Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (7) TMI 1542 - AT - Income TaxMaintainability of appeal - low tax effect - monetary limit to maintain appeal - HELD THAT:- We find the tax effect in the instant appeal filed by the Revenue is admittedly below ₹ 10 lakhs. Therefore, in view of Circular No.21/2015 dated 10-12-2015 of CBDT raising the monetary limit for filing of appeals by the Department before the Tribunal, which also applies to pending appeals filed by the Revenue, the appeal filed by the Revenue is not maintainable and has to be dismissed. In view of the above, the appeal filed by the Revenue is dismissed. Levy of surcharge of 10% on the tax payable - amount worked out on the basis of the assessed undisclosed income of the Respondent assessee - HELD THAT:- Levy of surcharge in case of block assessments pertaining to the period prior to 01-06-2002 has been settled by the latest decision of CIT Vs. Vatika Township Pvt. Ltd. [2014 (9) TMI 576 - SUPREME COURT] as held in the said decision that though provision for surcharge under the Finance Acts has been in existence since 1995, the charge of surcharge with respect to block assessments, having been created for the first time by the insertion of the proviso to section 113 of the I.T. Act, 1961 by the Finance Act, 2002, it is clearly a substantive provision and is to be construed as prospective in operation. The amendment neither purports to be merely clarificatory nor is there any material to suggest that it was intended by Parliament. Accordingly, it was held that surcharge will not be applicable to block assessments pertaining to period prior to 01-06-2002. Since the block period in the instant case is admittedly for the period 01-04-1989 to 08-121999, i.e. prior to 01-06-2002, therefore, surcharge is not applicable to the facts of the present case. Liability to pay any interest u/s.158BFA(1) - HELD THAT:- Respectfully following the decision of MR. MUKUND KRISHNAJI PURANDARE [2012 (9) TMI 1167 - ITAT PUNE] we restore the issue to the file of the AO with a direction to decide the issue of levy of interest u/s.158BFA(1) in the light of the decision of the Tribunal and in accordance with law after giving due opportunity of being heard to the assessee.
|