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BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER, AND SHRI R.S. PADVEKAR, JUDICIAL MEMBER
May, 25th 2012
                 IN THE INCOME TAX APPELLATE TRIBUNAL
                               "D" BENCH, MUMBAI

     BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER, AND

                  SHRI R.S. PADVEKAR, JUDICIAL MEMBER

                          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

                                      v/s


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




                                   ORDER


PER J. SUDHAKAR REDDY


      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.




                                                                               2


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
     Revenue."


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.


                                                                             3


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



 
 
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