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2015 (1) TMI 93 - ITAT DELHILow tax effect - maintainability of revenue appeal - addition u/s 68 - Held that:- Tribunal in the case of Deputy Commr.Of Income Tax vs. Sushila Saraogi (2014 (11) TMI 294 – ITAT Kolkata) after considering the precedents on the subject held instruction No. 5/14 issued by the CBDT on 10.7.2014 is applicable to the pending appeals. The Tribunal followed the dictum laid down the judgments of the various High Courts including the two judgments of the Hon’ble Jurisdictional High Court in the case of CIT vs. M/s. P.S. Jain & Co. in [2010 (8) TMI 702 - Delhi High Court] and in the case of Commissioner of Income Tax vs. Delhi Race Club Ltd. [2011 (3) TMI 1488 - High Court of Delhi]. In view of the order of the Tribunal in the case of Deputy Commissioner of Income Tax vs. Sushila Saraogi which have elaborately considered the identical issue, we hold that instruction No. 5/2014 issued by the CBDT on 10.7.2014 is applicable to the pending appeals. In the instant case, the tax effect being below ₹ 4 lacs, without going into the issue on merit, we dismiss the appeal of the revenue in liminee. It is to be mentioned that Ld. DR was unable to point out any exceptional circumstances /situation (mentioned in board instruction No. 5 / 2014) for filing an appeal despite the monetary limit being below the prescribed limit. - Decided against Revenue.
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