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COMMISSIONER OF INCOME TAX, KOLKATAXV, KOL. Versus M/s. PANCHIRAM NAHATA

2015 (12) TMI 1677 - CALCUTTA HIGH COURT

Monetary limit - maintainability of appeal - Applicability of provision of Section 50C to depreciable assets covered under Section 50 - Held that:- Since the tax effect in this appeal is below the monetary limit as per Circular which has been issued .....

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artmental authority, the appeal is treated to be dismissed as withdrawn. - ITA No.67 of 2010 - Dated:- 23-12-2015 - THE HON'BLE JUSTICE SOUMITRA PAL AND THE HON'BLE JUSTICE MIR DARA SHEKO Mr.P.Dudhoria,advocate for the appellant Mr.D.S.Gupta, .....

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law in reversing the decision of the Commissioner of Income Tax (Appeal) by holding that the provision of Section 50C is not applicable to depreciable assets covered under Section 50 of the Income Tax Act, 1961 ? We find that Circular 21 of 2015 dat .....

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t is applicable to the pending appeals below the tax limit subject to the exceptions as specified in paragraphs 8 and 9 of the said circular and instruction has been issued to the department that the appeal below such tax limit may be "withdrawn .....

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e Circular No. 21 of 2015 dated 10th December, 2015, issued by the CBDT fixing a monetary limit which is with retrospective effect, as seen from paragraph 10 thereof, and as the appeal does not come with the exceptions as stated at paragraphs 8 and 9 .....

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