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TMI Blog2011 (7) TMI 1370X X X X Extracts X X X X X X X X Extracts X X X X ..... mon judgment of the Income Tax Appellate Tribunal ('Tribunal' for short) dated 29th August 2008. While admitting these appeals, following substantial question of law was framed for consideration: Whether the Appellate Tribunal is right in law and on facts in setting aside the order passed by the Commissioner of Income Tax u/s.263 of the Act when the Assessing Officer failed in initiati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the Division Bench made the following observations: We are of the view that simply because the appeal is filed by the Department in contravention of the Circular the Tribunal is not bound to decide the appeal on merits. Due weightage should invariably be given by the Tribunal to the Circular issued by the Board. Even otherwise, the newly inserted provisions contained in Section 268A(4) make ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... open to the Tribunal to direct that the Circular issued by the Board prescribing the monetary limit should be given effect to and not the decision of Hon'ble Supreme Court or the territorial High Court. It is, however, equally true that the Tribunal's attention must be drawn by the departmental representative to such decision of the Hon'ble Supreme Court or the High Court. An objectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , appeal shall be filed in respect of such assessment year or years in which the tax effect in respect of the disputed issues exceeds the monetary limit specified in para 3. No appeal shall be filed in respect of an assessment year or years in which the tax effect is less than the monetary limit specified in para 3. In other words, henceforth, appeals will be filed only with reference to the tax e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibes penalty ranging between 100 to 300 per cent of the amount of tax evasion detected. In this group of appeals, even after taking maximum possible penalty imposable and taking combined total possible penalties for all appeals involving the same assessee and decided by the Tribunal by a common judgment, the same does not exceed the limit prescribed by the Board in its circular. To ascertain the t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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