PR. COMMISSIONER OF INCOME TAX-2, JALANDHAR vs. M/S. CAPITAL LOCAL AREA BANK LTD.

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ITA/1/2018HC Punjab & HaryanaPHHC01118933201805 September 2019Bench: MR. JUSTICE AJAY TEWARI,MR. JUSTICE HARNARESH SINGH GILL2 pages
AI SummaryWithdrawn

What did the High Court hold?

The High Court decided to dismiss the appeal as withdrawn. The reasoning was based on the submission by the revenue's counsel that the tax effect involved was below the monetary limit stipulated in the CBDT circulars. The court granted the revenue the liberty to file an application for revival of the appeal, should circumstances warrant it. The operative direction was the dismissal of the appeal as withdrawn with the specified liberty. No specific issue was decided on merits, as the appeal was withdrawn by the appellant.

What were the facts?

The appeal was filed by the Principal Commissioner of Income Tax-2, Jalandhar (the revenue) against M/s Capital Local Area Bank Ltd. (now Capital Small Finance Bank Ltd.) (the assessee). The assessment year(s) are not explicitly stated in the provided text. The appeal challenges an order or action passed by the Income Tax Appellate Tribunal (ITAT), though the specific ITAT order is not detailed. The amount in dispute is not mentioned. The procedural history is that the revenue's counsel, citing CBDT Circular No.3 of 2018 and subsequent amendments, stated that the tax effect was below the prescribed monetary limit and sought to withdraw the appeal, requesting liberty to revive it if circumstances changed.

What were the issues?

1. Whether the appeal should be dismissed as withdrawn, considering the tax effect is below the monetary limit prescribed by CBDT Circulars. Assessee's Contentions: Not recorded in the judgment. Revenue's Contentions: The revenue's counsel argued that the tax effect involved in the appeal is less than the monetary limit prescribed by CBDT Circular No.3 of 2018 dated 11.07.2018, as amended by Circular No.17 of 2019 dated 08.08.2019, read with Letter No.F.No.279/Misc/M-93/2018-ITJ dated 20.08.2019. Based on these circulars, the revenue sought to withdraw the appeal, requesting liberty to file an application for revival.

AI-generated summary — verify with the full judgment below

ITA No.1 of 2018 (O&M) 1 352 IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH ITA No.1 of 2018 (O&M) Date of decision : 05.09.2019 Pr. Commissioner of Income Tax-2, Jalandhar ...... Appellant versus M/s Capital Local Area Bank Ltd. (Now Capital Small Finance Bank Ltd.) G.T. Road, Jalandhar ...... Respondent CORAM : HON'BLE MR.JUSTICE AJAY TEWARI HON'BLE MR.JUSTICE HARNARESH SINGH GILL *** Present : Mr. Vivek Sethi, Senior Standing Counsel and Mr. Varun Issar, Junior Standing Counsel for the appellant. None for the respondent.

*** AJAY TEWARI, J. (Oral) 1. Learned counsel for the appellant-revenue states that since the tax effect involved is less than the monetary limit as prescribed in Circular No.3 of 2018 dated 11.07.2018 issued by the Central Board of Direct Taxes, further amended vide Circular No.17 of 2019 dated 08.08.2019 read with Letter No.F.No.279/Misc/M-93/2018-ITJ dated 20.08.2019, he has instructions to withdraw the present appeal. However, he prayed that liberty be granted to the appellant-revenue to file an application for revival of the appeal, in case something survives therein. 2. Dismissed as withdrawn with liberty as prayed for. POOJA SHARMA 2019.09.10 17:05 I am the author of this document

ITA No.1 of 2018 (O&M) 2 3. Since the main case has been dismissed, the pending C.M. Application, if any, also stands disposed of.

(AJAY TEWARI) JUDGE (HARNARESH SINGH GILL) JUDGE 05.09.2019 pooja sharma-I Whether speaking/reasoned Yes/No Whether Reportable : Yes/No POOJA SHARMA 2019.09.10 17:05 I am the author of this document

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