Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: articles on VAT and GST in India :: form 3cd :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: cpt :: due date for vat payment :: TDS :: empanelment :: ACCOUNTING STANDARD :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4%
From the Courts »
 Shri Rakesh Kumar Gupta Vs. The Commissioner Of Income Tax-Xiii & Anr.
 Central Board Of Direct Taxes Vs. Satya Narain Shukla
 Meena Rastogi Vs. Central Board Of Direct Taxes, & Anr.
 Siddharth Rastogi Vs. Central Board Of Direct Taxes, Union Of India, Ministry Of Finance, Department Of Revenue & Anr.
 ITO vs. NVS Builders Pvt. Ltd (ITAT Delhi)
 Approva Systems Pvt. Ltd vs. DCIT (ITAT Pune)
 Procter & Gamble Home Products Pvt. Ltd vs. ITAT (Bombay High Court)
 Virag Tiwari Vs. Principal Commissioner Of Income Tax-21 & Others
  Anand Agarwal vs. Vilas Chandrakant Gaokar (Bombay High Court)
 Maxopp Investment Ltd vs. CIT (Supreme Court)
 Order of a Four-Member Appellate Authority constituted under Chartered Accountants Act is Valid: Delhi HC

May, 25th 2012
                               "D" BENCH, MUMBAI



                          ITA no. 2197/Mum./2010
                        (Assessment Year : 2005­06)

Dy. Commissioner of Income Tax
Circle­8(3), Aayakar Bhavan
101, M.K. Road, Mumbai 400 020                          ....................... Appellant


Rishabh Investments P. Ltd.
A­54, Marol MIDC, Andheri (E)
Mumbai 400 093
PAN ­ AAAC2228D                                        ................... Respondent

                        Revenue by : Mr. C.G.K. Nair
                        Assessee by : Mr. Kishore B. Phadke

Date of Hearing ­ 24.05.2012                       Date of Order ­ 24.05.2012



      The present appeal preferred by the Revenue, is directed against
impugned order dated 5th January 2010, passed by the Commissioner
(Appeals)­XVIII, Mumbai, for assessment years 2005­06.

2.    Before us, both the learned Representatives agree that the tax effect
in the Revenue's appeal is less than ` 3,00,000. As per CBDT Instruction
no.3 of 2011, dated 9th February 2011, the appeal before the Appellate
                                                          Rishabh Investments P. Ltd.


Tribunal can be filed by the Revenue, when the tax effect exceeds the
monitory limit of ` 3,00,000.

3.   The Hon'ble Bombay High Court in the case of CIT v/s Madhukar K.
Inamdar (HUF), 318 ITR 149 (Bom.) held as follows:-

     "The circular dated May 15, 2008 in general and paragraph (5) thereof
     in particular lay down that even if the same issue, in respect of the
     same assessee, for other assessment years is involved, the
     Department should not file appeal, if the tax effect is less than ` 4
     lakhs. In other words, even if the question of law is of recurring
     nature, the Revenue is not expected to file appeals in such cases, if
     the tax impact is less than the monetary limit fixed by the Central
     Board of Direct Taxes. The Board has also issued a circular on June 5,
     2007, directing the Department to examine all appeals pending before
     the court on a case to case basis with further direction to withdraw
     cases wherein the criteria of monetary limits as per the prevailing
     instruction are not satisfied, unless the question of law involved or
     raised in appeal or referred to the High Court for opinion is of a
     recurring nature required to be settled by the higher court. The
     circular makes it clear that on the date of issuance of the circular,
     prevailing instructions fixing monetary limit will hold good even for
     pending cases. The circular dated May 15, 2008 would be applicable to
     pending cases requiring the Department to withdraw cases wherein
     the tax effect is less than the prescribed monetary limits. The circular
     dated May 15, 2008, would be applicable to cases pending before the
     court either for admission or for final disposal and it is binding on the

4.   Similar view was taken by the Hon'ble Jurisdictional High Court in the
judgment in CIT v/s Pithwa Engineering Works, (2005) 276 ITR 519 (Bom.),
and the Hon'ble Delhi High Court in M/s. P.S. Jain & Co., 335 ITR 591 (Del.).
Applying the propositions laid down in these case laws to the facts of the
present case, we dismiss the Revenue's appeal.

5.   In the result, Revenue's appeal is dismissed.
     Order pronounced in the open Court on 24th May 2012.

            Sd/-                                                   Sd/-
      R.S. PADVEKAR                                         J. SUDHAKAR REDDY
     JUDICIAL MEMBER                                       ACCOUNTANT MEMBER

MUMBAI,    DATED:    24th May 2012
                                                     Rishabh Investments P. Ltd.


Copy to:

(1)   The Assessee;
(2)   The Respondent;
(3)   The CIT(A), Mumbai, concerned;
(4)   The CIT, Mumbai City concerned;
(5)   The DR, "D" Bench, ITAT, Mumbai.

                                                  TRUE COPY
                                                  BY ORDER

Pradeep J. Chowdhury                           ASSISTANT REGISTRAR
Sr. Private Secretary                    ITAT, MUMBAI BENCHES, MUMBAI

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions