2011 (7) TMI 1370

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.... setting aside the order passed by the Commissioner of Income Tax u/s.263 of the Act when the Assessing Officer failed in initiating proceedings under Section 271(1)(c) of the Act?" At the time of taking up the appeals for final hearing along with other connected appeals, counsel for the respondent assessee raised preliminary objection regarding maintainability of the appeals in view of tax effect involved. It is not in dispute that by virtue of section 268A of the Income Tax Act, 1961 (Act for short), introduced by Finance Act, 2008, but with effect from 1.4.99, CBDT's power of issuing circulars for limiting appeals on the basis of law tax effect involved before the Tribunals, High Courts and Supreme Court have been given statuto....

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....en effect to and not the decision of Hon'ble Supreme Court or the territorial High Court. It is, however, equally true that the Tribunal's attention must be drawn by the departmental representative to such decision of the Hon'ble Supreme Court or the High Court. An objection must be raised by the Departmental representative. In view of the above position, we ascertained the limit for preferring appeal to the High Court prevalent at the relevant as prescribed by the CBDT in its circular holding the field. These appeals arise during the period when CBDT circular dated 15th May 2008 was in operation which prescribed monetary limit of tax effect of Rs. 4 lacs for preferring appeals to the High Court. Counsel for the Revenue, h....