CBDT’s Enhanced ₹60 Lakh Limit Leads to Dismissal of Revenue Appeal: ITAT Kolkata

Advertisement DCIT Vs Mangalvani Exports Pvt. Ltd (ITAT Kolkata) Income Tax Appellate Tribunal (ITAT), Kolkata Bench, dismissed the appeal filed by the Deputy Commissioner of Income Tax (DCIT) against Mangalvani Exports Pvt. Ltd. for the Assessment Year 2019-20. The primary issue was the maintainability of the Revenue’s appeal based on the monetary limit prescribed by the Central Board of Direct Taxes (CBDT). The assessee’s counsel contended that the appeal must be dismissed because the tax effect involved was below ₹60 lakh, which is the current prescribed monetary threshold for...