Low Tax Effect: ITAT Ahmedabad Dismisses Revenue Appeal

ITO Vs Nanalayja Power Company Ltd. (ITAT Ahmedabad) In ITO Vs Nanalayja Power Company Ltd., the ITAT Ahmedabad dismissed a Revenue appeal due to its non-maintainability under CBDT Circular No. 09/2024, which prescribes a monetary threshold of ₹60 lakhs for filing appeals before the Tribunal. The appeal pertained to an addition of ₹1.17 crore made by the Assessing Officer (AO) as “Income from Other Sources” under Section 56 of the Income Tax Act, 1961. This addition was based on the interest income earned by the company on temporarily parked project funds. However, the CIT(A) d...