2019 (4) TMI 1033 - HC - Income Tax

Maintainability of appeal - monetary limit - low tax effect - Penalty u/s 271-E - HELD THAT - As the amount of penalty in dispute remains to be below the Monetary Limit of ₹ 50 lakhs as provided vide Circular dated 11.7.2018, the appeal may be dismissed.

Summary

The Allahabad High Court dismissed an appeal under Section 260-A of the Income Tax Act, 1961, regarding a penalty imposed on the assessee for the assessment year 1996-97. The Tribunal reduced the penalty, leaving a penalty of Rs. 11,12,936. The appeal was dismissed as the penalty amount was below Rs. 50 lakhs, as per a Circular dated 11.7.2018.