:1: IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION INCOME INCOME INCOME TAX APPLICATION NO.39 OF 1999 TAX APPLICATION NO.39 OF 1999 TAX APPLICATION NO.39 OF 1999 The Commissioner of Income Tax ..Applicant Vs. M/s.Shetusha Engineers & Constructors Pvt.Ltd. ..Respondent Mr.Ashok Kotangale, A.G.P. for the Applicant. None for the Respondent. CORAM CORAM CORAM :- DR.S.RADHAKRISHNAN & :- DR.S.RADHAKRISHNAN & :- DR.S.RADHAKRISHNAN & V.C.DAGA, V.C.DAGA, V.C.DAGA, JJ. JJ. JJ. DATE DATE DATE : 20TH MARCH, 2007 : 20TH MARCH, 2007 : 20TH MARCH, 2007 P.C. P.C. P.C. 1. Heard the learned Counsel for the parties. This matter pertains to the Assessment Year 1992-1993 seeking to raise following substantial question of law: 1. "Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that the profits from the projects of Mangalya Mandir Trust H & K Rolling Mills & Jayant Vitamins Ltd. may be accepted as declared by the assessee when the assessee had excluded the retention money from the total receipts to work out the profits from the said three projects ?" 2. Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in holding that retention money is to be excluded from the total receipts to work out the profits from various projects ?" :2: 2. Both the learned Counsel for the parties state that the tax liability is less than Rs.4,00,000/- in the above matter. In view of the circular dated 24th October,2005, issued by the Government of India, Ministry of Finance, Department of Revenue, CBDT, which is binding on the Revenue, we dismiss the above Application, as the tax liability is less than Rs.4,00,000/-. (V.C.DAGA,J.) (V.C.DAGA,J.) (V.C.DAGA,J.) (DR.S.RADHAKRISHNAN,J.) (DR.S.RADHAKRISHNAN,J.) (DR.S.RADHAKRISHNAN,J.)