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2019 (1) TMI 121 - HC - Income TaxMonetary limit for maintaining appeal - demand raised from the order appealed against is lower than the mandatory limit as prescribed under the Litigation Policy for maintaining an appeal before the Tribunal - revised return filed declaring loss of ₹ 7,60,87,930/- as against the earlier loss declared of ₹ 3,50,00,000/- - no tax effect for the subject assessment year - Government of India (Taxes) submission that the mere fact that there was no tax effect for that year would not determine the monetory limit, especially since the assessee could have earned profits in the subsequent years and if that exceeded the limit, definitely there was a scope for consideration as to whether the revised return was proper or not Held that:- We directed the revenue to file a statement as to the details of the returns for the subsequent year. The Department has today filed a statement clearly indicating that in the next eight years the assessee has been declaring a loss. Since loss could be carried over only for eight years, we do not think that the consideration of the appeal is expedient especially since this would not create any tax liability on the assessee for the subsequent years also for reason of the declaration of loss in the subsequent 8 years during which period alone the loss could be carried over.
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