LAWS(P&H)-2010-10-211

COMMISSIONER OF INCOME TAX Vs. VARINDRA CONSTRUCTION CO.

Decided On October 05, 2010
COMMISSIONER OF INCOME TAX Appellant
V/S
Varindra Construction Co. Respondents

JUDGEMENT

(1.) When this appeal was taken up, learned Counsel for the Assessee raised a preliminary objection relying on a judgment of this Court in CIT v. Abhinash Gupta,2010 327 ITR 619. He submitted that the tax effect involved in the appeal was below the limit prescribed for filing of appeal by circular issued in the year 2008.

(2.) Learned Counsel for the Revenue submitted that the circular issued in the year 2008 did not have retrospective effect and did not control the appeal already filed which had to be decided according to the policy at the time the appeal was filed.

(3.) In the judgment relied upon on behalf of the Assessee, after referring to the judgment of the Bombay High Court in CIT v. Madhukar K. Inamdar (HUF),2009 318 ITR 149, it was observed that though the circular was not retrospective, it applied to pending appeals.