DCIT Vs Coforge Ltd. (ITAT Delhi)
Appeal was filed by revenue for AY 2016-17 against order passed by CIT (A) who deleted the adjustment of Rs. 1,18,14,779/- on account of interest charged on outstanding receivable from the AEs to the income of the assessee even when the provisions of section 92B have been amended by The Finance Act, 2012 with retrospective amendment from 01.04.2002.
It was submitted of behalf of assessee that the appeal filed by the Revenue is hit by recently issued CBDT Circular No.09 of 2024 dated 17.09.2024 revising the previous thresholds pertaining to tax effects. As per aforesaid Circular, all pending appeals filed by Revenue are liable to be dismissed as a measure for reducing litigation where the tax effect does not exceed the prescribed monetary limit which is now revised at Rs.60 Lakhs. In the instant case, the tax effect on the disputed issues raised by the Revenue is stated to be not exceeding Rs.60 lakhs and therefore, appeal of the Revenue is required to be dismissed in limine. On the other hand, revenue fairly admitted applicability of the CBDT Circular No.09 of 2024 dated 17.09.2024. Accordingly, appeal of the Revenue is dismissed as not maintainable.
