ITAT dismisses Revenue Appeal Due to Tax Effect Below Prescribed Monetary Limit

ITO Vs Hotchand Kalachand Loungani (ITAT Guwahati) In a recent development, the Income Tax Appellate Tribunal (ITAT) Guwahati dismissed an appeal by the revenue in the case of ITO vs Hotchand Kalachand Loungani. The dismissal was based on the tax effect being less than the prescribed monetary limit by the Central Board of Direct Taxes (CBDT) for filing an appeal. This order was passed even though the ld. DR argued that the case falls under exception clause 10 of the CBDT Circular No.17 of 2019. The ITAT Guwahati was explicit in its order that the tax effect involved in the appeal did not excee...