ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-I, JALANDHAR vs. SHRIMATI JATINDER KAUR ALIAS AMRITA, JALANDHAR

Facts

The assessee filed an appeal against the order of the CIT(A) who had deleted an addition of Rs. 71,73,954/- made by the Assessing Officer on account of unexplained investment under section 69 of the Income-tax Act, 1961. The Revenue then appealed this deletion to the ITAT, which had previously dismissed the appeal on the grounds of low tax effect.

Held

The ITAT, in this present order, considered the updated monetary limits for filing appeals as per CBDT Circular No. 9 of 2024, which set the limit at Rs. 60 lacs. The tax effect in this case was Rs. 55,41,880/-, which is below the revised limit. Therefore, the appeal was dismissed on this ground.

Key Issues

Whether the Revenue's appeal is maintainable given the revised monetary limits for appeals, and if the ITAT's previous order on tax effect was factually incorrect.