TaxTMI 
TaxTMI 
2016 (7) TMI 900
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....of the assessee is to carry on the business of real estate, building contractors, flat promoters, to take on lease, hire or otherwise acquire and deal in any movable and immovable property and to develop them. Whileso, an order under Section 35 of the Wealth Tax Act was passed, whereby liability to an extent of Rs. 63,26,145/- was restricted to the value of the building and an excess of Rs. 17,30,411/- was disallowed. Aggrieved by the same, appeals were filed before the Commissioner of Wealth Tax (Appeals), who decided the issue in favour of the assessee and against the department. The Revenue filed further appeal before the Income Tax Tribunal, which was also dismissed, on the ground that the same was not maintainable, since the tax effect....
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....nal, the Revenue was not able to substantiate any exceptional circumstances provided in CBDT Circular No. 1979 dated 27.03.2000, whereas, the issue of audit objection is being raised for the first time before this Court. 5. Heard learned counsel for the parties and perused the material available on records. 6. Before adverting to the rival contentions, this Court deems it fit to extract below, the CBDT Circular No. 1979 dated 27.03.2000 :- " Board's Instruction No. 1979 - F. No. 279/126/98-ITJ dated the 27th March, 2000 read as Subject : Revising monetary limits for filing Departmental appeals/ references before Income-tax Appellate Tribunal, High Courts and Supreme Courts Measures for reducing litigation &....
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....ular 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 Act are under challenge. 4. Special leave petitions under Article 136 of the Constitution are filed before the Supreme Court only in consultation with the Ministry of Law. Therefore, where the Chief Commissioner decides to contest an adverse judgment by filing special leave petition before the Supreme Court, they should send the proposal to the Board for further processing. 5. These instructions will apply to litigation under other direct taxes also, e.g., wealth-tax, gift-tax, estate duty, etc. 6. These monetary....
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....However, there will be no order as to cost. " 7. As rightly pointed out by Mr. P.J. Rishikesh, learned counsel for the respondent, during the course of arguments of Revenue, the Tribunal wanted the Revenue to ascertain as to whether the case of the assessee falls within the exceptional circumstances provided for, in the Circular No. 1979 dated 27.03.2000, extracted supra. Having found that the case of the assessee does not fall under any of the above said circumstances, as provided for in the circular, the Tribunal has ordered as hereunder :- "No exceptional circumstances as provided in the above said circular was pointed out by the learned D.R. for filing this appeal before this Tribunal." 8. Though in the instant appeal, Re....