COMMISSIONER OF WEALTH TAX Vs. MOHAN MURARI SAWANT

JUDGEMENT

(1.) HEARD Mr. R. V. Desai, the learned senior counsel for the petitioner and Mr. V. S. Hadade, the learned counsel for the respondent.

(2.) THE preliminary objection is raised by the learned counsel for the assessee about the maintainability of the appeal in view of the Instruction No. 1979 dt. 27th March, 2000 issued by the CBDT (for short 'the Board') which provides that the appeal under Section 260a shall not be filed before the High Court by the IT Department from the judgment of the Tribunal where tax effect does not exceed Rs. 2 lakhs.

(3.) THE learned counsel for the assessee submits that in the present appeal, the issues raised by the Revenue have tax effect of Rs. 1, 65, 000 only and therefore, by virtue of the aforesaid circular, the appeal is not maintainable. He relies upon the Division Bench judgment of this Court in CIT v. Cameo Colour Co. (2002) 173 CTR (Bom) 255 : (2002) 254 TTR 565 (Bom ).