2014 (8) TMI 384

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....en preferred by the Revenue challenging the impugned order dated 28th December 2010, passed by the learned Commissioner (Appeals)-XXXV, Mumbai, for the quantum of assessment passed under section 144, of the Income Tax Act, 1961 (for short "the Act") for the assessment year 2007-08. 2. When the case was called for hearing, neither the assessee nor any of its authorized representatives appeared b....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y limit of Rs. 3,00,000. This appeal has been filed after 9th February 2011. Now, in the latest instruction, the CBDT has raised the limit of tax effect for filing of appeal before the Tribunal at Rs. 4 lakhs. However, the Hon'ble Bombay High Court in the case of CIT v/s Madhukar K. Inamdar (HUF), [2009] 318 ITR 149 (Bom.) has held that such circulars are applicable on pending appeals also. Th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....uction are not satisfied, unless the question of law involved or raised in appeal or referred to the High Court for opinion is of a recurring nature required to be settled by the higher court. The circular makes it clear that on the date of issuance of the circular, prevailing instructions fixing monetary limit will hold good even for pending cases. The circular dated May 15, 2008 would be applica....