Tax Appeal Quashed as New Circular Raises Monetary Limit to ₹2 Crore for HC Filing

PCIT Vs Aaryan Rice Industries LLP (Chhattisgarh High Court) The appeal was taken up for hearing, during which counsel for the appellant submitted that the Government of India, Ministry of Finance, had issued a new circular dated 17 September 2024 revising the monetary limits for filing income tax appeals by the Department before various judicial forums. Under the revised limits, the monetary threshold for filing appeals before the High Court has been increased to ₹2 crores. In the present case, the tax liability involved is less than ₹2 crores. Therefore, in view of the circular, it was s...