IN INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH: : NEW DELHI) BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA No:- 6338/Del/2016 (Assessment Year: 2010-11) Income Tax Officer, Ward M/s Akshay Commercial Pvt. 2(1), Room No. 375, 3rd Vs Ltd., 4356/4C, Ansari Road, Floor, C.R. Building, New Darya Ganj, New Delhi Delhi-110002 PAN-AAHCA7735N APPELLANT RESPONDENT Appellant by Shri. Sanjay Kapoor, Sr. DR Respondent by Shri. Ghanshyam Gupta, C.A. ORDER PER ANADEE NATH MISSHRA, AM [A]. This appeal has been filed by Revenue against order dated 4.10.2016 passed by Learned Commissioner of Income Tax(Appeals)-I, New Delhi [in short Ld.CIT(A) ] pertaining to assessment year 2010-11. In this appeal, tax effect is less than monetary limit fixed by Central Board of Direct Taxes (in short CBDT ) in its Circular No.17/2009 dated 08.08.2019. Revenue has raised following grounds of appeal:- 1. Ld. CIT(A) erred in deleting addition of Rs. 95,00,000/- made by AO u/s 68 of I.T. Act, 1961 particularly when assessee has failed to furnish evidence to prove source of fund person from whom such huge share capital / premium received. ITA No: - 6338/Del/2016 1.1. Ld. CIT(A) has not considered issue raised by AO that investment of huge sum in this company by those with very meager resources is not probable. 1.2 Ld. CIT(A) ought to have examined issue from point of view of human probability as entry through bank account is not conclusive proof as observed by Hon ble Supreme Court in CIT vs. P. Mohanakala (291 ITR 278(SC):- transactions though apparent were held to be not real one. May be money came by way of bank cheques and paid through process of banking transaction but that itself is of no consequences. [B]. At outset, Learned Authorized Representative of assessee brought to our notice, at time of hearing, that tax effect in this appeal is below Rs. 50,00,000./-. Both sides, [Representatives of Revenue and Assessees] were in agreement, at time of hearing before us, that tax effect in this appeal is below Rs. 50,00,000/-. Vide recent CBDT Circular No.17/2019 dated 08.08.2019 read with earlier CBDT Circular No. 3 of 2018, dated 11.07.2018, minimum threshold limit of tax effect of filing of appeals by Revenue in Income Tax Appellate Tribunal ("ITAT", for short) has been enhanced to Rs. 50,00,000/-. In subsequent clarification issued by CBDT vide F.No. 279/Misc/M-93/2018-ITJ, dated 20/08/2019, it has been clarified Page | 2 ITA No: - 6338/Del/2016 by CBDT that aforesaid revised monetary limit is also applicable to all pending appeals in ITAT. Having regard to aforesaid, learned Counsel for assessee submitted that appeal was not maintainable. Therefore, in view of foregoing, this appeal is dismissed being not maintainable, having regard to aforesaid CBDT Circular No. 17/2019 dated 08.08.2019 read with aforesaid CBDT Circular No. 3 of 2018 in light of aforesaid clarification dated 20/08/2019. [C]. Before leaving, we clarify that Revenue will be at liberty to approach Income Tax Appellate Tribunal U/s 254(2) of Income Tax Act, 1961 seeking recall of this order and, for restoration of appeal if it is found that this appeal of Revenue is not covered by aforesaid CBDT Circulars dated 08.08.2019 and 11.07.2018. [D]. In result, appeal by Revenue is dismissed. Our decision was orally pronounced in Open Court after conclusion of hearing on date of hearing. Now, this written order is pronounced in Open Court on 19.09.2019 Sd/- Sd/- (H.S. SIDHU) (ANADEE NATH MISSHRA) JUDICIAL MEMBER ACCOUNTANT MEMBER Dated: 19.09.2019 SH Page | 3 ITA No: - 6338/Del/2016 Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 4. CIT(Appeals) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI Draft dictated 18.09.2019 Draft placed before author Approved Draft comes to Sr.PS/PS Order signed and pronounced on File sent to Bench Clerk Date on which file goes to AR Date on which file goes to Head Clerk. Date of dispatch of Order. Date of uploading on website 19.09.2019 Page | 4 Income-tax Officer, Ward-2(1), New Delhi v. Akshay Commercial Pvt. Ltd