https://www.taxtmi.com/caselaws?id=401812 The High Court of Madras dismissed the Revenue's appeals under Section 260A of the Income Tax Act, 1961 against orders of the Income Tax Appellate Tribunal due to the low tax effect, as per Circular No.17/2019. The appeals questioned penalty imposition on inflated agricultural income and closing stock deficiency. The Court found the tax effect below the threshold limit set by the circular, leading to the dismissal of the appeals. The substantial questions of law remained unresolved, with the Revenue having the option to restore the appeals if the tax effect exceeded the specified limit. en-us Tue, 24 Nov 2020 00:00:00 +0530 Wed, 16 Dec 2020 21:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401812 The High Court of Madras dismissed the Revenue's appeals under Section 260A of the Income Tax Act, 1961 against orders of the Income Tax Appellate Tribunal due to the low tax effect, as per Circular No.17/2019. The appeals questioned penalty imposition on inflated agricultural income and closing stock deficiency. The Court found the tax effect below the threshold limit set by the circular, leading to the dismissal of the appeals. The substantial questions of law remained unresolved, with the Revenue having the option to restore the appeals if the tax effect exceeded the specified limit. Case-Laws Income Tax Tue, 24 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401812