The Supreme Court in the case CIT Versus Swapnil Finance Pvt. Ltd observed and has disposed of the appeal on the ground of low tax effects.
The division bench comprising of Justice M.R. Shah and Justice Sudhanshu Dhulia observed and has stated that the monetary limit to file an appeal before the Supreme Court is Rs.2 crores.
It has been contended by the respective parties that the tax effect in both the appeals for the relevant assessment years (1995–96 and 1996–97) would be less than Rs.2 crores, which is the monetary limit to file an appeal before the Supreme Court, as per Circular F.No.390/ Misc/115/2017-IC dated August 22, 2019, being issued by the Central Board of Indirect Taxes and Customs (CBIC).
It was observed that as per the CBIC circular dated August 22, 2019, the monetary limit below which an appeal cannot be filed in CESTAT, the High Court, or the Supreme Court is Rs. 50,00,000, Rs. 1,00,00,000 and Rs. 2,00,00,000 respectively.
It has been stated by the court that on the ground of low tax effect only, the present appeals stand disposed of. However, the question of law is being kept open.
The counsels appearing for the appellant, Advocates Balbir Singh, Arijit Prasad, Preeti Rani, Manish Pushkarna, Gargi Khanna, Shashank Bajpai, Samarvir Singh, Prashant Singh, Shyam Gopal, Prasenjeet Mohapatra, Raj Bahadur Yadav
Advocates Amar Dave, P. S. Sudheer, Shruti Jose, the Counsel appearing for respondent.
