2014 (1) TMI 1546

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....it Securities had admitted during the course of search that the transaction was bogus and further admitted that sale of shares have never taken place" 2. At the outset, it was informed by ld A.R. that tax effect in this appeal is Rs.2,89,860/- which is below the prescribed monetary limits for filing of appeal before ITAT and other superior courts and placed reliance on CBDT Instruction No.3 of 2011 issued on 9.2.2011. Ld D.R. has not disputed the above contention of ld A.R. 3. We have considered the submissions of ld representatives of parties and CBDT Instruction No.3 of 2011 issued on 9.2.2011. The relevant circular issued by CBDT reads as under: "INSTRUCTION No.3/2011(F:No.279/MISC.142/2007-ITJ) dt.9.2.2011 Reference is Invit....

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....the chargeability of interest is the issue under dispute, the amount of interest shall be the tax effect. In cases where returned loss is reduced or assessed as income, the tax effect would include notional tax on disputed additions. In case of penalty orders, the tax effect will mean quantum of penalty deleted or reduced in the order to be appealed against. 5. The Assessing Officer shall calculate the tax effect separately for every assessment year in respect of the disputed issues in the case of every assessee. If, in the case of an assessee, the disputed issues arise in more than one assessment year, appeal, can be filed in respect of such assessment year or years in which the tax effect in respect of the disputed issues exceeds the m....

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.... issues in the case of the same assessee for any other assessment year, or in the case of any other assessee for the same or any other assessment year, if the tax effect exceeds the specified monetary limits. 7. In the past, a number of instances have come to the notice of the Board, whereby an assessee has claimed relief from the Tribunal or the Court only on the ground that the Department has implicitly accepted the decision of the Tribunal or Court in the case of the assessee for any other assessment year or in the case of any other assessee for the same or any other assessment year, by not filing an appeal on the same disputed issues. The Departmental representatives/counsels must make every effort to bring to the notice of the Tribu....