https://www.taxtmi.com/highlights?id=80164 ITAT dismissed assessee's appeal citing low tax effect as per CBDT Circular No.3/2018, giving Revenue liberty to recall dismissal if covered by exceptions. Assessee contended ITAT rightly relied on Circular No.5/2017 and Bombay HC judgment that mere audit objection insufficient for recall. HC allowed Revenue's petition, quashed ITAT order, remanded matter to ITAT to enable Revenue to point out accepted audit objection, holding CBDT circular u/s 268A binding, but clarifying appeal possible if contrary to SC judgments. en-us Tue, 06 Aug 2024 07:51:00 +0530 Tue, 06 Aug 2024 07:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80164 ITAT dismissed assessee's appeal citing low tax effect as per CBDT Circular No.3/2018, giving Revenue liberty to recall dismissal if covered by exceptions. Assessee contended ITAT rightly relied on Circular No.5/2017 and Bombay HC judgment that mere audit objection insufficient for recall. HC allowed Revenue's petition, quashed ITAT order, remanded matter to ITAT to enable Revenue to point out accepted audit objection, holding CBDT circular u/s 268A binding, but clarifying appeal possible if contrary to SC judgments. Highlights Income Tax Tue, 06 Aug 2024 07:51:00 +0530 https://www.taxtmi.com/highlights?id=80164