https://www.taxtmi.com/caselaws?id=211865 The High Court of Madhya Pradesh held that the reference under section 256(2) of the Income Tax Act 1961 was not competent due to the tax liability being less than Rs.2 lakh. Relying on a CBDT circular and previous judgments, the court concluded that the reference need not be answered, aligning with the monetary limits set by the CBDT for filing appeals based on tax effect. This decision emphasizes the importance of adhering to established guidelines to streamline the appellate process and avoid unnecessary litigation. en-us Thu, 24 Feb 2011 00:00:00 +0530 Tue, 27 Mar 2012 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211865 The High Court of Madhya Pradesh held that the reference under section 256(2) of the Income Tax Act 1961 was not competent due to the tax liability being less than Rs.2 lakh. Relying on a CBDT circular and previous judgments, the court concluded that the reference need not be answered, aligning with the monetary limits set by the CBDT for filing appeals based on tax effect. This decision emphasizes the importance of adhering to established guidelines to streamline the appellate process and avoid unnecessary litigation. Case-Laws Income Tax Thu, 24 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211865