In Brief
In this income tax appeal, the Supreme Court condoned the delay in filing but dismissed the civil appeal because the tax effect was below Rs. 25 lakhs at the time of filing, in accordance with a CBDT circular. Although the appeal was dismissed on this procedural/policy ground, the Court left the underlying question of law open for future consideration, indicating that the substantive legal issue was not finally decided and could be revisited in an appropriate case.
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