HON’BLE SRI JUSTICE L. NARASIMHA REDDY AND HON’BLE SRI JUSTICE CHALLA KODANDA RAM REFERRED CASE No. 4 OF 2002 09-07-2014 BETWEEN The Commissioner of Income Tax, A.P. II, Hyderabad …Petitioner And M/s. United Construction Co., Hyderabad …..Respondent HON’BLE SRI JUSTICE L. NARASIMHA REDDY AND HON’BLE SRI JUSTICE CHALLA KODANDA RAM REFERRED CASE No. 4 OF 2002 ORDER: (per the Hon'ble Sri Justice L. Narasimha Reddy) This reference is under Section 256 (2) of the Income Tax Act, 1961 (for short ‘the Act’) at the instance of the Revenue.
We have perused the record and heard Sri S.R. Ashok, learned Senior Counsel for the Revenue and Sri J.V. Prasad, learned counsel for the applicant.
The necessity for us to deal with matter in detail is obviated on account of the fact that the tax impact is meagre. To be precise, the assessee declared his income as Rs.1,85,000/-, whereas in exercise of the power under Section 263 of the Act, the Commissioner has enhanced the same to Rs.2,40,000/-. The difference of income is Rs.55,000/-. The tax impact therein is too meagre.
Therefore, we decline to answer the question.
L. NARASIMHA REDDY, J CHALLA KODANDA RAM, J 09-07-2014 ks