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TMI Blog2022 (6) TMI 185X X X X Extracts X X X X X X X X Extracts X X X X ..... ion made u/s. 68 of the Act and correspondingly deleted the disallowance of interest paid on such loans. Since, the ld. AO in his remand report had categorically admitted the fact that fresh loans received during the year was only Rs. 30,00,000/-, the Revenue ought not to have challenged the addition made u/s. 68 of the Act in respect of opening balance of loans. Hon'ble Madras High Court in the case of B Jayalakshmi [ 2018 (8) TMI 208 - MADRAS HIGH COURT ] wherein it was held that where the Commissioner (Appeals) on the basis of remand report of Assessing Officer allowed the claim of the assessee, revenue was not entitled to maintain an appeal before the Tribunal against said order of Commissioner (Appeals). Also appeal of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ircle-22(3), Mumbai (hereinafter referred to as ld. AO). ITA No. 6506/Mum/2019 (A.Y. 2010-11) 2. At the outset, we find that Revenue has challenged the loan addition made u/s. 68 of the Act for the A.Y. 2010-11 in the sum of Rs. 3,31,00,000/- together with proportionate disallowance of interest of Rs. 24,57,973/- before us. 3. We have heard rival submissions and perused the materials available on record. We find that the ld. AO had made an addition of Rs. 3,31,00,000/- towards loans u/s. 68 of the Act and made disallowance of interest of Rs. 24,57,937/- in the assessment. During the course of first appellate proceedings, a remand report was called for by the ld. CIT(A). In the said remand report, the ld. AO himself had categori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... report of Assessing Officer allowed the claim of the assessee, revenue was not entitled to maintain an appeal before the Tribunal against said order of Commissioner (Appeals). The ld. AR before us argued that if the remand report of the ld. AO is considered, then the tax effect of the amounts disputed by the Revenue before this Tribunal would fall within the monetary limit prescribed by CBDT for filing of appeal by the Revenue before this Tribunal. We have gone through the said pages 34-41 of the order of the ld. CIT(A) and are convinced that if the remand report is considered then the appeal filed by the Revenue squarely falls on the ground of low tax effect. Accordingly, the appeal of the Revenue would be liable to be dismissed on the gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enue before us. Hence, we do not find any infirmity in the order of the ld. CIT(A) granting relief to the assessee even on merits. Accordingly, the appeal of the Revenue is dismissed. ITA No. 6509/Mum/2019 (A.Y. 2013-14) 5. We find that a letter was filed from the ld. AO confirming the fact that the case squarely falls within the ambit of low tax effect as the total addition made by the ld. AO in the assessment itself is only Rs. 70,15,014. Even though we find that in the grounds of appeal raised by the Revenue, a higher figure has been mentioned, the same is grossly erroneous as is evident from the authorisation memo issued by Pr. Commissioner of Income Tax for preferring appeal to the Tribunal. We find from the authorization mem ..... X X X X Extracts X X X X X X X X Extracts X X X X
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