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

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ITA/404/2017HC Punjab & HaryanaPHHC01117619201705 September 2019Bench: MR. JUSTICE AJAY TEWARI,MR. JUSTICE HARNARESH SINGH GILL2 pages
AI SummaryWithdrawn

What did the High Court hold?

The Tribunal decided to dismiss the appeal as withdrawn. The reasoning provided is that the appellant-revenue, through its counsel, stated that the tax effect was below the monetary limit stipulated by CBDT Circular No.3 of 2018, as amended by Circular No.17 of 2019. Consequently, the revenue had instructions to withdraw the appeal. The Tribunal granted the liberty as prayed for by the revenue to file an application for revival of the appeal in case circumstances warrant it. The operative direction is the dismissal of the appeal as withdrawn with liberty granted. No issue was expressly left undecided, as the appeal was disposed of on a procedural ground.

What were the facts?

This case involves an appeal filed by the Pr. 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 from an unspecified authority. The amount in dispute is also not recorded. The procedural history relevant here is that the revenue, through its learned counsel, stated that due to the tax effect being below the monetary limit prescribed by CBDT Circulars, they had instructions to withdraw the appeal. Liberty was sought to revive the appeal if circumstances changed.

What were the issues?

1. Whether the appeal should be dismissed as withdrawn by the appellant-revenue, considering the tax effect is below the prescribed monetary limit as per CBDT Circular No.3 of 2018 and Circular No.17 of 2019. Contentions: Assessee: No arguments are recorded for the respondent-assessee as none appeared. Revenue: The learned counsel for the appellant-revenue stated that the tax effect involved is less than the monetary limit prescribed in CBDT Circular No.3 of 2018, as amended by Circular No.17 of 2019, and therefore, they have instructions to withdraw the present appeal. They prayed for liberty to file an application for revival of the appeal if something survives therein.

AI-generated summary — verify with the full judgment below

ITA No.404 of 2017 (O&M) 1 352 IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH ITA No.404 of 2017 (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 13:43 I am the author of this document

ITA No.404 of 2017 (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 13:43 I am the author of this document

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