From: editor@itatonline.org <itatonline.org@gmail.com>
Date: Sat, Mar 3, 2012 at 10:03 AM
Subject: Message from EGroup of SolapurCAs Low Tax Effect Circular: Supreme Court Permits Review
To: editor@itatonline.org
Date: Sat, Mar 3, 2012 at 10:03 AM
Subject: Message from EGroup of SolapurCAs Low Tax Effect Circular: Supreme Court Permits Review
To: editor@itatonline.org
Dear Subscriber,
The following important judgement is available for download at itatonline.org.
High Court to consider whether Low Tax Effect Circular has retrospective effect
The following important judgement is available for download at itatonline.org.
CIT vs. Virgo Marketing Pvt. Ltd (Supreme Court)
High Court to consider whether Low Tax Effect Circular has retrospective effect
The Department filed an appeal u/s 260A in 2006 where the tax effect was less than Rs. 10 lakhs. The High Court, relying on Instruction No. 3/2011 Dated 9-2-2011 (which had been held to apply to pending appeals in CIT vs. Delhi Race Club Ltd) dismissed the appeal as not maintainable. The Department challenged the decision on the ground that para 11 of Instruction No. 3/2011 Dated 9-2-2011 made it clear that it would apply only to appeals filed on or after 9.2.2011. HELD by the Supreme Court:
Regards,
Editor,
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