Today, 291 cases were filed by the income tax dept. where the tax effect is less than 5 crores are listed before the Supreme Court for the final disposal.
The three-judge bench headed by Chief Justice Dhananjaya Yeshwant Chandrachud along with Justice J.B. Pardiwala and Justice Manoj Misra will preside over the cases relating to direct tax where tax effect is less than 5 Crores.
Meaning of ‘Tax Effect’
The term ‘tax effect’ means the difference between the tax on the total income assessed and the tax that would have been chargeable had such total income been reduced by the amount of income in respect of the issues against which appeal is intended to be filed.
Low Tax Effect: Monetary Limits Set For Filing Appeals
The Central Board of Direct Taxes (CBDT) has notified the enhancement of Monetary limits for filing of appeals by the Department before Income Tax Appellate Tribunal (ITAT), High Courts and Special Leave Petitions (SLPs)/appeals before the Supreme Court.
Now, the CBDT has increased the monetary limit of ITAT from Rs. 50 lakhs to Rs 60 Lakhs; high court from Rs. 1 crore to Rs. 2 crores and in case of Supreme Court the monetary limit has been enhanced from Rs. 2 Crores to Rs. 5 Crores.
Now, the CBDT has increased the monetary limit of ITAT from Rs. 50 lakhs to Rs 60 Lakhs; high court from Rs. 1 crore to Rs. 2 crores and in case of Supreme Court the monetary limit has been enhanced from Rs. 2 Crores to Rs. 2 Crores.
