The Commissioner Of Income-Tax, Vidarbha, Nagpur v. M/S. Ferro Alloys Corporation Ltd., Tumsar

itr.7.88 IN THE HIGH COURT OF JUDICATURE AT BOMBAYNAGPUR BENCH, NAGPUR Income Tax Reference No.7 of 1988 (The Commissioner of Income-tax, Vidarbha, Nagpur vs. M/s. Ferro Alloys Corporation Ltd., Tumsar) with Income Tax Reference No.1 of 1989 (The Commissioner of Income-tax, Vidarbha, Nagpur vs. M/s. Ferro Alloys Corporation Ltd., Tumsar)withIncome Tax Reference No.61B of 1988 (The Commissioner of Income-tax, Vidarbha, Nagpur vs. M/s. Ferro Alloys Corporation Ltd., Tumsar)with Income Tax Reference No.284(B) of 1988 (The Commissioner of Income-tax, Vidarbha, Nagpur vs. M/s. Ferro Alloys Corporation Ltd., Tumsar)with Income Tax Reference No.1 of 1990 (The Commissioner of Income-tax, Vidarbha, Nagpur vs. M/s. Ferro Alloys Corporation Ltd., Tumsar)with Income Tax Reference No.123 of 1995 (The Commissioner of Income-tax, Vidarbha, Nagpur vs. M/s. Ferro Alloys Corporation Ltd., Tumsar)=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=Office notes, Office Memoranda of Coram, appearances, Court's orders Court’s or Judge’s Ordersor directions and Registrar’s orders. =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-= Shri S.N. Bhattad, Advocate for the Applicant. Shri Anand Parchure, Advocate for the Non-Applicant. CORAM: B.P. DHARMADHIKARI ANDV.M. DESHPANDE, JJ.DATE : 28th JANUARY, 2016. DATE We have heard the respective Counsel on impact ofCircular No.21, dated 10/12/2015 on these pending referencesYesterday and after holding that pending references shall also begoverned by revised monetary valuation of Rs.20.00 lacs, weadjourned the matters to today to find out tax effect in thesematters. Today, the learned Counsel for revenue has tendereda chart, which gives the tax effect in each matter. The said chartis reproduced below for ready reference. Though in ITR Nos.7/1988, 61/1988 and 1/1989,there are three separate orders, as the orders passed by thelower authority are not composite and are in relation to threedifferent assessment years, the above mentioned circular appliesas in none of these assessment years, tax effect exceeds Rs.20.00lacs. In ITR No.123/1995, though reference is compositefor five assessment years, the cumulative tax effect is less thanRs.20.00 lacs. As such all these references are returned unanswered. No costs. JUDGEJUDGE*sandesh