Revised monetary limit for filing appeal would also apply to pending references in High Court

IT : Revised monetary limit of tax effect of Rs.20 lacs in CBDT's Circular No. 21/2015 shall apply to pending references in High Courts u/s 256 as they apply to pending appeals u/s 260A as the objective of the Circular would stand fulfilled on application to references u/s 256 pending in HCs where tax effect is less than Rs.20 lacs. Accordingly, since tax effect less than Rs.20lacs, instant reference application returned unanswered and question of law raised left open to be considered ina n appr