TMI Blog2013 (9) TMI 811X X X X Extracts X X X X X X X X Extracts X X X X ..... does not impress - In the circular dated 15.5.2008, it is provided that in the case of loss, notional tax effect should be taken into account. This clarification to our mind, contained in circular dated 15.5.2008 and absence of any such clarification in the previous circulars, is of no consequence. Such a clause can, at the best, be seen as clarificatory declaration by the Board to put the controversy beyond any shadow of doubt or debate. It cannot, however, be stated that only on and from 15.5.2008, the Board desired that on the basis of notional tax effect in cases of loss the appeals should be filed. In the previous circulars to reiterate, no such intention emerges. Only because clarification came in the subsequent circular dated 15.5.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 143 (3) of the Act on the net loss of Rs.16,17,75,680/-. The CIT(A) vide its order dated 17.03.2010, partly allowed the appeal. Being aggrieved, the Department has filed an appeal before the Tribunal which was dismissed by observing that the tax effect being less than Rs.2,00,000/- lacs, the appeal of the Revenue was not maintainable in view of Instruction No.5 of 2008 dated 15.05.2008 of the CBDT and in view of the provisions of the Section 268A of the Act. Still not being satisfied, the department has filed the present appeal. With this background, heard Sri Ghanshyam Chaudhary learned counsel for the department and Sri Namit Sharma, learned counsel for the assessee. In the instant case, the Tribunal has dismissed the departmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provided that in the case of loss, notional tax effect should be taken into account. This clarification to our mind, contained in circular dated 15.5.2008 and absence of any such clarification in the previous circulars, is of no consequence. Such a clause can, at the best, be seen as clarificatory declaration by the Board to put the controversy beyond any shadow of doubt or debate. It cannot, however, be stated that only on and from 15.5.2008, the Board desired that on the basis of notional tax effect in cases of loss the appeals should be filed. In the previous circulars to reiterate, no such intention emerges. Only because clarification came in the subsequent circular dated 15.5.2008, would not mean that previously the Board desired that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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