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TMI Blog2019 (3) TMI 172X X X X Extracts X X X X X X X X Extracts X X X X ..... 9, the CBDT has recognized vide para 2 that there is no charge under Wealth Tax Act, 1957 w.e.f. 01.04.2016 and hence as a step towards litigation management, the Board has decided that monetary limits for filing of appeals in income tax cases as prescribed in para 3 of the circular shall also apply to wealth tax appeals. In view of extension of circular to wealth tax appeals coming into effect, which is applicable to pending appeals, then the present appeals filed by the Revenue before the Tribunal because of low tax effect, merits to be dismissed in toto. - WTA Nos.41 & 42/PUN/2017, CO Nos.81 & 82/PUN/2017, WTA Nos.45 to 47/PUN/2017, CO Nos.85 to 87/PUN/2017 - - - Dated:- 27-2-2019 - Ms. Sushma Chowla, JM And Shri Anil Chaturvedi, A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... artmental Representative for the Revenue fairly conceded to the proposition raised by the learned Authorized Representative for the assessee after going through the assessed wealth in the hands of each of appeals before the Tribunal. 5. The learned Authorized Representative for the assessee further pointed out that in view thereof, Cross Objections filed by assessee are not pressed. 6. We have heard the rival contentions and perused the record. The assessee Lovely Marketing Pvt. Ltd. has filed two appeals before us i.e. relating to assessment years 2008-09 and 2009-10. As per wealth tax assessment order, the net wealth assessed in both the years is same i.e. about ₹ 1 crore, on which wealth tax works out to ₹ 85,176/- and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f wealth tax appeals, para 4 of the circular shall now read as under (as provided in the circular):- 4. For this purpose, tax effect‟ means the difference between the tax on Net Wealth assessed and the tax that would have been chargeable had such Net Wealth been reduced by the amount of wealth in respect of the issues against which appeals is intended to be filed. However, the tax will not include any interest thereon, except where chargeability of interest itself is in dispute. In case the chargeability of interest is the issue under dispute, the amount of interest shall be the tax effect. In case of penalty orders, the tax effect will remain quantum of penalty deleted or reduced in the order to be appealed against. 8. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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