Revised CBDT Monetary Limits Apply Prospectively; Pending Appeals Covered

PCIT Vs Hans Chemicals Pvt. Ltd. (Bombay High Court) Bombay High Court has dismissed an income tax appeal filed by the Principal Commissioner of Income Tax (PCIT) against Hans Chemicals Pvt. Ltd., ruling that the tax effect involved falls below the revised monetary limits set by the Central Board of Direct Taxes (CBDT). The decision, delivered recently, underscores the court’s consistent stance on applying updated monetary thresholds to pending appeals. The appeal, filed on May 25, 2018, involved a tax effect of Rs. 74.69 Lakhs. At the time of filing, the monetary limit for appeals was R...