2006 (2) TMI 505

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..... der of the Commissioner of Income-tax (Appeals) V, Kochi dated 19-8-2004 and these appeals relate to the assessment years 1988-89, 1989-90, 1990-91 and 1991-92. 2. The short issue, which is common in all these appeals, that emerges for our adjudication is whether the Commissioner of Income-tax (Appeals) is justified in dealing the addition made by the Wealth-tax Officer in respect of the value .....

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..... he decision of the Hon ble Bombay High Court in the case of CIT v. Pithwa Engg. Works [2005] 276 ITR 519. He submitted that as the tax effect involved in all these appeals is less than Rs. 2 lakhs, these appeals may be dismissed. On the other hand, the ld. DR vehemently submitted that the Circular No. 2/2005 dated 24-10-2005 is only applicable from the date of issue of the said circular and th .....

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..... references if the tax effect is less than Rs. 2 lakhs. But the same approach is not adopted with respect to the old referred cases even if the tax effect is less than Rs. 2 lakhs. In our view, there is no logic behind this approach. This court can very well take judicial notice of the fact that by passage of time money value has gone down, the cost of litigation expenses has gone up, the assess .....

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