Dr. S. Muralidhar, J.
1. These are three Income Tax Appeals (ITAs) and four Wealth Tax
Appeals (WTAs) filed by the Revenue. ITA Nos.20, 21and 24 of 2003
are in respect of Assessment Years (AY) 1988-89, 1989-90 and 1985-86
respectively. WTA Nos.3/2003, 4/2003, 5/2003 and 6/2003 are in
respect of AYs 1992-93, 1990-91, 1991-92 and 1988-89 respectively.
2. It must be noted at the outset as far as the Revenue’s appeals under
the Income Tax Act, 1961 (‘Act’) are concerned, there were originally
ITA Nos.20, 21 & 24 of 2003 and WTA Nos.3, 4, 5 & 6 of 2003 Page 3 of 39
nine appeals, ITA Nos. 20 to 28 of 2003. Common questions of law
were framed in all the appeals by the Court on 14 th September, 2004.
By the order dated 7th April, 2011, ITA Nos. 22 to 28 of 2003 were
disposed of by the Court without answering the questions framed on
account of the Circular dated 9th February, 2011 of the Central Board of
Direct Taxes (CBDT) since the tax effect in each of the appeals was less
than Rs.10 lakhs. Subsequently, review petitions were filed by the
Revenue in respect of three of the appeals, i.e., ITA Nos. 23, 24 and 25
of 2003. The said review petitions were dismissed by the Court on 26 th
March, 2012, after giving liberty to the Revenue to file “proper
applications, if so advised.”
Source: Indian Kanoon