Hon'ble Bala Krishna Narayana,J.
Heard Sri Ashish Bansal learned counsel appearing on behalf of assessee and Sri R.K.Upadhyay appearing on behalf of the department. In paragraph 15 of the Counter affidavit it is stated that the total disputed amount of the income involved in the present reference is Rs. 42838 on which tax comes to about Rs.15,000/ which fact has not been disputed by Sri R.K.Upadhyay .
In view of the above he submitted that the Board has issued Circular No.2 of 2005 dated 24th October 2005 in exercise of power under Section 268 A of the Income Tax Act,. fixing monetary limit of four lacs for filing a reference application. Since quantum of tax is much below the monetary limit of four lacs , the present reference application can not be entertained. Under the provisions of Section 268 A of the Income Tax Act brought in the statute by the Finance Act 2008 w.e.f.1.4.1999. It is not the case of the department that question involved is of recurring nature.
In view of the above the reference is returned unanswered.
Order Date :- 4.1.2010 cps