Case Law Details
ITO Vs. Laxmi Jewel Pvt Ltd (ITAT Mumbai)– As per Instruction No. 3 of 2011 dated 09.02.2011 appeal before appellate Tribunal can be filed where the tax effect exceeds the monitory limit of 3,00,000/-. However, considering the similar situation where tax limits were modified by the CBDT Instruction No. 5 of 2008 the Hon’ble jurisdictional High Court in the case of CIT vs. Madhukar K. Inamdar (HUF) (supra) held that the circular will be applicable to the cases pending before the court either for admission or for final disposal.
In view of the order of the jurisdictional High Court we hold that Instruction No. 3 dated 09.02.2011 is applicable for the appeal preferred by the Revenue. Therefore, the appeal is dismissed on the issue of tax effect involved. Even otherwise there is no case for the Revenue on merits as the issue was held in against the Revenue by the ITAT order in the case of Living Stones Jewellery (P) Ltd. vs. DCIT 31 SOT 323, which the CIT(A) followed.
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