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2017 (3) TMI 1057 - BOMBAY HIGH COURTReview petition - notional tax effect - Held that:- We are inclined to dispose of the present review petition, basically in view of the order passed in Commissioner of Income Tax, G vs. Meghalaya Steels Ltd. [2015 (8) TMI 525 - SUPREME COURT] and the subsequent circular which was admittedly issued on 10th December, 2015, prior to the date of order passed by the Supreme Court 12/August/2016. There is no issue now that review is available under the Act. Admittedly, the review is maintainable and no further discussion is required on the maintainability of the review. However, the effect of Circular No.21/2015 just cannot be overlooked at the time of hearing of the review and even the appeal. The Circulars and the position of law on the date of hearing of this review petition and/or even otherwise, as clear and we are inclined to dispose of the present review petition, solely on the ground and the reasons so provided in Commissioner of Income Tax vs. Sunny Sounds P. Ltd. (2016 (5) TMI 112 - BOMBAY HIGH COURT ) which is based upon Circular No. 21/2015. Based on the law and the facts so referred above, we have no option, but to dispose of this review application, solely on the foundation of the above circular as even the “notional tax” effect is not more than ₹ 20.00 lakhs.
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