COMMISSIONER OF INCOME-TAX Vs. K. SREEKANTAN PILLAI

JUDGEMENT

(1.) This Income-tax Appeal is directed against the orders passed by the Income-tax Appellate Tribunal, Cochin Bench, Cochin in ITA No. 477 of 2006, for the assessment year 2003-04, dated 9-10-2006. The Tribunal has rejected the revenue's appeal only on the ground that the tax effect in the appeal filed by the assessee is less than Rupees two lakhs.

(2.) In the memorandum of appeal filed, the revenue has asserted, that, in view of the Board's Circular dated 24-10-2005, even though the monetary limit of tax effect does not exceed more than Rupees two lakhs, since it involves a substantial question of law of importance, which is urged in the appeal and which may arise in future cases, the Tribunal should consider the appeal and decide the same on merits without being hindered by the monetary limits.

(3.) The Tribunal, without considering the aforesaid aspect of the matter, has rejected the appeal, is the grievance of the revenue and its learned Counsel. Reliance is placed on Board's Circular dated 24-10-2005.