COMMISSIONER OF INCOME TAX-IV vs. S K STOCK BROKING PVT LTD

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TAXAP/349/2012HC GujaratGJHC24042874201207 January 2022Bench: HONOURABLE MR. JUSTICE J.B.PARDIWALA,HONOURABLE MS. JUSTICE NISHA M. THAKORE2 pages
AI SummaryWithdrawn

What did the High Court hold?

The High Court of Gujarat held that the appeal should be disposed of in view of the low tax effect, as per Circular No. 17/2019. The court noted the policy outlined in the circular, which specifies monetary limits for appeals before various authorities, including the High Court (Rs. 1,00,00,000). The appeal was not pressed by the Revenue on account of this low tax effect. The court disposed of the appeal accordingly, reserving liberty for the Revenue to revive it in case of any difficulty. The specific finding on the merits of the original assessment or the grounds of appeal is not recorded as the appeal was not pressed.

What were the facts?

The appeal, Commissioner of Income Tax-IV v. S K Stock Broking Pvt Ltd, was filed by the Revenue. The assessment year(s) are not explicitly stated. The order or action under challenge is the appeal itself, which was notified for passing an appropriate order by the High Court of Gujarat. The procedural history involves the Registry notifying the appeal due to its low tax effect, prompting the court to consider Circular No. 17/2019. The amount in dispute is not specified, but the appeal is characterized by its low tax effect.

What were the issues?

1. Whether the appeal should be disposed of in light of Circular No. 17/2019 concerning low tax effect? (Question of law) Assessee's contentions: The assessee (S K Stock Broking Pvt Ltd) is not recorded as having made any specific contentions. The appeal is not pressed by the Revenue due to low tax effect. Revenue's contentions: The Revenue (Commissioner of Income Tax-IV) relies on Circular No. 17/2019, dated 8th August, 2019, issued by the Central Board Direct Taxes, which provides revised monetary limits for filing appeals. The Revenue argues that in view of the low tax effect, the appeal should be disposed of as per the policy outlined in the circular.

AI-generated summary — verify with the full judgment below

C/TAXAP/349/2012 ORDER DATED: 07/01/2022 IN THE HIGH COURT OF GUJARAT AT AHMEDABAD R/TAX APPEAL NO. 349 of 2012 ========================================================== COMMISSIONER OF INCOME TAX-IV Versus S K STOCK BROKING PVT LTD ========================================================== Appearance: MR MANISH R. BHATT, SENIOR ADVOCATE FOR M R BHATT & CO. (5953) for the Appellant(s) No. 1 MRS SWATI SOPARKAR(870) for the Opponent(s) No. 1 ========================================================== CORAM: HONOURABLE MR. JUSTICE J.B.PARDIWALA and HONOURABLE MS. JUSTICE NISHA M. THAKORE

Date : 07/01/2022

ORAL ORDER (PER : HONOURABLE MR. JUSTICE J.B.PARDIWALA) 1. The Registry has notified the appeal for the purpose of passing an appropriate order. The captioned appeal has been notified because of the low tax effect. The appeal is to be disposed of keeping in mind the Circular No.17/2019, dated 8 th August, 2019 issued by the Government of India, Ministry of Finance, Department of Revenue, Central Board Direct Taxes, New Delhi. 2. This tax appeal is not pressed in view of the low tax effect having regard to the Circular No.17/2019, dated 8 th August, 2019 issued by the Government of India, Ministry of Finance, Department of Revenue, Central Board Direct Taxes, New Delhi. 3. According to the new policy as reflected from the Circular referred to above, the table for monetary limits is as follows:- Page 1 of 2

C/TAXAP/349/2012 ORDER DATED: 07/01/2022 Sr. No. Appeals/SLPs in Income-tax matters Monetary Limit (Rs.) 1 Before Appellate Tribunal 50,00,000 2 Before High Court 1,00,00,000 3 Before Supreme Court 2,00,00,000 4. In view of the aforesaid, the appeal is disposed of accordingly. In case of any difficulty, we reserve the liberty for the Revenue to revive the tax appeal. (J. B. PARDIWALA, J) (NISHA M. THAKORE,J) A. B. VAGHELA Page 2 of 2

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