TMI Blog2017 (8) TMI 126X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - I. T. A. Nos. 417 and 418 of 2016 (O&M) - - - Dated:- 26-4-2017 - Ajay Kum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out jurisdiction ? (iii) Whether in view of the facts and circumstances of the case and in law, the Tribunal erred in concluding that the provisions of section115JB(6) are not applicable in the instant case ? (iv) Whether in view of the facts and circumstances of the case and in law, the Tribunal erred in giving a restrictive interpretation to the words of section 115JB(6), without appreciating that the appellant meets all the criterions/conditions as specified in the said sub- section? (v) Whether on the facts and circumstances of the case and in law, the order by the Tribunal is bad in law and perverse ? 5. A few facts relevant for the decision of the controversy involved as narrated in appeal may be noticed. The appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... counsel for the appellant-assessee submitted that though the Assessing Officer had assessed the income at ₹ 12,74,720 but the income under the provisions of the MAT was computed at ₹ 96,28,336 and tax payable was determined accordingly. It was urged that the appeal which was heard by the Tribunal was by a learned single Member whereas according to section 255(3) of the Act, since the income computed by the Assessing Officer under the MAT was more than ₹ 50,00,000, the same was required to be heard by a two Member Bench of the Tribunal under sub-section (2) of section 255 of the Act. It was prayed that the impugned order passed by the Tribunal be set aside and the matter remanded to the Tribunal to decide it afresh in accor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 40,000 by Taxation Laws (Amendment) Act, 1970 with effect from April 1, 1971. The Direct Tax Laws (Amendment) Act, 1989 further enhanced the limit to ₹ 1,00,000 and the said limit was increased to ₹ 5,00,000 by the Finance (No. 2) Act, 1998 effective from October 1, 1998. The Finance Act, 2015 effective from June 1, 2015 has prescribed the limit of ₹ 15,00,000 which again was modified to ₹ 50,00,000 by the Finance Act, 2016 made applicable from June 1, 2016. The relevant portion of section 255 of the Act as applicable as on date is reproduced hereunder for ready reference : 255. (1) The powers and functions of the Appellate Tribunal may be exercised and discharged by Benches constituted by the President of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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