Case Law Details
Case Name : PCIT Vs Gujarat Lease Financing Ltd. (Supreme Court of India)
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Courts :
Supreme Court of India
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PCIT Vs Gujarat Lease Financing Ltd. (Supreme Court of India)
Introduction: In a recent judgment, the Supreme Court of India addressed a case titled “PCIT vs. Gujarat Lease Financing Ltd.” where a Special Leave Petition (SLP) was dismissed concerning the recovery of income tax. The decision was primarily based on the amount of tax involved, which was lower than Rs.2 crores, following the Circular no. 17/2019 issued by the Central Board of Direct Taxes.
Detailed Analysis
1. Tax Amount Threshold: The central focus of this case was the tax amount involved. The Supreme Court decided no...
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The question is, if there already exists a CBDT instruction that no SLP should be preferred if the amount of tax involved is less than Rs. 2 crores, how and who authorised the decision to move the SLP?