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2003 (10) TMI 18 - HC - Income Tax
Maintainability of appeal – tax effect - Board's Circular No. F-279/126/98-ITJ, dated March 27, 2000 - Board's circular is only an instruction issued to the income-tax authorities not to file appeals where the tax effect is less than ₹ 1,00,000. The Tribunal is not bound by any such instruction and once the Department files an appeal, the Tribunal was bound to decide the same on the merits. – Further, since the property had been leased out to the sister concern and the assessee was receiving rent there from, the assessing authority as well as the Tribunal were right in holding that the income received by way of rent, could not be treated as "business income" particularly when leasing out of such properties was not the business of the assessee – Further, Tribunal was legally correct in holding that the claim for deduction u/s 80HHC, in respect of interest income from FDRs was not sustainable