Brace for more ‘insignificant’ tax disputes
The Central Board of Direct Taxes has broadened the scope of exceptions for the filing of appeals by the Income Tax department with tax tribunals and courts. A recent circular has allowed appeals to be lodged for even 'insignificant' amounts, while maintaining the existing threshold limits for filing appeals. The exceptions cover a range of issues such as bogus capital gains/loss from penny stocks.
The Central Board of Direct Taxes has broadened the scope of exceptions for the filing of appeals by the Income Tax department with tax tribunals and courts. A recent circular has allowed appeals to be lodged for even 'insignificant' amounts, while maintaining the existing threshold limits for filing appeals. The exceptions cover a range of issues such as bogus capital gains/loss from penny stocks. What's Your Reaction?
