TaxTMI 
TaxTMI 
2016 (7) TMI 900
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....f 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 was less than Rs. 1.00 lakh and as per CBDT ....
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....ances 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 Regarding. Reference is invited to the Board's Instruction No. 1903, dated 28....
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....titutional 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 limits will not apply to writ matters. 7. This instruction will come into effect from April 1, 2000." The Tribunal has applied the circular and passed orders in W.T.A. 82/Mds/20....