In Sjc/177/1996 Of Comnr.income Tax v. Subash, the High Court (2019) decided the matter.
Decision: 268A of the Income-tax Act, 1961 and keeping in view the financial implication in this case is less than Rs.50.00 lakhs, this petition is disposed of without interfering with the impugned order of learned Tribunal.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
07. 07.08.2019
SKG
Heard.
Instant case is directed against order dated 20.03.1996 at Annexure-7 passed by learned Income Tax Appellate Tribunal, Cuttack Bench, Cuttack in R.A. No.14 & 15 (CTK) of 1995.
In view of the Circular No.3/2018 issued by the Central Board of Direct Taxes dated 11.07.2018 in exercise of its power u/sec. 268A of the Income-tax Act, 1961 and keeping in view the financial implication in this case is less than Rs.50.00 lakhs, this petition is disposed of without interfering with the impugned order of learned Tribunal.
All connected Misc.Case(s)/I.A(s), if any, is/are accordingly disposed of.
The questions of law raised in this application are kept open to be decided in appropriate petition.
However, the petitioner-Department is at liberty to revive this SJC within thirty days, if it is not coming within the ambit of the above circular issued by the Board.
.……..........………… ( K.S. Jhaveri ) Chief Justice
……………….…….. ( K.R.Mohapatra ) Judge
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