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2013 (3) TMI 17 - HC - Income TaxAppeal by revenue - low tax effect - Consideration of notional tax effect - held that:- even loss claimed by assessee for a particular year assumes considerable significance in variety of situations. Merely because even as per the Assessing Officer's order, ultimately income of the assessee is negative, the Revenue's appeal before the appellate Tribunal would not be barred by the Board's circular under Section 268A of the Act. It is, however, clarified that the notional tax effect would have to be above the limits prescribed by the Board from time to time for presentation of such appeals. In all these cases since it is stated that the notional tax effect would be higher than the limits prescribed by the Board in different circulars, we are of the view that the Tribunal committed an error in dismissing the Revenue's appeals as being not maintainable. - Decided in favor of revenue.
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