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TMI Blog2016 (1) TMI 1445X X X X Extracts X X X X X X X X Extracts X X X X ..... ess than ₹ 10 lakhs. Accordingly, we dismiss the appeal filed by the revenue. - I.T.A. No. 4610/Mum/2014 - - - Dated:- 15-1-2016 - SHRI B.R.BASKARAN, AM AND SHRI AMARJIT SINGH, JM For the Assessee : Shri Milin Dattani For the Department : Shri Ganesh Bare ORDER PER AMARJIT SINGH, JM: This appeal filed by the Revenue against the order of Commissioner of Income Tax (A) 17, Mumbai dated 23.04.2014 for the assessment year 2007-08. 2. At the time of hearing, it was noticed that the tax effect involved in this appeal on the disputed issues is less than ₹ 10 lakhs. For the sake of convenience, we tabulate below the relevant details:- S.No. Name of assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Board that departmental appeals may be filed on merits before Appellate Tribunal and High Courts and SLP before the Supreme Court keeping in view the monetary limits and conditions specified below. 3. Henceforth, appeals/ SLPs shall not be filed in cases where the tax effect does not exceed the monetary limits given hereunder: S No Appeals in Income-tax matters Monetary Limit (in Rs) 1 Before Appellate Tribunal 10,00,000/- 2 Before High Court 20,00,000/- 3 Before Supreme Court 25,00,000/- It is clarified that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nstruction shall apply retrospectively, i.e., even to the pending appeals. It is also stated that the quantum of penalty deleted or reduced shall be considered for determining the monetary limits. 4. It is well settled proposition that the circulars issued by the CBDT are binding on the Income Tax Authorities. For this proposition, one may gainfully refer to the decisions rendered by the Hon ble Supreme Court in the case of Azadi Bachao Andolan (2003)(177 Taxation 775) and Pradip J Mehta Vs. CIT (2008)(300 ITR 231). Hence, the latest circular issued by the CBDT (referred supra) is binding on the income tax authorities. Accordingly, we find merit in the submissions of Ld A.R that this appeal of the revenue is not maintainable, since tax e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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