2025 (2) TMI 707

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....Respondent : Mr. Niraj Sheth i/b. Mr. Atul Jasani ORDER P.C. (PER JITENDRA JAIN J):- 1. This appeal filed by the Appellant-Revenue for the assessment year 1999-2000 challenging an order of the Income Tax Appellate Tribunal dated 26 August 2016. The Appellant-Revenue has raised the following substantial question of law under Section 260A of the Income Tax Act, 1961 ("the said Act") for con....

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....k. On a perusal of the assessment order, the book profit under Section 115JA is worked out at Rs. 2.16 crore on which the tax would be Rs. 1.04 crore this is supported by order giving effect which was produced by Respondent-Bank, which is below the limit prescribed of Rs. 2 crore vide Central Board of Direct Taxes (CBDT) Circular dated 17 September 2024. However, we may note that in the appeal mem....