Itta/251/2016 Of The Pr. Commissioner Of Income Tax v. M/S. Mithra Agencies

HON’BLE SRI JUSTICE V.RAMASUBRAMANIANAND HON’BLE MRS JUSTICE ANIS I.T.T.A.No.251 of 2016 Judgment: Aggrieved by the dismissal of two appeals filed by the Revenue,solely on the basis of CBDT Instruction No.5 of 2014, dated 10-7-2014,relating to the monetary effect, the Revenue has come up with thepresent appeal under Section 260A of the Income Tax Act, 1961. 2. Heard Mr. J.V. Prasad, learned Senior Standing Counsel forthe Income Tax Department. 3. Irrespective of whether the Tribunal was right or wrong, thecase on hand is covered by Circular No.21/2015, dated 10-12-2015. The case does not fall under any of the Clauses (a) to (d)of para 8 of the said Circular. 4. Though a valiant attempt was made by the learned SeniorStanding Counsel for the Department, to bring the case within theambit of para 8(c), we do not think that the same is correct. The Revenue audit objection, has not so far been accepted by theDepartment. In ground No.5 of the present appeal, the Departmenthas tacitly conceded this fact, but contended that remedial action maybe taken under Section 263 of the Income Tax Act. It means that theaudit objection has not so far been accepted. The monetary effect ofthe present appeal is less than Rs.20 lakhs. The case does not fallunder Para 8(c) or under any other Clauses of para 8 of CircularNo.21/2015. 5. Therefore, the appeal is dismissed. However, the questions oflaw arising in the main proceedings are left for consideration inappropriate case. The miscellaneous petitions, if any, pending in this appeal shall stand closed. No costs. ___________________________ V.RAMASUBRAMANIAN, J. 19[th] July, 2016.Ak ___________________________ ANIS, J. HON’BLE SRI JUSTICE V.RAMASUBRAMANIANAND HON’BLE MRS JUSTICE ANIS I.T.T.A.No.251 of 2016 19[th] July, 2016.(Ak)