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2016 (8) TMI 650 - SC - Income TaxReview of the orders passed by the Division Bench - Monetary limit for filling appeal - High Court [2012 (4) TMI 376 - BOMBAY HIGH COURT] has dismissed the Review Petition filed by the Revenue holding the same to be not maintainable against the order passed under the provisions of Section 260A of the Income Tax Act, 1961. Held that:- Before this Court, an affidavit has been filed by the Revenue explaining how the notional tax effect is far beyond the amount of ₹ 2,00,000/- (Rupees two lakh). Moreover, in Commissioner of Income Tax Vs. Meghalaya Steels Ltd., [2015 (8) TMI 525 - SUPREME COURT ] a view has been taken by this Court that the review would be available in respect of the orders passed under Section 260A of the Income Tax Act, 1961. In view of the above, we allow the appeals and set aside both the orders passed by the High Court and request the High Court to decide the review petition and thereafter the appeal itself, if so required, on merits. We also make it clear that we have expressed no opinion on the merits of any of the contentions of the parties.
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