THE COMMISSIONER OF INCOME TAX vs. M/S.KRISHNA ENTERPRISES

1 IN THE HIGH COURT OF KARNATAKA AT BANGALORE

DATED THIS THE 08TH DAY OF OCTOBER, 2012 PRESENT THE HON’BLE MR.JUSTICE K. SREEDHAR RAO AND

THE HON’BLE MR.JUSTICE B.V.PINTO

INCOME-TAX APPEAL NO. 503/2006

BETWEEN:

(BY SRI K.V.ARAVIND, ADV.) AND:

M/S.KRISHNA ENTERPRISES HOSALINE ROAD HASSAN

… RESPONDENT

(NOTICE – SERVED THROUGH PAPER PUBLICATION VIDE ORDER DATED 14.09.2010.)

THIS ITA IS FILED UNDER SECTION 260-A OF I.T.ACT, 1961 ARISING OUT OF ORDER DATED 14.09.2005 PASSED IN IT(SS)A NO. 127/BNG/2003, FOR THE BLOCK ASSESSMENT PERIOD 01-04-1990 TO 30-01-2011, PRAYING TO i. FORMULATE THE SUBSTANTIAL QUESTIONS OF LAW STATED THEREIN, ii. ALLOW THE APPEAL AND SET ASIDE THE ORDER PASSED BY THE ITAT BANGALORE IN IT(SS)A 127/BANG/2003 DATED 14- 09-2005 CONFIRMING THE ORDER OF THE APPELLATE COMMISSIONER CONFIRM THE ORDER PASSED BY THE ASST., COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, MYSORE, IN THE INTEREST OF JUSTICE AND EQUITY.

THIS ITA COMING ON FOR FINAL HEARING THIS DAY, SREEDHAR RAO J., DELIVERED THE FOLLOWING:-

J U D G M E N T

The monetary limit in this appeal is less than Rs.10 lakhs. In view of the decision of this Court in CIT Vs. RANKA AND RANKA in DTR no.72 DTR 270 (KAR), the appeal is not be maintainable. However, the appellants submit that the Revenue has filed SLP No.27468/2012 before the Supreme Court, wherein, judgment of this Court in the case of RANKA AND RANKA is in challenge. If the Supreme Court were to hold that the Circular No.3/2011 has only prospective

3 effect, then the appellants can file a memo to seek revival of the appeal and to argue the same on merits. Accordingly, the appeal is disposed of.

Sd/- JUDGE

Sd/- JUDGE

nvj