Case Law Details
PCIT Vs Urmila RCP Projects Pvt. Ltd. (Jharkhand High Court)
Jharkhand High Court dismissed the tax appeal filed by the revenue on the question of maintainability as the tax effect involved in the matter is much below the monetary limit as enumerated in Circular No. 3/2018, Dated: 11/07/2018 read with Circular No. 17 of 2019.
Facts- On 09.01.2015, a review order u/s 263 was passed by CIT, Ranchi in respect of Security Deposit and Retention Money. Thereafter, on 30.03.2016, Re-Assessment Order u/s 143(3) read with section 263 was passed by AO determining total assessed income at Rs.3,67,71,360/-, after making addition of Rs. 2,05,96,503/- on account of Security Deposit, Retention Money deposit etc.
Being aggrieved, Assessee filed an appeal before CIT(A). On 28.08.2018, the CIT (A) dismissed the appeal filed by the Assesse. Thereafter, the Respondent-Assessee filed appeal before the learned ITAT. The learned ITAT vide its order dated 20.01.2020 allowed the appeal of the Assessee. Being aggrieved, revenue has preferred the present tax appeal.
Conclusion- Held that it is crystal clear that on the one hand the tax effect in the instant case is much below the monetary limit as enumerated in Circular No. 3/2018, Dated: 11/07/2018 read with Circular No. 17 of 2019.and on the other hand none of the exception clause much less the audit objection is involved in this case and as such, we are having no hesitation in dismissing this appeal on the question of maintainability itself. Consequently, the instant appeal is dismissed at the admission stage itself.
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