2005 (7) TMI 66

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..... dated March 27, 2000, is very much applicable even to the old references which are still undecided. The Department is not justified in proceeding with the old references wherein the tax impact is minimal. Thus, there is no justification to proceed with decades old references having negligible tax effect – Thus, we, do not think it necessary to answer the reference made to this court for the assess .....

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..... in the case of CIT v. Cameo Colour Co. [2002] 254 ITR 565, ruled that the instructions issued by the Central Board of Direct Taxes, New Delhi, dated March 27, 2000 wherein monetary limit for the Department for filing reference to the High Court earlier fixed at Rs. 50,000 came to be revised and fresh instructions are issued to file references only in cases where the tax effect exceeds Rs. 2,00,00 .....

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..... ame 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 assessees on the file of the Departments have increased; consequently, .....

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