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TMI Blog2022 (11) TMI 1064X X X X Extracts X X X X X X X X Extracts X X X X ..... combined reading of the reported decisions and the order of the Supreme Court we are of the view that the appeal could be dismissed as coming within the monetary limit prescribed in Circular No.3/2018, subject to the observations made in [ 2018 (10) TMI 1977 - SC ORDER] - ITA NO. 211 OF 2019 - - - Dated:- 28-9-2022 - THE HONOURABLE MR.JUSTICE S.V.BHATTI And THE HONOURABLE MR.JUSTICE BASANT BALAJI FOR THE PETITIONER : BY ADVS.NAVNEETH N NATH P.K.RAVINDRANATHA MENON (SR.) SRI.JOSE JOSEPH, SC, FOR INCOME TAX FOR THE RESPONDENT : BY ADV SRI.C.A.JOJO JUDGMENT S. V. Bhatti , J. Heard Adv Navneeth N Nath, holding for learned Senior Advocate Mr P K R Menon, and learned Counsel Mr C A Jojo for parties. 2. The Principal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fect is less than Rs. 1 Crore and are covered by Circular No. 3/2018 dated 11.07.2018 of the Central Board of Direct Taxes. These appeals are, accordingly, dismissed. However, it shall be open to the Income-Tax Department to seek review in any of these matters, if it is pointed out that the tax effect is more than Rs. 1 Crore. Pending applications, if any, stand disposed of. (3) S.C. Naregal v. Commissioner of Income Tax (2019) 418 ITR (SC) Similar question came up for consideration before this court in DIT v. S.R. M. B. Dairy Farming (P.) Ltd. reported in [2018] 13 SCC 239 . This court after considering the decisions of different High Courts, including the Supreme Court decision on the question involved, namely, CIT v. Su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he principal question for decision is no more res integra in view of the principle laid down by the Apex Court in Mavilayi Service Co-operative Bank Ltd v. Commissioner of Income Tax (2021) 431 ITR 1 (SC). The ancillary argument to bring the case under one or the other exceptions is regarding the includable interest earned by the assessee/Society either from members or non-members or income from registered Co-operative Society or from Treasury Bank etc. Examined from any standpoint, it cannot be said that the consideration of the subject appeal by referring to the Circular would in any way have either cascading effect or would limit the discretion of the Department in subsequent assessment years. The order of the Supreme Court in Civil Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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