TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
When case Id is present, search is done only for this
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Case Laws
of of All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>ITAT dismisses revenue appeal on disallowed dividend income, citing low tax effect</h1> <h3>ACIT Circle Bulndshahr Versus Zila Sahkari Bank Ltd.</h3> ACIT Circle Bulndshahr Versus Zila Sahkari Bank Ltd. - TMI Issues Involved:Disallowance of dividend income claimed as exempt by the assessee in its return of income.Analysis:The appeal was filed by the department against the order passed by the Ld. CIT(A), Ghaziabad, wherein the disallowance of dividend income claimed as exempt by the assessee was deleted. The tax in dispute was Rs. 7,06,130/-. The department's appeal was based on the disallowance made by the Assessing Officer. However, it was noted that the tax amount was less than the prescribed limit for preferring appeals before the ITAT as per Circular No. 3/2018 dated 11.07.2018. The Ld. Sr. DR failed to establish any exceptions to this circular applicable to the case. The ITAT held that the revised monetary limits mentioned in the circular would apply retrospectively to pending appeals. Consequently, considering it a low tax effect case, the appeal of the revenue was dismissed without delving into the merits of the case.In conclusion, the ITAT, in its judgment, dismissed the appeal of the revenue on the grounds of low tax effect as per Circular No. 3/2018 dated 11.07.2018. The decision was made without delving into the merits of the case due to the tax amount being below the prescribed limit for filing appeals before the ITAT.
TaxTMI 
TaxTMI 
