ITAT dismissed assessee's appeal citing low tax effect as per ...

ITAT dismissed appeal citing low tax effect; Revenue can recall if exceptions. Assessee cited Circular & HC judgment. HC quashed ITAT order, remanded matter.

Case Laws Income Tax

August 6, 2024

ITAT dismissed assessee's appeal citing low tax effect as per CBDT Circular No.3/2018, giving Revenue liberty to recall dismissal if covered by exceptions. Assessee contended ITAT rightly relied on Circular No.5/2017 and Bombay HC judgment that mere audit objection insufficient for recall. HC allowed Revenue's petition, quashed ITAT order, remanded matter to ITAT to enable Revenue to point out accepted audit objection, holding CBDT circular u/s 268A binding, but clarifying appeal possible if contrary to SC judgments.

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ITAT dismissed assessee's appeal citing low tax effect as per ...

ITAT dismissed appeal citing low tax effect; Revenue can recall if exceptions. Assessee cited Circular & HC judgment. HC quashed ITAT order, remanded matter.

Case Laws Income Tax

August 6, 2024

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