Low tax effect monetary limit barred the appeal, which was dismissed as not maintainable.

An appeal was held not maintainable because the net tax effect was below the monetary limit under the applicable instruction. The Court noted that the relevant threshold was less than Rs. 4 lakhs and that the appeal was filed after the instruction came into force, so the monetary limit applied. As a result, the appeal could not be entertained on merits and was dismissed for low tax effect.

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Issues: Whether the appeal was maintainable when the net tax effect was below the monetary limit prescribed by the applicable instruction.

Analysis: The net tax effect involved was Rs. 3,31,271. The applicable instruction prescribed that where the net tax effect was less than Rs. 4 lakhs, no appeal would be maintainable before the Court. Since the appeal was filed after the issuance of the instruction, it attracted the monetary limit and could not be entertained on merits.

Conclusion: The appeal was not maintainable and was dismissed on the ground of low tax effect.

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