2018 (9) TMI 1762 - SCH - Income Tax

Maintainability of appeal - monetary limit - Held that - In these appeals the tax effect is less than 1 crore and are covered by the Circular of CBDT. These appeals are accordingly dismissed. However it will be open to the Income-Tax Department to seek review in any of these matters if it is pointed out that the tax effect is more than 1 Crore.

Summary

The Supreme Court condoned delay, granted leave, and dismissed appeals with tax effect less than Rs. 1 crore, as per CBDT Circular. Income-Tax Department can seek review if tax effect exceeds Rs. 1 crore.