IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 20TH DAY OF NOVEMBER 2019 PRESENT THE HON’BLE MR. JUSTICE ARAVIND KUMAR AND THE HON’BLE MR. JUSTICE SURAJ GOVINDARAJ ITA NO.180/2019 BETWEEN:
1 . THE PR. COMMISSIONER OF INCOME-TAX, CIT(A) 5TH FLOOR, BMTC BUILDING 80 FEET ROAD, KORMANGALA BENGALURU-560 095.
2 . THE DEPUTY COMMISSIONER OF INCOMET TAX CIRCLE -6(1)(2), 2ND FLOOR BMTC BUILDING, 80 FEET ROAD KORMANGALA BENGALURU - 560 095.
...APPELLANTS (BY SRI. K.V. ARAVIND, ADVOCATE) AND:
M/S ALTIMETRIK INDIA PVT. LTD., SY. NO.7P & 93P, INDUSTRIAL AREA, BEGUR HOBLI ELECTRONIC CITY 2ND PHASE BENGALURU - 560 100.
PAN: AAFCS 4915A …RESPONDENT (BY SRI. ANKUR PAI DHUNGAT, ADVOCATE) THIS APPEAL IS FILED UNDER SECTION 260A OF INCOME TAX ACT, 1961 PRAYING TO FORMULATE THE SUBSTANTIAL QUESTIONS OF LAW STATED ABOVE AND ETC.
THIS APPEAL COMING ON FOR ADMISSION THIS DAY, ARAVIND KUMAR J, DELIVERED THE FOLLOWING:
JUDGMENT
This appeal is directed against order of ITAT dated 24.09.2018 passed in I.T.A.No.1509/Bang/2017 for the assessment year 2012-13, whereunder Tribunal has deleted the addition made by the assessing officer in respect of ‘short term capital gains’ by arriving at a conclusion that same is to be treated as a ‘long term capital gain’.
2. Learned panel counsel appearing for the revenue has made available copy of the Circular bearing number 17/2019 dated 08.08.2019 whereunder monetary limit for filing appeals before this Court under Section 260A of Income Tax Act, 1961, has been fixed as one Crore and above.
3. In the light of said monetary limit fixed, when impugned order perused along with order passed by the assessing officer giving effect to the order passed by ITAT would disclose that relief extended by the Tribunal which has been given effect to, insofar as, it relates to short term capital gains as well as disallowance under Section 14A of the Act and the depreciation allowance in total would be less than one Crore, as such ceiling fixed under Circular dated 08.08.2019 would be squarely applicable to the facts on hand and appeal would not be maintainable.
Accordingly, we dismiss the appeal. It is made clear that in the event of order giving effect to ITAT’s order being in excess of one Crore, Revenue would be at liberty to revive this appeal.
SD/- JUDGE SD/- JUDGE RU