https://www.taxtmi.com/caselaws?id=755624 The ITAT Indore dismissed revenue appeals for AY 2014-15 and 2015-16 due to low tax effect of Rs. 3,23,712 and Rs. 3,13,567 respectively, which fell below the Rs. 50 lakh threshold prescribed in CBDT Circular No.5/2024. The AO argued these cases qualified for exception under audit objections per earlier circulars, but ITAT held that the latest circular removed all exceptions to monetary limits. Following Bombay HC precedent, the circular applied to pending appeals, making the revenue appeals non-maintainable. The tribunal did not examine the merits regarding cooperative society's deduction claim under section 80P(2)(d) on interest income. en-us Fri, 12 Jul 2024 00:00:00 +0530 Mon, 15 Jul 2024 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755624 The ITAT Indore dismissed revenue appeals for AY 2014-15 and 2015-16 due to low tax effect of Rs. 3,23,712 and Rs. 3,13,567 respectively, which fell below the Rs. 50 lakh threshold prescribed in CBDT Circular No.5/2024. The AO argued these cases qualified for exception under audit objections per earlier circulars, but ITAT held that the latest circular removed all exceptions to monetary limits. Following Bombay HC precedent, the circular applied to pending appeals, making the revenue appeals non-maintainable. The tribunal did not examine the merits regarding cooperative society's deduction claim under section 80P(2)(d) on interest income. Case-Laws Income Tax Fri, 12 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755624