2025 (7) TMI 1062

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....For the Respondents: Mr. Dharmesh Shah, Mr. Dhaval Shah and Ms. Mitali Parekh, Advocate. P. C. 1. In the above Appeal, the learned counsel for the Assessee at the outset submits that the tax effect in this Appeal is less than Rs. 2 Crores, and therefore, this Appeal should be disposed of. 2. On the other hand, the learned counsel for the Revenue submitted that the present Appeal was filed on ....

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....ions of the parties. 5. By Circular dated 15th March 2024, and which is relied upon by the Department, sets out the exceptions whereby Appeals can be filed in this Court even though they are below the monetary limits set out in the said Circular. The monetary limit for filing Appeals or prosecuting them under the Circular dated 15th March 204 was Rs.1 Crore. After the Circular dated 15th March 20....

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....d [(2025) 172 taxmann.com 289 (Bom) and more particularly paragraphs 7 and 8 thereof which read thus:- "7. The CIT v. V. M. Salgaonkar and Brothers (P) Ltd [2024] 169 taxmann.com 597 (Bombay), our orders dated 05 February 2025 in Income Tax Appeal No.643 of 2018 concerning Pr. CIT v. IPL Loan Trust [2025] 171 taxmann.com 725 and connected matters and order dated 12 February 2025 in Income Tax Ap....

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....e 20 August 2018, we uphold the objection on behalf of the assessee and dispose of these two appeals without any cost orders." (emphasis supplied) 7. As can be seen from the decisions rendered by this Court, the monetary limits prescribed in the CBDT Circular would apply even to pending Appeals. Hence, the Circular dated 17th September 2024 would certainly apply. In other words, any Appeal whe....