COMMISSIONER OF INCOME TAX DELHI IV vs. DELHI STICK EXCHANGE ASSOCIATION LTD.

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ITA/1418/2008HC DelhiDLHC01176244200812 December 2024Bench: HON'BLE THE ACTING CHIEF JUSTICE,HON'BLE MR. JUSTICE TUSHAR RAO GEDELA1 pages
AI SummaryDismissed

What did the High Court hold?

The Delhi High Court held that the present appeal filed by the Revenue is dismissed on account of low tax effect. The reasoning provided is that the tax effect involved is below the threshold limit of ₹2,00,00,000/- as stipulated in the Circular dated 17.09.2024 and does not fall under any of the exceptions outlined in the circular. The operative direction is the dismissal of the appeal. No specific issue decided by the ITAT was addressed on merits; the appeal was disposed of on a procedural ground related to tax effect.

What were the facts?

The Revenue, represented by the Commissioner of Income Tax Delhi IV, filed an appeal before the Delhi High Court challenging an order dated 25.04.2008 passed by the Income Tax Appellate Tribunal (ITAT) in ITA No.3504/Del./2007. The appeal pertained to the assessment year 2005-06 and involved the Delhi Stock Exchange Association Ltd. as the respondent. The procedural history is limited to the Revenue filing this appeal against the ITAT's order.

What were the issues?

1. Whether the present appeal filed by the Revenue is maintainable given the tax effect involved. The Revenue argued that the tax effect in the present appeal is below the threshold limit of ₹2,00,00,000/- as stipulated in the Circular dated 17.09.2024 and is not covered by any exceptions mentioned in the circular. Therefore, the appeal should be dismissed on this ground. The judgment does not record any arguments from the respondent (assessee).

AI-generated summary — verify with the full judgment below

$~R-71 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 1418/2008

COMMISSIONER OF INCOME TAX DELHI IV .....Appellant Through: Mr. Puneet Rai, Mr. Ashvini Kumar, Mr. Rishabh Nangia & Mr. Nikhil Jain, Advs. Versus

DELHI STOCK EXCHANGE ASSOCIATION LTD......Respondent

Through:

CORAM:

HON'BLE THE ACTING CHIEF JUSTICE

HON'BLE MR. JUSTICE TUSHAR RAO GEDELA

O R D E R %

12.12.2024 1. The Revenue has filed the present appeal impugning the order dated 25.04.2008 passed by the learned Income Tax Appellate Tribunal in ITA No.3504/Del./2007 for the assessment year 2005-06. 2. At the outset, the learned counsel appearing for the Revenue states that the tax effect involved in the present appeal is below the threshold limit of ₹2,00,00,000/- as stipulated in the Circular dated 17.09.2024 and is not covered by any exceptions as set out in the circular. 3. Accordingly, the present appeal is dismissed on account of low tax effect.

VIBHU BAKHRU, ACJ

TUSHAR RAO GEDELA, J DECEMBER 12, 2024 ‘gsr’

Click here to check corrigendum, if any This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 18/12/2024 at 11:43:26

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