ITAT Dismisses Revenue Appeal as Education Cess Exclusion Reduced Tax Effect Below ₹60 Lakh

ITO Vs Rainbow Diamonds Pvt. Ltd. (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi Bench, dismissed the Revenue’s appeal for Assessment Year 2017-18 on the ground of low tax effect under CBDT Circular No. 09/2024 | Dated: 17th September, 2024  The appeal arose from an order of the Commissioner of Income Tax (Appeals), NFAC, which had deleted an addition of Rs.79.75 lakh made by the Assessing Officer. Before the Tribunal, the assessee submitted that the actual tax effect in the matter was below the monetary threshold limit of Rs.60 lakh prescribed for filing appeals before the...