Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (8) TMI 1820 - HC - Income TaxMaintainability of appeal before HC on low tax effect - Deduction u/s 80P - Is not the finding of the Tribunal bad by holding that the assessee is not in banking business and not a cooperative bank hit by provisions of Section 80P(4) of the Income Tax Act? - Whether Tribunal was right in holding that the revenue has failed to provide that the assessee is covered by Explanation (a) and (b) of Section 80P(4) without appreciating the fact that the assessee's activity are not confined to a Taluk as stipulated in the Explanation pertaining to Primary Cooperative Agricultural and Rural Development Bank? - HELD THAT:- As the above appeal is not pursued by the Revenue on account of the low tax effect in terms of Circular No.17/2019 dated 08.8.2019 issued by the Central Board of Direct Taxes. By the said Circular, the monetary limit for filing or pursuing an appeal before the High Court has been increased to Rs.1 Crore - tax effect in this case is less than the threshold limit. Thus the above tax case appeal is dismissed on account of the low tax effect. The substantial questions of law framed are left open. In the event the tax effect is above the threshold limit fixed in the said circular, liberty is granted to the Revenue to make a mention to this Court to restore the appeal to be heard and decided on merits. No costs.
|