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2016 (10) TMI 975 - HC - Income TaxIncome on protective assessment - Held that:- As conceded by the learned counsel for the parties that substantive assessment has since been made in respect of the income assessed by way of protective assessment as income in the hands of Dipesh Chandak. Therefore, we do not find any substantial question of law arises in respect of protective income as assessed by the Assessing Officer. However, if the substantive assessment is set aside in Appeal or otherwise, revenue would have liberty to seek revival of the present proceedings. The remaining amount of ₹ 15,45,000/-, which is the subject matter of appeal, is less than the monetary limit in respect of which the revenue has decided not to dispute the assessment in terms of Central Board of Direct Taxes Circular No. 21 of 2015 dated 10th December, 2015.
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