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2017 (8) TMI 126 - HC - Income TaxMonetary limit prescribed under sub-section (3) of section 255 - maintainability of appeal - MAT applicability - Held that:- Legislature has used the term "computed" in contradistinction to the word "assessed" in sub-section (3) of section 255 of the Act. In the present case, the income of the assessee was assessed by the Assessing Officer at ₹ 12,74,720 but was computed under the MAT provisions at ₹ 96,28,336 under section 115JB of the Act which was much above the limit prescribed under sub-section (3) of section 255 of the Act. The appeal was decided on June 1, 2016 on which date, the limit for hearing appeal by learned single Member of the Tribunal would be taken at ₹ 50,00,000 as the amended provision of sub-section (3) of section 255 of the Act by the Finance Act, 2016, was made operative from June 1, 2016 itself. In view of the above provision of law, the impugned order dated June 1, 2016, annexure P.3, passed by the Tribunal whereby the single Member had heard the appeal, in both the appeals is set aside and the matter is remanded to the Tribunal to decide it afresh after hearing the parties in accordance with law. The appeals shall be heard by a Division Bench of the Tribunal in accordance with sub-section (2) of section 255 of the Act.
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