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From the Courts »
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 CIT vs. The Mumbai Metropolitan Regional Iron and Steel Market Committee (Bombay High Court)

CIT vs. Virgo Marketing Pvt. Ltd (Supreme Court)
March, 05th 2012
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 and not to appeals filed earlier. HELD by the Supreme Court:
 
In view of Para 11 of CBDT Instruction No.3/2011 dated 9th February, 2011, liberty is granted to the Department to move the High Court by way of review within four weeks.
 
 
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