Income Tax Officer Vs. M/s. Matoshri Arts and Sports Trust

Parties Involved

Facts Summary

This appeal has been preferred by the Revenue against the order dated 21.03.2018, passed by the Ld. Commissioner of Income Tax (Exemptions) under section 263 of the Income Tax Act, 1961 for the A.Y. 2013-14. The tax effect involved is less than Rs.60,00,000/-. The Revenue argued that the case should not be dismissed as withdrawn as it is based on a revenue audit objection. However, the assessee argued that the latest CBDT circular No.5/2024 dated 15.03.2024 removes the exception for audit objections, and the co-ordinate Bench of the Tribunal had dismissed similar appeals on this ground.…

Legal Issues

• 1. Whether the appeal filed by the Revenue is maintainable given the tax effect is less than Rs.60,00,000/- as per the latest CBDT circular No.5/2024?

Judgment Outcome

Decided in favour of Revenue.

Precedents Relied Upon

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