ITAT Mumbai Dismisses Revenue Appeal Due to Low Tax Effect

ITO Vs Gajadharprasad Nathai Pal (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai dismissed the revenue’s appeal in the case of ITO vs. Gajadharprasad Nathai Pal due to the tax effect being below the monetary limit prescribed by the Central Board of Direct Taxes (CBDT). The appeal was filed against the order dated September 23, 2024, issued by the Commissioner of Income Tax (Appeals) under Section 250 of the Income Tax Act, 1961, for the assessment year 2017-18. The dispute amount in question was ₹79,92,500, but the actual tax effect was determined to be less than ₹60 lakh, ...