THE COMMISSIONER OF INCOME TAX vs. M/S SREE LAKSHMI SILKS

1 IN THE HIGH COURT OF KARNATAKA AT BENGALURU

DATED THIS THE 21ST DAY OF SEPTEMBER 2016

PRESENT

THE HON’BLE MR.JUSTICE JAYANT PATEL AND THE HON’BLE MR.JUSTICE ARAVIND KUMAR ITA NO.227/2012 BETWEEN:

... APPELLANTS

(BY SRI.K.V.ARAVIND, ADV. FOR SRI.G.KAMALADHAR, ADV.)

AND:

M/S SREE LAKSHMI SILKS, # 25-1-1, LAKSHMI MANSION, BASAVANNA LANE,

2 J.M.ROAD CROSS BANGALORE – 560 002.

...RESPONDENT

(BY SRI.A.SHANKAR & M.LAVA, ADVOCATES)

THIS ITA IS FILED UNDER SEC.260-A OF I.T. ACT, 1961, ARISING OUT OF ORDER DATED: 20/04/2012 PASSED IN ITA NO.229/BANG/2011, FOR THE ASSESSMENT YEAR 2001-02, PRAYING TO FORMULATE THE SUBSTANTIAL QUESTIONS OF LAW STATED THEREIN AND ALLOW THE APPEAL AND SET ASIDE THE ORDER DATED 20/04/2012 PASSED BY THE ITAT BEARING ITA NO.229/BANG/2011, AND CONFIRM THE ORDER OF THE APPELLATE COMMISSIONER CONFIRMING THE ORDER PASSED BY THE INCOME TAX OFFICER, WARD - 5(1), BANGALORE IN THE INTEREST OF JUSTICE AND EQUITY.

THIS APPEAL COMING ON FOR HEARING THIS DAY, JAYANT PATEL J., DELIVERED THE FOLLOWING:

JUDGMENT When the matter is taken up for hearing, the learned counsel appearing for the Revenue states that as per the Circular dated 10.12.2015 issued by the Central Board of Direct Taxes (‘CBDT’ for short), as the monetary limit for pursuing the appeal is raised from

3 Rs.10,00,000/- (Ten Lakhs) to Rs.20,00,000/- (Twenty lakhs) for the High Court litigation and same would apply to all pending matters and as the subject matter of the present appeal is not exceeding Rs.20 lakhs, he does not press the present appeal. Hence, the appeal shall stand disposed of as not pressed.

Sd/- JUDGE

Sd/- JUDGE Sk/-