Monetary Limits for Filing Income Tax Appeals before HC Enhanced to Rs. 2 Crores: Chhattisgarh HC [Read Order]
According to a circular dated September 17, 2024, the tax case is disposed of since the court determined that the monetary limit (tax liability) is less than Rs. 2 crores.
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The Chhattisgarh High Court has ruled that the department's financial threshold for submitting income tax appeals to the High Court has been raised to Rs. 2 crores. PCIT must Address Documents Submitted During Assessment in its Revisionary Proceedings: ITAT [Read Order] According to the appellant, the Income Tax Department, the Ministry of Finance of the Government of India issued a...
The Chhattisgarh High Court has ruled that the department's financial threshold for submitting income tax appeals to the High Court has been raised to Rs. 2 crores.
PCIT must Address Documents Submitted During Assessment in its Revisionary Proceedings: ITAT [Read Order]
According to the appellant, the Income Tax Department, the Ministry of Finance of the Government of India issued a new circular on September 17, 2024, raising the maximum amount that the department can file an Income Tax Appeals case before the High Court to Rs. 2 crores, even though the assesses' tax liability is less than Rs. 2 crore. The current appeal may therefore be finally resolved in light of the circular.
Comprehensive Guide of Law and Procedure for Filing of Income Tax Appeals, Click Here
Disallowance u/s 56(2)(viib) Invalid Despite Evidence of Creditworthiness: ITAT upholds CIT(A) Order [Read Order]
The monetary limit to file an appeal before the Income Tax Appellate Tribunal was raised to Rs. 60 lakhs, as per the Central Board of Direct Taxes (CBDT) circular dated September 17, 2024. Prior to this, it was Rs. 2 crores, and before the Supreme Court, it was Rs. 5 crores.
The tax due of the assessees is less than Rs. 2 crore, according to the division bench of Justices Sanjay K. Agrawal and Deepak Kumar Tiwari. Therefore, the Income Tax appeal may be completely resolved in light of the circular of 17/09/2024.
Step by Step Guidance for Tax Audit & E-filing, Click Here
According to a circular dated September 17, 2024, the tax case is disposed of since the court determined that the monetary limit (tax liability) is less than Rs. 2 crores.
Before the CBDT's September 2024 notification, the standard threshold for submitting an appeal to the High Court was ₹1 crore. Reducing tax litigation and concentrating on high-value cases are the main goals of raising these financial restrictions throughout all appellate forums (ITAT, High Courts, and Supreme Court).
