The Income-tax Officer, Ward-7(1), Hyderabad v. Syed Aneesuddin
[Citation -2019-LL-1001-174]
| Citation | 2019-LL-1001-174 |
|---|---|
| Appellant Name | The Income-tax Officer, Ward-7(1), Hyderabad |
| Respondent Name | Syed Aneesuddin |
| Court | ITAT-Hyderabad |
| Relevant Act | Income-tax |
| Date of Order | 01/10/2019 |
| Assessment Year | 2007-08 |
| Judgment | View Judgment |
| Keyword Tags | cash deposit • unexplained credit • unexplained investment • low tax effect |
| Bot Summary: | The Ld. CIT(A)-VI, Hyderabad erred on facts and in law. The Ld. CIT(A) erred in deleting the addition of Rs. 8.75 lakhs made towards cash deposits in to bank accounts. The Ld. CIT(A) erred in deleting the addition of Rs. 16.51 lakhs made towards unexplained credits in the form of loans. The Ld. CIT(A) erred in deleting the addition of Rs. 11.50 lakhs made towards unexplained investment in the form of M/s. Vitas Constructions. 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. 4. In the result, the appeal filed by the Revenue is dismissed. |