COMMISSIONER OF INCOME TAX Vs. EXCEL FINANCE

JUDGEMENT

(1.) 1187/Mad/2003 for the asst. yrs. 1993 -94, 1994 -95 and 1995 -96 filed the present appeals by framing the following substantial question of law :

(2.) The assessments of the assessee for the asst. yrs. 1993 -94, 1994 -95 and 1995 -96 were completed by the AO making several additions including the difference in the closing balance of the deposits between the amount shown in the balance -sheet and the return of income and statements filed subsequently and addition towards interest in respect of M/s Sri Venkateswara Poultry Farm which was offered only partly by the assessee. Aggrieved by the additions, the assessee carried the matter on appeal before the CIT(A), who having satisfied, deleted the addition due to the difference between the balance -sheet figure and the figure given in the statement accompanying the return. As far as the interest not fully shown, the CIT(A) gave partial relief on the basis of the assessment of M/s Sri Venkatesvara Poultry Farm. Aggrieved by the orders of the CIT(A), the Revenue filed appeals before the Tribunal. The Tribunal accepted the contention of the assessee that the tax effect in the appeals for all the three years was below Rs. 1,00,000 and, reliance of the decision of this Court in the case of reported in CWT vs. S. Annamalai (2003) 181 CTR (Mad) 450 : (2002) 258 ITR 675 (Mad) and dismissed the appeals in limine on the ground that the tax effect is less than Rs.

(3.) ,00,000 and it does not also fall within the exceptions provided for filing appeal before the Tribunal even where the tax effect is less than Rs. 1,00,000. The correctness of the said order is now canvassed before this Court by framing the above stated question of law.