TaxTMI 
TaxTMI 
2015 (10) TMI 1398
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....s under : "On the facts and in the circumstances of the case, the Commissioner of Income-tax (Appeals) has erred in deleting the addition of Rs. 11,50,000 made by the Assessing Officer on account of unexplained cash credit in the books of account of the assessee." 3. During the course of hearing, learned counsel for the assessee at the very outset stated that the Department ought not to have filed this appeal as the tax effect in this appeal is less than Rs. 4,00,000. The learned Departmental representative, although supported the order of the Assessing Officer, but could not controvert the above contention of learned counsel for the assessee that tax eff....
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....Income-tax authority pursuant to the orders or instructions or directions issued under sub-section (1), it shall not be lawful for an assessee, being a party in any appeal or reference, to contend that the Income-tax authority has acquiesced in the decision on the disputed issue by not filing an appeal or application for reference in any case. (4) The Appellate Tribunal or Court, hearing such appeal or reference, shall have regard to the orders, instructions or directions issued under sub-section (1) and the circumstances under which such appeal or application for reference was filed or not filed in respect of any case.  ....
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....nbsp; 2. CIT v. Abhinash Gupta [2010] 327 ITR 619 (P&H) ; and 3. CIT v. Varindera Construction Co. [2011] 331 ITR 449 (P&H) [FB] 8. Similarly, the hon'ble Delhi High Court in the case of CIT v. Delhi Race Club Ltd. in I. T. A. No. 128 of 2008, order dated March 3, 2011, by following the earlier order dated August 2, 2010, in I. T. A. No. 179 of 1991 in the case of CIT v. P. S. Jain and Co. [2011] 335 ITR 591 (Delhi) held that such circular would also be applicable to pending cases. 9. From the ratio laid down by the hon'ble Delhi High Court, it is clear that the instructions issued in the circulars issued by the Central Board of Direct Taxes are applicable to pend....