2024 (8) TMI 438 - SCH - Income Tax

Maintainability of appeal before SC on low tax effect - Whether Deduction as computed u/s 80IB should be reduced from the deduction computed u/s. 80HHC - HC 2011 (1) TMI 1592 - BOMBAY HIGH COURT decided issue in favour of assessee - HELD THAT - As appellant(s) states that the tax effect in all these appeals is below Rupees Two Crores. In view of Circular No.F.No.279/Misc.142/2007-ITJ(Pt.), dated 8th August, 2019, issued by the Government of India, Ministry of Finance, Department of Revenue, Central Board Direct Taxes, we decline to entertain these appeals, which are consequently dismissed in terms of the said Circular. The pending interlocutory application, if any, also stand disposed of.

Summary

The Supreme Court dismissed multiple civil appeals due to tax effect below Rupees Two Crores, following a circular issued by the Government of India, Ministry of Finance, Department of Revenue, Central Board Direct Taxes.