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of <h1>Notice under Section 158BD read with Section 158BC held unsustainable; appeals dismissed as not maintainable due to monetary threshold</h1> <h3>Assistant Commissioner of Income Tax Versus Rajnikant K Marfatia.</h3> Impugned notice issued under Section 158BD read with Section 158BC was found unsustainable for want of the pre-requisite conditions as earlier indicated ... Pre-requisite conditions laid down by Section 158BD - as per HC [2005 (12) TMI 619 - GUJARAT HIGH COURT] requirement of provisions of Section 158BD the impugned notice issued under Section 158BD read with Section 158BC of the Act (Annexure-C) cannot be upheld. Maintanability of appeal on low tax effect - HELD THAT:- By a Circular dated 17 September 2024 of the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, the monetary threshold of the tax effect for filing an appeal to the Supreme Court has been increased from Rupees two crores to Rupees five crores. The Additional Solicitor General has confirmed that the tax effect in the present appeals is less than Rupees five crores. Taking note of the above statement, the present appeals are disposed of. Any questions of law arising from the appeals are left open. By a Circular dated 17 September 2024 of the Central Board of Direct Taxes, Department of Revenue, Ministry of Finance, 'the monetary threshold of the tax effect for filing an appeal to the Supreme Court has been increased from Rupees two crores to Rupees five crores.' The Additional Solicitor General confirmed that the tax effect in the present appeals is less than Rupees five crores. Taking that statement into account, the appeals were disposed of. The Court expressly held: 'Any questions of law arising from the appeals are left open.' Pending applications, if any, were ordered to stand disposed of.
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