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| The Tax Publishers2021 TaxPub(DT) 0878 (Mum-Trib) INCOME TAX ACT, 1961
Section 254(2)
Miscellaneous Application of the revenue deserves to be allowed and is, therefore, allowed as Revenue's Audit Objection had been accepted by the department which had ultimately triggered initiation of re-assessment proceedings, is already on record and hence, certainly falls under the exception provided in the CBDT Circular prescribing the monetary limits for preferring appeals before the Tribunal by the revenue.
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Appeal (Tribunal) - Rectification under section 254(2) - Miscellaneous Application filed by revenue to recall the order passed by Tribunal dismissed on account of low tax effect -
Revenue seeks to recall the order passed by this Tribunal on the ground that this Tribunal had dismissed the appeal of the revenue stating that the tax effect involved in the said appeal is less than the prescribed monetary limits of CBDT Circular, whereas the assessment in the instant case has been reopened on the basis of Revenue's Audit Objection which had been accepted by the Department and hence, the same would fall within the exception provided in para 2(c ) of the said Circular. Held: The Revenue's Audit Objection had been accepted by the department which had ultimately triggered initiation of re-assessment proceedings, is already on record and hence, certainly falls under the exception provided in the CBDT Circular prescribing the monetary limits for preferring appeals before the Tribunal by the revenue. In view of this, the Miscellaneous Application of the revenue deserves to be allowed and is, therefore, allowed.
REFERRED :
FAVOUR : Against the assessee.
A.Y. : 2010-11
IN THE ITAT, MUMBAI BENCH
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