Monetary Limits for Filing appeals by the Department [From 11.07.2024 to 14.03.2024 ] - Income Tax - Ready Reckoner - Income Tax

Monetary Limits for Filing appeals by the Department Revised Monetary limits for filing of income tax appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/appeals before Supreme Court have been specified under Circular No. 17/2019 Dated 8th August 2019. This circular issues under section 268A of the Income-tax Act, 1961 S. No. Appeals/SLPs in Income-tax matters Monetary Limit (Rs.) 1. Before Appellate Tribunal 50,00,000 2. Before High Court 1,00,00,000 3. Before Supreme Court 2,00,00,000 - The Circular No. 17/2019 Dated 8th August 2019 does not suppressed the Circular No. 3/2018 dated 11 July 2018, before this circular are every circular suppressed the previous one. - Terms and condition are applied for this monetary limit mentioned in the circular no. 3/2018 dated 11th July 2018. - Such monetary limits shall not apply to writ matters and Direct tax matters other than Income tax. - This Circular will apply to SLPs/appeals/cross objections/ references to be filed henceforth in SC/HCs/Tribunal. - it shall also apply retrospectively to pending SLPs/appeals/cross objections/references. Pending appeals below the specified tax limits above may be withdrawn/ not pressed. Exception to monetary limits for filing appeals specified in any Circular issued under Section 268A of the Income-tax Act, 1961. [ Circular No. 23 of 2019 Dated 6th September 2019 ] - Several references have been received by the Board that in large number of cases where organised tax-evasion scam is noticed through bogus Long-Term Capital Gain (LTCG)/Short Term Capital Loss (STCL) on penny stocks and department is unable to pursue the cases in higher judicial for a on account of enhanced monetary limits. It has been reported that in large number of cases, ITATs and High Court have recognized the unique modus operandi involved in such scam and have passed judgements in favour of the revenue. - However, in cases where some appellate for a have not given due consideration to position of law or facts investigated by the department, there is no remedy available with the department for filing further appeal in view of the prescribed monetary limits. - Board has decided that notwithstanding anything contained in any circular issued u/s 268A specifying monetary limits for filing of departmental appeals before Income Tax Appellate Tribunal (ITAT), High Courts and SLPs/appeals before Supreme Court, appeals may be filed on merits as an exception to said circular, where Board, by way of special order direct filing of appeal on merit in cases involved in organised tax evasion activity,