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2019 (8) TMI 1507 - ITAT KOLKATAMaintainability of appeal - Low tax effect - prescribed minimum tax effect - HELD THAT:- On perusal of the Circular No. 17/2019 dated 08.08.2019 and the materials available on record, we do not see this case falling under any of the exceptions contemplated in the said circular per se. We also find that this circular makes it very clear that the revised monetary limits shall apply retrospectively to pending appeals as well. Hon'ble apex court in Commissioner of Customs vs Indian Oil Corporation Ltd [2004 (2) TMI 66 - SUPREME COURT] has settled the law that CBDT's circulars are very much binding on revenue authorities. We thus hold that this Revenue's appeal raising sole issue of ₹1,02,545/- deserve to be dismissed in terms of low tax effect. We make it clear that it shall very much open for the Revenue to seek necessary rectification in case it is found that any of the appeal involve operations of exception clauses in the tax effect circular as per law. Revenue's appeal is dismissed for involving lower than the prescribed minimum tax effect.
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