COMMISSIONER OF INCOME TAX, KOLKATA-IV vs. V. S. FINANCE LIMITED
What did the High Court hold?
The High Court dismissed the appeal filed by the revenue on the ground of low tax effect, based on the submission made by the revenue's learned standing counsel. Consequently, the substantial questions of law that were raised in the appeal were left open and not decided on merits. The operative direction was the dismissal of the appeal. No specific issue was expressly left undecided, as the entire appeal was disposed of on a procedural ground.
What were the facts?
The appeal was filed by the revenue (Commissioner of Income Tax, Kolkata-IV) against an order passed by the Income Tax Appellate Tribunal, Kolkata. The assessee is V.S. Finance Limited. The appeal was filed under Section 260A of the Income Tax Act. The learned standing counsel for the revenue submitted that the appeal could not be prosecuted due to a low tax effect. The High Court recorded this submission.
What were the issues?
The appeal was filed by the revenue, raising substantial questions of law. However, the specific questions of law were not detailed in the provided judgment excerpt. The primary issue before the High Court was whether the appeal should be dismissed on the ground of low tax effect. The revenue's contention, as presented by its learned standing counsel, was that the appeal could not be prosecuted due to low tax effect. No arguments were recorded for the assessee.
Which sections of the Income-tax Act were involved?
AI-generated summary — verify with the full judgment below
OD-2 IN THE HIGH COURT AT CALCUTTA Special Jurisdiction (Income Tax) ORIGINAL SIDE
ITA 285 of 2009
COMMISSIONER OF INCOME TAX, KOLKATA-IV VERSUS V.S. FINANCE LIMITED
BEFORE: The Hon’ble JUSTICE T. S. SIVAGNANAM AND The Hon’ble JUSTICE HIRANMAY BHATTACHARYYA Date : 17th January, 2022. Appearance: Mr. Smarajit Roychowdhury, Adv. Mr. M.N. Bandopadhyay, Adv. …for the appellant.
The Court : This appeal filed by the revenue under Section 260A of the Income Tax Act is directed against the order passed by the Income Tax Appellate Tribunal, Kolkata. The learned standing counsel appearing for the appellant/revenue has given instructions to the effect that this appeal cannot be prosecuted by the appellant/revenue on the ground of low tax effect. Recording the said submission, the appeal stands dismissed on the ground of low tax effect. Consequently, substantial questions of law which have been raised are left open.
(T. S. SIVAGNANAM, J.)
(HIRANMAY BHATTACHARYYA, J.) s.pal/pkd
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