×Latest Case Laws on Income Tax by various Income Tax Appellate Tribunals in India
These are the latest case laws decided by various Income Tax Appellate Tribunals (ITAT) of India on Income Tax which have been published recently. The case laws are open for discussion and we invite expert comments from our members on its applicability and effect on relevant issues.
03-01-2019, Gea Process Engineering, Section 144C(4), 115JB, Tribunal Mumbai
There are cross appeals filed by the assessee as well Revenue for the impugned assessment year 2007-08 before Income-Tax Appellate Tribunal, Mumbai (hereinafter called “the tribunal”). The assessee has also filed cross objections against the Revenue‟s appeal. The appeals before the tribunal has arisen against the appellate orders dated 06.04.2015 passed by learned Commissioner of Income-tax(Appeals)-56,Mumbai .The assessment order was framed by learned Assessing Officer( hereinafter called “the AO”) vide assessment order dated 09.02.2011 passed u/s 143(3) read with Section 144C(4) of the Income-tax Act,1961( hereinafter called “the Act”) which was in pursuance to the order dated 29.10.2010 passed by Transfer Pricing Officer(hereinafter called “the TPO”) u/s 92CA(3) of the 1961 Act.
2. First , we shall dispose of Revenue‟s appeal in ITA no. 4154/Mum/2015 for AY 2007-08 and Cross Objections in C.O.No. 147/Mum/2015 arising out of Revenue‟s appeal in ITA no. 4154/Mum/2015 , filed by the assessee. against aforesaid Revenue‟s appeal. This appeal filed by the Revenue in ITA No. 4154/Mum/2015 and C.O.No. 147/Mum/2015 filed by the assessee, both for AY 2007-08 are disposed of because the tax effect in the Revenue‟s appeal is less than Rs. 20 lacs as per the CBDT Circular No. 3/2018, F. No. 279/Misc.142/2007-ITJ (Pt) dated 11th July, 2018 issued by Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, Government of India.
3. The Ld. DR submitted that this appeal filed by Revenue is not maintainable as tax effect is less than Rs. 20 lacs being a low tax effect appeal covered by CBDT circular no. 3/2018 dated 11.07.2018 and this appeal of the Revenue is also not covered by any of exceptions as notified by CBDT circular and this appeal is thus not maintainable as tax effect is less than Rs. 20 lacs. The learned AR also submitted that tax effect involved in this Revenue‟s appeal is less than Rs. 20 lacs and the CBDT Circular No. 3/2018 is applicable to this appeal and this appeal filed by the Revenue is not maintainable in terms of CBDT circular no 3/2018 dated 11.07.2018 . The said CBDT circular dated 11.07.2018 is reproduced as hereunder:-