9911796707
TMI Blog2018 (8) TMI 1557X X X X Extracts X X X X X X X X Extracts X X X X ..... that the balance tax payable is 49,20,000/-. Thus, the said communication clearly shows that the tax effect is less than the limit prescribed in the Circular. Thus, by adopting the monetary limits in the Circular, the tax case appeal filed by the Revenue is dismissed X X X X Extracts X X X X X X X X Extracts X X X X ..... not while hearing of the appeal and would have no impact on the appeals, which are admitted and pending. However, in the Circular issued in the year, 2015, it has been made clear that, it will apply to pending appeals as well. In respect of the earlier circulars, it would be relevant to take note of the decision of the Hon'ble Supreme Court in Mathew M. Thomas Vs Commissioner Of Income-Tax [(1999) (III) ELT 4 SC] wherein, the Hon'ble Supreme Court, while considering the effect of Circular No.445, dated 16.05.1986, pointed out that Circular No. 455 dated 16.5.1986 issued by the C.B.D.T. is applicable to all pending proceedings which have not attained finality under Section 269 I of the Act as defined in the explanation to the said S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the Revenue submits that if the surcharge is added to the tax payable, it may cross the monetary limit fixed in the Circular. 6.Further, it is relevant to note that by Circular No.3/2018, dated 11.07.2018, monetary limit has further been increased and appeals be maintainable before the High Courts. It has been increased to ₹ 50,00,000/-. Hence, viewed from any angle, this appeal could not have been filed. 7.However, it is pointed out by the learned counsel for the assessee that by way of giving effect to the order dated 05.11.2002, the Assessing Officer, viz., the Deputy Commissioner of Income Tax, Central Circle, Salem-7, has stated that the balance tax payable is ₹ 49,20,000/-. Thus, the said communication clearly shows t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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