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2020 (12) TMI 67 - AT - Income TaxMaintainability of appeal - low tax effect - Unexplained money u/s 69A - undisclosed foreign income / undisclosed foreign assets (including financial assets)/ undisclosed foreign bank account - HELD THAT:- Assessee has received certain credits in ICICI Bank Account maintained in India. The said credit, inter-alia, represented transfer from assessee’s own NRE account as well as reimbursement of expenses on behalf of certain corporate entities. As such, there was no undisclosed foreign income / undisclosed foreign assets (including financial assets)/ undisclosed foreign bank account in terms of clause (d) of para 10 of circular no. 3/2018 dated 11/07/2018 as amended vide circular dated 20/08/2018. The bank account under question was maintained in India in which remittances were received from abroad. Therefore, the plea raised by the revenue could not be accepted. No other exception could be pointed out by revenue which would preclude it to withdraw the appeal under question. Therefore, we concur with the submissions of Ld. AR that the tax effect of quantum additions being contested by the Revenue is, prima-facie, below threshold monetary limit of ₹ 50 Lacs and the appeal is not maintainable in terms of recently issued low tax effect Circular No. 17/2019 dated 08/08/2019 [F.No.279/Misc. 142/2007- TTJ(Pt.) issued by CBDT. The appeal is not maintainable. The investigation arm of the Income Tax Department is an internal organ of the department and therefore, the same would not fall under the category of external sources in the nature of law enforcement agencies as envisaged by clause 10(e) of the said circular.
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