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2018 (11) TMI 1828 - AT - Income TaxMaintainability of appeal of revenue on low tax effect - reopening of assessment u/s 147 - CIT(A) quashing the assessment on the basis that the issue of undervaluation of stock is change of opinion even and not adjudicated the case on merits - AO has explicitly stated in the assessment order passed u/s.147 of the I.T Act, 1961 that the assessee has not provided any documentary evidence of expenditure - HELD THAT:- In the present case, “tax effect” on the total income assessed minus the tax that would have been chargeable had such total income been reduced by the amount of income in respect of the issue against which appeal is filed, is less than ₹ 20 lakhs. Further, the case of the Revenue does not fall within the ambit of exceptions provided in the Circular. Thus, keeping in view the above CBDT circular and provisions of section 268A of the Income Tax Act, we are of the view that the present appeal of the Revenue deserves to be dismissed. It is accordingly dismissed. However, it is observed that in case on re-verification at the end of the AO it comes to the notice that the tax effect is more or Revenue’s case falls within the ambit of exceptions provided in the Circular, then the Department will be at liberty to approach the Tribunal for recall of this order. Appeal of revenue dismissed.
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