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| The Tax Publishers2020 TaxPub(DT) 5376 (Mad-HC) INCOME TAX ACT, 1961
Section 260A
Appeal filed by Revenue against the order of Tribunal deleting penalty levied under section 158BFA could not be pursued by the Revenue on account of the low tax effect in terms of Circular No.17/2019, dated 8-8-2019 issued by the Central Board of Direct Taxes, therefore, same was dismissed on account of low tax effect however leaving the question of law open.
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Appeal (High Court) - Substantial question of law - Low tax effect -
Revenue filed appeal against the order of Tribunal deleting penalty levied under section 158BFA on inflated agricultural income, which was not declared by the assessee while filing return in Form 2D and on deficiency of closing stock that came to light on physical verification during the course of search. Held: Appeal filed by Revenue would not be pursued by the Revenue on account of the low tax effect in terms of Circular No.17/2019, dated 8-8-2019 issued by the Central Board of Direct Taxes, therefore, same was dismissed on account of low tax effect however leaving the question of law open.
REFERRED :
FAVOUR : In favour of assessee.
A.Y. :
INCOME TAX ACT, 1961
Section 260A
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