2017 (6) TMI 1340 - HC - Income Tax

Appellant permitted to withdraw tax appeal for AY 2002-03 due to low tax effect

The High Court allowed the appellant to withdraw the tax appeal for Assessment Year 2002-03 due to the tax effect being less than Rs. 20 lakhs. The ... Maintainability of appeal - low tax effect - HELD THAT:- As appellant submits that the tax effect involved in the present appeal is less than ₹ 20 lakhs and as per the CBDT Circular No.21 of 2015 dated 10th December, 2015, the department has taken a policy decision not to prosecute the appeals wherein the tax effect is less than ₹ 20 lakhs. In view of the above, the learned Counsel for the appellant seeks leave to withdraw the appeal. The appeal stands disposed of as withdrawn. The High Court Bombay High Court judgment for Assessment Year 2002-03 involved a tax appeal where the tax effect was less than Rs. 20 lakhs. The appellant sought to withdraw the appeal, which was granted with no costs, and court fees were to be refunded.