Whether when assessee files loss return, Revenue’s appeal is not sustainable on the ground of tax effect being Nil or lower than the monetary limit fixed by the Board ?

CIT Vs B D Patel Quarry Works Private Limited (Gujrat High Court)- Appeal filed by the revenue would not be barred by the Board’s circular even if the assessee files a loss in the return on the ground of the tax effect being “Nil” or lower than the monetary limit fixed by the Board and, in such cases, the notional tax effect should be taken into account. CIT Vs B D Patel Quarry Works Private Limited High Court of Gujarat Tax Appeal No. 621 of 2009 Decided on: 30 June 2011 Judgement Per: Akil Kureshi, J: Revenue has challenged the judgement of the Tribunal dated 19.09.2...