"Special Leave Petition Dismissed Due to Tax Effect Under Rs. 1 Crore: Case Falls Within CBDT's Circular. Income Tax Department Retains Right to Seek Review If Tax Effect Exceeds Rs. 1 Crore. All Pending Applications Resolved."

The special leave petition considered by the Supreme Court revolves around a tax effect less than Rs.1 Crore, a scenario which is covered by the Central Board of Direct Taxes (CBDT) Circular. Given these circumstances, the court has dismissed the petition. However, a provision has been made for the Income-Tax Department, allowing it to seek a review in the event it is identified that the tax effect surpasses Rs.1 Crore. Furthermore, the court has ensured that any pending applications associated with this case are now resolved. This judicial action showcases a balance between respecting existing legal guidelines and allowing room for reconsideration where necessary.

In this special leave petition the tax effect is less than Rs.1 Crore and is covered by the Circular of CBDT.

The Special Leave Petition is, accordingly, dismissed.

However, it will be open to the Income-Tax Department to seek review, if it is pointed out that the tax effect is more than Rs.1 Crore.

Pending application(s), if any, stands disposed of accordingly.

(ASHWANI THAKUR) (RAJINDER KAUR)

COURT MASTER (SH) COURT MASTER