The Commissioner of Income Tax-IV vs. Pact Securities and Financial Services

IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD ,MONDAY, THE THIRD DAY OF FEBRUARY TWO THOUSAND AND TWENTY FIVE PRESENT THE HONOURABLE SRI JUSTICE P.SAM KOSHY THE HoNouRABLE sRr ,rrr#,uo*srNc RAo NANDTK.NDA INCOME TAX TRIBUNAL APPEAL NO: 509 0F 2010 lncome Tax Tribunal Appeal under Section 2604 of the lncome Tax Act, 196.r against the order dated 27-12-2006 passed in rrA.No.B73lHyd/2003 for the Assessment Year 2ooo-2oo'r on the fire of the lncome Tax Apperate Tribunar. Hyderabad, Bench 'A' Hyderabad, preferred against the order dated 31-03-2003 passed in Appear No.827rDcrr 2(4)rcrr(A)-fit02-03 on the fire of the commissioner of lncome Tax (Appears-Ir), Hyderabad, preferred against the order dated 2g-02_ 2003 passed in pAN/GrR No-p-97 on the fire of the Assistant commissioner of Income Tax, Circle 2(3), Hyderabad. Between: The Commissioner of Income Tax_lV, Hyderabad ...Appellant AND Pact Securities and Financial Services, 6-3_25212t6, Naveen Nagar, Erramanzil, Hyderabad Counsel for the Appellant Counsel for the Respondent : Sri y Ratnakar The Court delivered the following Judgment: ... Respondent Ms B Sapna Reddy, Junior SC RepSri J V Prasad, Senior SC for lncome Tax Depadment I

THE HO-\OURABLE SRI JUSTICE P.SAM KOSHY AND THE HOJ{OURABLE SRI JUSTICE NARSTNG RAO NANDIKONDA JUDGMENT' lpcr Hon'ble Sri.Iustice P.Sam Koshy) Heard lr4s. B.Sapna Reddy, leamed Junior Standing Counsel representing Mr. J.V.Prasad, learned Senior Standing Counsel for the Incorne Tax Deparlment lor the appellant. Perused the record 2. This apJreal under Section 260.4 of the Income Tax Act. 1961, has be,:n p..6...d by the Revenue as the appellant against the or,ler dated 21 .12.2006 passed by the Income Tax Appellate -[ribunal. Hyderabad Ber.rch 'A Hyderabad, 1n t.T.A.No.873/tlydi2003 fbr the Assessmenl Year 2000-01 . 3. Central lloard of Direct Taxes (CBDT) has issued Circular No.5 of 2024 dated 15.03.2024, by further enhancing the monetary limits lor filin5. appeals by the Income Tax Departrnent belore the I I I , No.9 of 2024 <late<l 17.09.2024, amending the previous Circular Income Tax Appellate T'ribunals, 'High Courts and Supre nre Court --7 ITTA No.509 OF 20r0

2 4 as a measure for reducing litigation. In paragraph 2 of the said Circular, we find that the monetary limit fixed for filing an appeal before the High Court is Rs.2.00 crore. In the instant appeal, tax effect is well below the monetary limit 5. Therefore, the appeal filed by the Departrnent is dismissed in terms of the aforesaid Circular No.9 of 2024 dated |i.09.2024 To, However, if the appeal comes within the exception of Circular No.5 of 2024, it would be open to the Income Tax Department to seek revival olthe appeal. There shall be no order as to costs. 6. Consequently, miscellaneous petitions pending, if any, shalt stand closed Sd/- M. VIJAYA BHASKER JOINT REGISTRAR //TRUE COPY// ECTION OFFICER The lncome Tax Appellate Tribunal, Hyderabad, Bench 'A' Hyderabad The Commissioner of lncome Tax (Appeals-lll), Hyderabad The Assistant Commissioner of lncome Tax, Circle 2(3), Hyderabad One CC to Sri J V Prasad, Standing Counsel for Income Tax Department [oPUC] One CC to Sri Y Ratnakar, Advocate [OPUC] Two CD Copies 1 2 4 r-) 5 6 VA/gh

HIGH COUR-T DATED:0310212025 JUDGMENT ITTA.No.509 of 2010 DISMISSING THE ITTA $ i t{[fl 2u[ o 1. i)1e,:,11C;\( HE trA r€ q o U o, /t '\ ii t1 \ 0-b l I