CBDT Circulars on Monetary Limits Apply to Pending Appeals: Bombay HC

CIT Vs Madhukar K. Inamdar H.U.F. (Bombay High Court) The case of CIT Vs Madhukar K. Inamdar H.U.F. brought before the Bombay High Court focuses on the applicability of the Central Board of Direct Taxes (CBDT) Circular dated 15-05-2008. The key issue is whether appeals filed before this circular’s issuance but involving a cumulative tax effect of less than Rs. 4 lakhs should be governed by its stipulations. The judgment provides crucial insights into how the circular impacts ongoing and future cases, particularly those with lower tax effects. Background of the Case The Commissioner of In...