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358 orders · Page 8 of 8
The tribunal decided that appeals should not be filed if the tax effect does not exceed the revised monetary limits specified in the CBDT circular. The appeal was dismissed based on this circular.
The tribunal held that the complainant failed to establish his financial capacity to lend the huge amount and did not prove the mode, time, or place of lending. The court also noted the accused had filed a police complaint alleging forced signatures.
The Tribunal held that the provisions of Section 2(15) of the Act, which require scrutiny of activities, became applicable from 01.04.2009 and were not applicable to the assessment year 2008-2009. Therefore, the benefit of exemption under Sections 11 and 12 of the Act was extended.