Commissioner of Income-tax v. Yogen Khosla
|Commissioner of Income-tax
|HIGH COURT OF DELHI AT NEW DELHI
|Date of Order
|long term capital loss • tax effect
|Learned senior standing counsel for appellant states that the only issue involved before this Court in the present appeal is allowability of Short Term Capital Loss and Long Term Capital Loss totalling Rs. 37,29,770/-. In this regard, he has handed over a letter written by ACIT, Circle 5(2), Delhi to PCIT, Delhi-2, which is taken on record. The relevant portion of the said letter reads as under:- On a perusal of the records, it is found that the only issue involved in further appeal before Hon ble High Court is the allowability of STCL and LTCL totalling Rs. 37,29,770/-. Accordingly, the tax effect involved in this issue is below Rs.1,00,00,000/- which is the limit prescribed for filing further appeal before Hon ble High Court as per board circular no. Further, the case does not lie in any of the exceptions laid down by the CBDT. Since the tax effect involved in the present case is lower than the threshold limit of Rupees One Crore prescribed in Circular no. 03/2018 and its amendments dated 20th August, 2018 issued by the Central Board of Direct Taxes, the present appeal is dismissed on account of low tax effect. Copy of the order be also forwarded to the learned counsel through e-mail.