2014 (12) TMI 526

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..... T fixing monetary limits for the purpose of regulating filing of appeal or application for reference by any Income Tax Authorities under the provisions of Chapter-XX are binding – the same has also been decided in Kandhari and Kandhari (P) Ltd. Versus ITAT and Ors. [2012 (10) TMI 389 - Rajasthan High Court] – after considering the tax effect involved, the appeal should not have been filed by the d .....

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..... me the respondent-assessee has preferred an appeal before the Commissioner of Income Tax (Appeals), Udaipur which came to be allowed vide order dated 07.02.2013 and the proceedings initiated under Section 148 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act of 1961') and the assessment order, passed under Section 143(3) read with Section 147 of the Act of 1961 were quashed. .....

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..... heard the learned counsel for the appellant and after perusing the impugned order, we are of the view that the circular issued by the CBDT has statutory force as per the provisions of Section 268A(1) of the Act of 1961. Orders, instructions or directions issued time to time by CBDT fixing monetary limits for the purpose of regulating filing of appeal or application for reference by any Income Tax .....

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