2019 (4) TMI 1045 - SCH - Income Tax

Monetary limit - Validity of reopening of assessment - existence of substantial question of law - HELD THAT - The tax effect is less than Rupees One Crore. In view of Circular No. 3/2018 dated 11 July 2018, as amended by Circular dated 20 August 2018 of the Central Board of Direct Taxes, the Special Leave Petition need not be entertained. The Special Leave Petition is accordingly, dismissed. However, the question of law is kept open.

Summary

The Supreme Court of India dismissed the Special Leave Petition due to the tax effect being less than Rupees One Crore, as per Circular No. 3/2018 dated 11 July 2018 of the Central Board of Direct Taxes. The question of law is kept open, and pending applications shall stand disposed of.