raised the following grounds of appeal:- 1. The Ld. CIT(A) erred in deleting the addition U/s. The Ld. CIT(A) erred in not taking cognizance of the thorough investigation carried out by the Investigation Wing of the Income Tax Department at Kolkata. The Ld. CIT(A) erred in ignoring the decision of ITAT, Chandigarh Dt. 18/04/2018 in ITA No. 951/Chd/2016 in the case of Abhimanyu Sion vs. ACIT. 5. At the time of hearing it has been brought to our notice that as per the CBDT Circulars No.03/2018 dated 11.07.2018 and Circular No.17 of 2019 dated 9th August, 2019, the tax limit for filing appeal by the Revenue before the Tribunal has been fixed at Rs.50.00 lakhs and above. Since the tax effect in the present appeal before us is less than Rs.50.00 lakh, we hereby dismiss the same with liberty to the Revenue to seek recall of the order, if the appeal falls within the exceptions mentioned in the Circulars of the CBDT. 3. In the result, the appeal filed by the Revenue is dismissed. |