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<h1>High Court discharges rule as tax effect falls below Rs. 30,000 threshold</h1> The High Court of Bombay ruled that the tax effect in the case did not exceed Rs. 8,500 per year, falling below the threshold of Rs. 30,000 set by the ... Procedure For Appeal Against Wealth Tax Order, Procedure For Reference The High Court of Bombay ruled that the tax effect in the case did not exceed Rs. 8,500 per year, falling below the threshold of Rs. 30,000 set by the Central Board of Direct Taxes. Therefore, the court discharged the rule with no costs. (Case citation: 1991 (3) TMI 128 - BOMBAY High Court)
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