Enhancement of monetary limits (Circular 9/2024) applies retrospectively to pending appeals

CIT Vs V. M. Salgaonkar And Brothers Private Limited (Bombay High Court)

Bombay High Court recently addressed the maintainability of two income tax appeals filed by the Commissioner of Income Tax (CIT) against V. M. Salgaonkar And Brothers Private Limited for the Assessment Years 2006-07 and 2007-08. The core issue revolved around the applicability of monetary thresholds for filing appeals, as revised by recent circulars issued by the Central Board of Direct Taxes (CBDT), specifically Circular No. 5/2024 and Circular No. 9/2024. While the tax effect in bo

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