2008 (9) TMI 870

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....n admitted by order dated September 3, 2003, on the following substantial question of law : "Whether interest is to be levied on the tax determined on the basis of returned income or on the assessed income in view of the amendments made in sections 234A and 234B of the Income-tax Act, 1961?" When the matter is taken up Mr. Vikash Jain appearing on behalf of the respondent-assessee prays for ....

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....ntral Board of Direct Taxes in which the following decision has been taken : "In supersession of the above instruction, it has now been decided by the Board that appeals will be filed only in cases the tax effects exceeds the revised monetary limits given hereunder :     (Rs.) (i)   Appeal before the Appellate Tribunal (in income-tax matters) 1,00,000 &nbs....

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...., is binding on the Revenue but the said notification prohibits making reference when tax effect is less than Rs. 50,000 but does not bar filing of the appeal. This ingenious argument of Mr. Prasad deserves to be rejected outright. It is relevant here to state that on the date, i.e., October 28, 1992, when the Central Board of Direct Taxes issued the instruction, there was no provision for appe....