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TMI Blog2020 (8) TMI 880X X X X Extracts X X X X X X X X Extracts X X X X ..... of para 10 of the Circular it is clear that where the revenue Audit Objection in case of an assessee has been accepted by the Department, the appeal of the revenue has to be decided on merits irrespective of the low tax effect. Now it is fact on record that the Audit Objection was accepted by the department and the AO has disallowed interest expenditure as pointed out by the Audit Branch of the Revenue. Therefore, we find that the appeal of the revenue falls in the exception as provided in para 10(c) of the Circular No. 3 of 2018. Accordingly, we recall the impugned order dated 04.10.2019 and restore the appeal of the revenue at its original number and stage. The Registry is directed to list the appeal of the revenue for hearing on 9th Octo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is paying interest amounting to ₹ 10,09,536/-. The ld. A/R of the assessee has submitted that the assessee has come to know about this fact that the assessment was reopened by the AO based on the Audit Objection first time when the Miscellaneous Application has been filed by the revenue. Thus the ld. A/R has submitted that the assessee has right to raise the objection against validity of reopening of the assessment. 3. Having considered the rival submissions, at the outset, we note that the appeal of the revenue was dismissed being not maintainable due to low tax effect as per the monetary limits provided in the amended CBDT Circular No. 3 of 2018 vide Circular No. 17 of 2019 dated 08.08.2019. Para 10 of the Circular curbs out the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e appeal of the revenue falls in the exception as provided in para 10(c) of the Circular No. 3 of 2018. Accordingly, we recall the impugned order dated 04.10.2019 and restore the appeal of the revenue at its original number and stage. The Registry is directed to list the appeal of the revenue for hearing on 9th October, 2020. The assessee shall have a liberty to raise the objection, if any against the decision of the AO based on the Audit Objection. The next date of hearing is announced in the open court and noted down by the parties, therefore, no separate notice of hearing shall be issued. 4. In the result, Miscellaneous Application filed by the revenue is allowed. Order is pronounced in the open court on 25/08/2020. - - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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