2012 (11) TMI 514

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....er dated 6th February, 2009 passed by the Income Tax Appellate Tribunal, New Delhi has been filed on the following substantial question of law:   "Whether on the facts and in the circumstances of the case, the Income tax Appellate Tribunal is justified in law in holding that the creditworthiness and identity of the cas creditors stand proved, ignoring the surrounding circumstances and prep....

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.... Tribunal relying upon the circular dated 27th March, 2000 issued by the Central Board of Direct Taxes, New Delhi an objection was raised that the Department could not have filed an appeal against the order of the Commissioner of Income Tax (Appeals) as in the present case tax effect was less than two lakh. The Tribunal dismissed the appeal upholding the order the Commissioner of Income Tax Appeal....

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....far reaching effect nor was of recurring in nature. Having given our thoughtful consideration to the various pleas raised by the learned counsel, we find that the Central Board of Direct Taxes vide circular dated 27th March, 2000 had fixed monetary limit for filing an appeal, which reads as follows: "2. In supersession of the above instruction,it has now been decided by the Board that appeal....

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....ested irrespective of revenue effect:   (I) Where Revenue audit objection has been accepted by the Department.   (II) Where the Board's order, notification, instruction or circular is the subject matter of an adverse order.   (III) Where prosecution proceedings are contemplated against the assessee.   (IV) Where the constitutional validity of the provisions of the a....