ITAT Dismisses Revenue’s Appeal Due to Tax Effect Below Rs. 60 Lakhs as per CBDT Guidelines

ACIT Vs Madras Cricket Club (ITAT Chennai) In ACIT vs. Madras Cricket Club, the Income Tax Appellate Tribunal (ITAT) in Chennai dismissed the Revenue’s appeal regarding the addition of Rs. 1.91 crore as entrance fees in the club’s income for the assessment year 2009-10. The appeal, initially delayed by 175 days, was condoned based on the Revenue’s request and explanations for the delay. However, the appeal was ultimately dismissed due to the tax effect involved being less than the threshold of Rs. 60 lakh, as per the Central Board of Direct Taxes (CBDT) Circular No. 09 of 2024. This circ...