TMI Blog2014 (2) TMI 377X X X X Extracts X X X X X X X X Extracts X X X X ..... ent - The tax effect in the present appeal being less than Rs. 4 lacs and the case being covered by the Circular dated 24/10/2005, this appeal cannot be entertained - Decided against petitioner. - Income Tax Appeal No. - 300 of 2008 - - - Dated:- 5-2-2014 - Hon'ble Ashok Bhushan And Hon'ble Mahesh Chandra Tripathi,JJ. For the Appellant : S. C. (A. N. Mahajan) ORDER Heard Shri Shambh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he penalty from Rs.10, 53,000/- to Rs. 3,51,000/-. The assessee aggrieved by the said order filed an appeal before the Income Tax Appellate Tribunal which was allowed on 31/10/2007. Against the order allowing the appeal by the Tribunal, the Department has come up in the appeal. Shri K.K. Srivastava learned counsel for the assessee has raised preliminary objection that the appeal be not entertain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... K.K. Srivastava learned counsel for the assessee submitted that the appeal be not entertained since the monetary effect is less than Rs. 4 lacs. He submits that in view of the provisions of Section 268A of the Income Tax Act, 1961 the circular is binding on the Department and the appeal be not entertained. Shri Shambhu Chopra learned for the appellant submitted that the appeal be entertained as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... judgment of the Tribunal was against the ratio of the judgment passed in Camco Colour Co.254 ITR 565 (Bom) and the High Court in exercise of power of a supervisory jurisdiction can always correct the errors of law apparent on the face of the record. The said case was on its own facts and does not help the appellant in the present case. Now coming to the judgment of the Apex Court in Mak Data P. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
