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2011 (6) TMI 497 - GUJARAT HIGH COURTWhether the Appellate Tribunal is right in law and on facts in deciding the appeal of the revenue without going into merits on the ground that the tax effect involved in the assessee case is nil, though as per the Board's instruction No. 5/08, in loss cases the notional tax effect is to be considered - Board's instruction No. 5/08 - Board circulars are not statutes though by virtue of Section 268A, it may have certain statutory force - none of the circulars presented before us intended to bar the tax appeals even where potential tax effect would be enormous, simply because in the year in question, the assessee had earned negative income - unless and until the appeal is found to be opposed to the directives issued by the Board in its different circulars prevailing from time to time, such an appeal cannot be categorized as not maintainable - in the circular dated 15.5.2008 it is provided that in the case of loss, notional tax effect should be taken into account - Decided in favor of the revenue
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