2022 (12) TMI 850 - SCH - Income Tax

Maintainability of appeal before Supreme court on low tax effect - tax effect to prefer an appeal before Supreme Court - HELD THAT - As respective parties that tax effect in both the appeals for the relevant Assessment Years - 1995-96 and 1996-97 would be less than Rs. 2 Crores which is the monetary limit to prefer an appeal before this Court, as per Circular F.No.390/Misc/115/2017-IC dated 22.08.2019 issued by the Central Board of Indirect Taxes Customs. In that view of the matter and on the ground of low tax effect only, the present Appeals stand disposed of.

Summary

The Supreme Court of India disposed of the appeals for Assessment Years 1995-96 and 1996-97 as the tax effect was less than Rs. 2 Crores, the monetary limit for appeals as per Circular F.No.390/Misc/115/2017-IC. The question of law remains open.