COMMISSIONER OF INCOME TAX-I vs. CNB FINWIZ LIMITED

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ITA/349/2014HC DelhiDLHC01112491201423 January 2025Bench: HON'BLE MR. JUSTICE YASHWANT VARMA,HON'BLE MR. JUSTICE HARISH VAIDYANATHAN SHANKAR1 pages
AI SummaryDismissed

What did the High Court hold?

The High Court held that the appeal should be dismissed on the ground of low tax effect. The Court explicitly referred to Circular No. 9/2024 dated 17 September 2024, noting that the tax effect of INR 2 Crores or below would render the appeal liable for withdrawal. Consequently, the appeal was dismissed on this administrative ground. The Court also clarified that the proposed questions of law are kept open to be urged and addressed in an appropriate future case, indicating that the merits of the appeal were not decided. No operative directions such as remand or deletion were issued.

What were the facts?

This is an appeal filed by the Commissioner of Income Tax-I against an order concerning CNB FINWIZ LIMITED. The appeal pertains to a tax effect that falls below INR 2 Crores. The present proceedings are being adjudicated in light of Circular No. 9/2024 dated 17 September 2024, which provides guidelines for the withdrawal of pending appeals by the revenue. The specific assessment year(s) and the original order or action under challenge are not detailed in the provided text. The procedural history leading to this appeal is also not elaborated.

What were the issues?

The primary issue before the Court was whether the appeal filed by the revenue should be continued, given that the tax effect was below INR 2 Crores. Revenue's Contention: The revenue, through its counsel, acknowledged that the tax effect in this appeal falls below INR 2 Crores. They relied on Circular No. 9/2024 dated 17 September 2024, which mandates the withdrawal of appeals with a tax effect below this threshold. Assessee's Contention: No specific arguments were recorded for the assessee in the provided judgment.

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$~76 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 349/2014

COMMISSIONER OF INCOME TAX-I

.....Appellant

Through: Appearance not given.

versus

CNB FINWIZ LIMITED

.....Respondent Through: Mr. Gaurav Gupta, SSC with Mr. Shivendra Singh, Mr. Yojit Pareek, JSCs & Ms. Prakriti Rastogi, Adv.

CORAM:

HON'BLE MR. JUSTICE YASHWANT VARMA

HON'BLE MR. JUSTICE HARISH VAIDYANATHAN SHANKAR

O R D E R %

23.01.2025

1.

Undisputedly, the tax effect which forms the subject matter of this appeal falls below INR 2 Crores and would thus not be liable to be continued in light of the provisions made in Circular No. 9/2024 dated 17 September 2024. 2. The appeal is, consequently, dismissed on the ground of low tax effect. The proposed questions of law are kept open to be urged and addressed in an appropriate case.

YASHWANT VARMA, J.

HARISH VAIDYANATHAN SHANKAR, J. JANUARY 23, 2025/v 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 27/01/2025 at 12:02:56

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