HON'BLE SRI JUSTICE G.CHANDRAIAH & HON’BLE SRI JUSTICE CHALLA KODANDA RAM I.T.T.A. No. 78 of 2002 DATE: 21.04.2014 Between:
Commissioner of Income-Tax .. Appellant And Challa Eswar Reddy .. Respondent JUDGMENT:- (per Hon’ble Sri Justice Challa Kodanda Ram) This appeal by the Revenue arises out of the orders dated 19.11.2001 in I.T.A.No. 699/Hyd/1996 passed by the Income-Tax Appellate Tribunal, “A” Bench, Hyderabad in relation to the assessment year 1992-93. The following three questions of law are said to be arising from the orders of the Tribunal for adjudication:
a) Whether the Appellate Tribunal is justified in holding that the compensation received by the assessee is not assessable to Capital Gain Tax, merely because the quantum of compensation fixed by the competent authority is disputed?
b) Whether the Appellate Tribunal is justified in holding that the principle of law laid down by the Hon’ble Supreme Court reported in 161 ITR 524 is applicable to the facts of the case?
c) Whether the principle laid down in 161 ITR 524 as understood by the Appellate Tribunal can be said to be good law even after insertion of Section 45(5) by Finance Act, 1987?
Though notice was served on the respondent- assessee, no representation is made on his behalf.
Sri S.R.Ashok, learned Standing Counsel for the Income-Tax Department has urged this Court to consider the matter on merits ex parte.
Having heard the learned senior Standing Counsel and perused the material placed on record, we are inclined to dismiss the appeal by following the Common Judgment dated 24.01.2014 delivered by this Court in W.T.A.Nos.24 of 2004 and batch on account of the fact that the amount of tax involved in the present appeal is below the amounts prescribed for filing the appeals under Section 260-A of the Income-tax Act.
The controversy in issue involves tax liability of Rs.1,16,290/- which is far below the amount prescribed in the Instruction No.1979, dated 27.03.2000 issued by the Central Board of Direct Taxes (C.B.D.T.), a statutory body constituted under Section 119 of the Income Tax Act, 1961.
Following the Common Judgment dated 24.01.2014 in W.T.A.Nos.24 of 2004 and batch, the present appeal is dismissed. No order as to costs.
As a sequel to the dismissal of the appeal, Miscellaneous Petitions, if any pending, shall stand disposed of as infructuous.
G. CHANDRAIAH, J 21.04.2014 CHALLA KODANDA RAM,J bcj