2021 (1) TMI 1160 - HC - Income Tax

High Court dismisses Revenue's appeal against ITAT order for AY 2004-05. Appeal withdrawn due to increased monetary limit.

The High Court of Calcutta dismissed the Revenue's appeal against an order by the Income Tax Appellate Tribunal for the assessment year 2004-05. The ... Maintainability of appeal - Monetary limit to make an appeal before High court - HELD THAT:- In view of Circular No.17/2019 F.No.279/Misc.142/2007-ITJ(Pt.) issued by Government of India, Ministry of Finance, Department of Revenue, Central Board Direct Taxes, Judicial Section dated August 8, 2019, monetary limit for filing appeals before the High Court has been increased to ₹ one crore and the tax effect in the present appeal being less than that, he may be permitted to withdraw the present appeal. Appeal is dismissed as withdrawn, while keeping open the legal issue raised therein. The High Court of Calcutta dismissed the appeal filed by the Revenue regarding an order passed by the Income Tax Appellate Tribunal for the assessment year 2004-05. The appellant requested to withdraw the appeal citing a monetary limit increase for filing appeals before the High Court, which was granted by the Court. The legal issue raised in the appeal was kept open.