COMMISSIONER OF INCOME TAX Vs. ACT SHIPPING LIMITED

JUDGEMENT

(1.) BY way of this appeal, the appellant -revenue has challenged the judgment and order dated 16.06.2005 passed by the Income -tax Appellate Tribunal, Rajkot Bench in ITA No. 847/Rjt/02 for the assessment year 1998 -99.

(2.) WHILE admitting this appeal on 5.9.2006, this Court has framed the following substantial question of law: [A] Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the proviso to section 43B r.w.s 36(1)(v) was curative in nature and thereby making it applicable for the year prior to 2003, by which it came into force?

(3.) IN our view, the amount involved in the present case is a small one and the revenue effect is less than Rs. 1 lakh, and therefore, as per CDBT Instruction No. 1979 dated 27th March, 2000 and 02 of 2005, the revenue ought not to have come in appeal where the total revenue effect is less than Rs. 1 lakh, and therefore, this appeal is not entertained. The questions are answered in favour of the assessee and against the revenue. This appeal is dismissed on the ground of smallness of amount. Liberty to revive in case of difficulty.