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TMI Blog2013 (9) TMI 811X X X X Extracts X X X X X X X X Extracts X X X X ..... filed by the department under Section 260-A of the Income Tax Act 1961, against the judgment and order dated 07.09.2010 passed by the Income Tax Appellate Tribunal, Lucknow in Appeal No.455/Luc/2010 for the assessment year 1998-99. The brief facts of the case are that during the assessment year under consideration, the assessee - respondent has filed its return declaring loss of Rs.18,47,71,360/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntal appeal by observing that the tax effect is less than the prescribed limit mentioned in the CBDT Circulars. It may be mentioned that in a loss return, where heavy amount is involved, the issue can be looked from a slightly different angle. In absence of the Board's circulars issued, which now can be stated to be covered under Section 268A of the Act, there are no limitations on Revenue carryi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tained in circulars dated 15.5.2008 and 9.2.2011, the position prevailing prior to such circulars gets amplified and that therefore in cases of loss returns the Board's instructions did not envisage further appeal also does not impress us. We may recall that in the circular dated 15.5.2008, it is provided that in the case of loss, notional tax effect should be taken into account. This clarificatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee is negative, the Revenue's appeal before the appellate Tribunal would not be barred by the Board's circular under Section 268A of the Act. It is, however, clarified that the notional tax effect would have to be above the limits prescribed by the Board from time to time for presentation of such appeals. In all these cases since it is stated that the notional tax effect would be higher th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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