2018 (1) TMI 1120 - HC - Income Tax

Maintainability of appeal - Held that - Tax effect involved in the present appeal is less than ₹ 20 lakhs and as per the CBDT Circular No.21 of 2015 dated 10th December, 2015, the Department has taken a policy decision not to prosecute the appeals wherein the tax effect is less than ₹ 20 lakhs. ITAT order 2015 (1) TMI 1369 - ITAT MUMBAI confirmed saying losses of earlier years cannot be notionally brought forward to be set off against current year s income, since the current year is the initial assessment year in which deduction u/s 80IA was claimed.

Summary

The High Court of Bombay heard a case related to Assessment Year 2009-10 where the tax effect was less than Rs. 20 lakhs. The appellant sought to withdraw the appeal in accordance with a CBDT circular. The appeal was disposed of as withdrawn with no costs, and the question of law raised was kept open. Court fees were to be refunded.