2013 (11) TMI 1434

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....resent appeal filed under Section 260-A of the Income Tax Act against the order dated 30th January, 2009 passed by the Income Tax Appellate Tribunal, Lucknow Bench "B" Lucknow has been filed on the following substantial question of law: "Whether on the facts and in the circumstances of the case, the Hon'ble Income tax Appellate Tribunal "B" Bench, Lucknow was correct in dismissing the appeal fi....

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....iced that during the financial year 1999-2000 relevant to the assessment year 2000-01 the assessee had received share application money to the tune of Rs. 5,23,000/- which had escaped assessment. The assessing officer issued notice for initiating proceedings under section 271(1)(c) of the Act. The assessee preferred an appeal before the Commissioner of Income Tax (Appeals) II, Kanpur, who vide ord....

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....h retrospective effect from 1.4.1999 the Board has power to issue circular regarding fixing monetary limit and no appeal can be filed by the Revenue. The circular dated 27th March, 2000 issued by the Board has thus been issued in exercise of powers conferred under section 268A of the Act and has binding effect on all the authorities. As the tax in dispute is less than rupees two lakh the Revenue w....

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....h reference to each case taken singly. In other words, in group cases, each case should individually satisfy the new monetary limits. The working out of monetary limits will therefore not take into consideration the cumulative revenue effect as envisaged in the Board's earlier instruction referred to above. 3. Adverse judgment relating to the following should be contested irrespective of revenu....