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2021 (4) TMI 1284 - AT - Income TaxMaintainability of appeal - low tax effect - HELD THAT - This Tribunal has dismissed the Revenue s appeal on account of low tax effect; however the Revenue was given liberty to get the appeal reviewed if the tax effect discovered later on, is more than the monetary limit prescribed by the CBDT. The Ld. DR has furnished before us, computation of the tax effect which comes to ₹ 75,00,000/- which is more than the tax limit of ₹ 50 lacs prescribed by CBDT Circular No.17 of 2019 dated 08.08.2019, therefore, we recall the order of the Tribunal dated 23.08.2019. The Registry is directed to fix the appeal for hearing on 27.05.2021. Since, the date of hearing has been announced in the open court, therefore no separate notice of hearing would be sent to the parties.
Issues:
1. Mistake apparent from record under section 254(2) of the Income Tax Act, 1961. 2. Tax effect exceeding the limit prescribed by CBDT Circular No.17/2019 for filing appeal before the Tribunal. Analysis: 1. The judgment addresses the issue of a mistake apparent from the record under section 254(2) of the Income Tax Act, 1961. The Revenue sought to point out such a mistake in the Tribunal's order dated 23.08.2019. The Learned Departmental Representative highlighted that the tax effect involved in the appeal exceeded the limit set by CBDT Circular No.17/2019, which is ?50 lacs. As a result, the Ld. DR requested the Tribunal to recall the order. 2. The Tribunal considered the submissions of both parties and acknowledged that the tax effect in question amounted to ?75,00,000, surpassing the prescribed limit of ?50 lacs. Consequently, the Tribunal decided to recall the order dated 23.08.2019. The Registry was instructed to schedule the appeal for a hearing on 27.05.2021, with no separate notice to be issued to the parties due to the announcement made during the open court session. Ultimately, the Miscellaneous Application filed by the Revenue was allowed, and the order was pronounced on 08/04/2021 during a Virtual Court Hearing.
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