2019 (2) TMI 1925 - HC - Income Tax

Maintainability of appeal - Low tax effect - HELD THAT - This Appeal under Section 260A of the Income Tax Act 1961 has been filed challenging the order passed by the Income Tax Appellate Tribunal. The learned counsel appearing in support of the appeal states that he has been instructed to withdraw this appeal. This is for the reason that the tax effect involved in this appeal is less than the threshold limit of 50 Lacs as provided in CBDT Circular No. 3 of 2018 dated 11.7.2018. In view of the above submission the appeal is dismissed as not pressed.

Summary

The High Court of Bombay dismissed an appeal under Section 260A of the Income Tax Act, 1961 as the tax effect involved was less than the threshold limit of Rs. 50 Lacs as per CBDT Circular No. 3 of 2018. The appeal was withdrawn by the appellant's counsel, and court fees were refunded as per rules.