The Bombay High Court in the case of CIT v Madhukar K. Inamdar (HUF) 318 ITR 149 held that the circular will be applicable to the cases pending before the court either for admission or for final disposal. Thus, Instruction No. 3 dated 9 February 2011 providing that an appeal before the appellate Tribunal can be filed where the tax effect exceeds the monitory limit of Rs. 3,00,000 is applicable to pending cases also.
Monetary limits — Circular issued by CBDT (Instruction No. 3 dated 9 February 2011) prescribing monetary limits for filing appeal is applicable to all the pending appeals — as held by MumTrib in ITO v Laxmi Jewel Pvt. Ltd. — In favour of: The Assessee ; ITA No. 2165/Mum/2010 : Assessment Year: 2004–2005
Decided on: 12 April 2011
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