9911796707
TMI Blog2023 (3) TMI 1495X X X X Extracts X X X X X X X X Extracts X X X X ..... ibed time limit - HELD THAT:- As is discernible from the record, it is the claim of the assessee that it had, after framing of the assessment by the A.O vide his order passed u/s.143(3) dated 30.06.2016 filed with him a rectification application dated 28.06.2019. It is stated by the assessee that during pendency of its rectification application before the A.O its appeal was disposed off by the CIT(Appeals). It is further stated by the assessee that its rectification application had not been disposed off by the A.O till date. It is stated by the assessee that after the rectification is carried out the tax effect involved in the present appeal of the revenue would be less than Rs. 50 lac i.e. the threshold limit contemplated in CBDT Circular ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 79,159/-(Rs.5,13,22,577-Rs.2,71,43,418) added by AO which are actually difference of totals of Debit and Credits of Confirmation and includes Opening balance and Interest portion also. Whereas in the Assessment Order AO has mentioned Rs. 5,13,22,577/- was Loan received (which includes opening balance of Rs. 1,20,68,400 and interest credited for the year 14,70,659) and Rs. 2,71,43,418/- as Loan Returned. If we take rectified/actual amount of loan received, then, tax impact on the disputed addition along with other additions made in the Assessment Order is below Rs.50.00 Lakhs which is Monetary Ceiling vide Circular No-17 of 2019 dated 08/08/2019 for the Departmental Appeal before Hon'ble ITAT. 3. That on the Facts and on the circumsta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 06.2019. After filing of Rectification but before giving Rectification request for the year under consideration, Hon'ble CIT(A)-1, Raipur has passed the appellate Order by allowing the appeal of the assessee. 3. Since Hon. CIT(A) has allowed the appeal and assessee came to know that after giving Rectification effect tax liability will be less than 50 lakhs. 4. The Department filed second appeal before Hon. ITAT but after giving the Rectification effect, tax liability will be less than 50 lakhs. Till date Ld. AO has not passed Rectification Order u/s.154 hence, assessee hereby filed cross objection against the appeal filed by the department before Hon.ITAT." 3. As is discernible from the record, it is the claim of the assessee that i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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