ITAT: Transfer of Cases from Division Bench to SMC

[Chandravijay Shah]

Recently, vide Circular dated 29.06.2015, the Registrar of Hon'ble CESTAT, Delhi invited all ARs to bring to his notice the cases which have stake of less than Rs. 50 Lac and which need to be transferred to Hon'ble Single Member Bench from Hon'ble Division Bench in view of the Monetary Limit of Rs. 10 Lac raised to Rs. 50 Lac vide the Amendment made by the FA, 2013.

FA, 2015 amended section 255(3) of the Income Tax Act, 1961 and the Monetary Limit of Assessed Income is raised from Rs. 5 Lac to Rs. 15 Lac with effect from 01.06.2015. Such cases with enhanced Limit are now to be heard by Hon'ble Single Member Bench instead of Hon'ble Division Bench. However, to my knowledge and as per my recent experience, the said Amendment is still to be implemented by Hon'ble Income Tax Appellate Tribunal. Nor I have received communiqué from the Registrar, Mumbai Tribunal to inform the cases to be heard by Hon'ble Single Member Bench instead of Hon'ble Division Bench with effect from 01.06.2015 in view of the enhanced Limit of Assessed Income.

I stand to correction. I shared my recent experience.