https://www.taxtmi.com/caselaws?id=192196 The High Court admitted the appeal concerning the applicability of Section 50C to depreciable assets under Section 50 of the Income Tax Act, 1961. The respondent argued that the appeal fell within the tax effect limit set by Circular 21 of 2015 issued by the CBDT, directing appeals below Rs. 20 lakhs not to be filed. Despite the lack of a written instruction for withdrawal, the Court held that the circular was binding on the department and dismissed the appeal based on the retrospective effect of the circular, without delving into the case's merits. en-us Wed, 23 Dec 2015 00:00:00 +0530 Fri, 19 May 2017 07:47:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=192196 The High Court admitted the appeal concerning the applicability of Section 50C to depreciable assets under Section 50 of the Income Tax Act, 1961. The respondent argued that the appeal fell within the tax effect limit set by Circular 21 of 2015 issued by the CBDT, directing appeals below Rs. 20 lakhs not to be filed. Despite the lack of a written instruction for withdrawal, the Court held that the circular was binding on the department and dismissed the appeal based on the retrospective effect of the circular, without delving into the case's merits. Case-Laws Income Tax Wed, 23 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=192196