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of <h1>Monetary Limits for Tax Appeals Raised: High Court References Now Rs.10,000, Supreme Court Appeals Rs.30,000 Under Income Tax Act.</h1> The circular issued by the Board on January 10, 1975, addresses the monetary limits for filing references to the High Court and appeals to the Supreme Court under the Income Tax Act, 1961. Previously, references to the High Court and appeals to the Supreme Court were generally not approved if the revenue effect was less than Rs.5,000 and Rs.15,000, respectively. Due to increased litigation costs, the Board has decided to raise these limits to Rs.10,000 for High Court references and Rs.30,000 for Supreme Court appeals, partially modifying earlier instructions.
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