Appeal dismissed as tax effect below monetary limit as specified by CBDT: ITAT Kolkata

ITO Vs Genesis Computech Pvt. Ltd. (ITAT Kolkata) ITAT Kolkata dismissed the appeal preferred by the revenue since tax effect is below the threshold specified by CBDT vide circular no. 5 of 2004 dated 15.03.2024 and also the case doesn’t fall under any exception as per CBDT circular. Facts- During the assessment proceedings, the Assessing Officer made an addition to the total income amounting to ₹ 4,36,876/- primarily relating to unexplained cash deposit of ₹ 3,90,000/- made during the demonetization period and unexplained cash credit in bank extent of ₹ 46,113/-. Dissatisfied with the...