Assistant Commissioner Of Income Tax v. M/S. Ohm Developers....opponent(S

O/TAXAP/420/2007 JUDGMENT IN THE HIGH COURT OF GUJARAT AT AHMEDABAD TAX APPEAL NO. 420 of 2007 FOR APPROVAL AND SIGNATURE: HONOURABLE MR.JUSTICE KS JHAVERI and HONOURABLE MR.JUSTICE K.J.THAKER ================================================================ 1 Whether Reporters of Local Papers may be allowed to see the judgment ?the judgment ? 2 To be referred to the Reporter or not ? 3 Whether their Lordships wish to see the fair copy of the judgment ?judgment ? 4 Whether this case involves a substantial question of law as to the interpretation of the Constitution of India, 1950 or any order made thereunder ?to the interpretation of the Constitution of India, 1950 or any order made thereunder ? 5 Whether it is to be circulated to the civil judge ? ================================================================ ASSISTANT COMMISSIONER OF INCOME TAX....Appellant(s) Versus M/S. OHM DEVELOPERS....Opponent(s) ================================================================ Appearance: MR SUDHIR M MEHTA, ADVOCATE for the Appellant(s) No. 1MRS SWATI SOPARKAR, ADVOCATE for the Opponent(s) No. 1 ================================================================ CORAM: HONOURABLE MR.JUSTICE KS JHAVERIandHONOURABLE MR.JUSTICE K.J.THAKER Date : 18/12/2014 ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1.By way of this appeal, the appellant-revenue has challenged the judgment and order dated 4.8.2006 passed by the Income-tax Appellate Tribunal, Ahmedabad Bench, camp at Surat in ITA No. 2878/Ahd/2004. 2.While admitting this appeal on 19.11.2007, this Court has framed the following substantial questions of law: [A] “Whether on the facts and in the circumstances of the case and in law, the Income Tax Appellate Tribunal is right in interpreting instruction no. 2/2005 issued by the Central Board of Direct Taxes on 24[th]October 2005 modifying its instruction no. 1979 dated 27.3.2000 in respect of net tax effect and paragraph 3 of the instruction no. 1979 dated 27.3.2000 and dismissing the appeal of the Revenue on the said interpretation ?” 3.Heard the learned advocates appearing for the parties and considered the submissions. Mr. Soparkar learned advocate states that the amount O/TAXAP/420/2007 JUDGMENT involved in the present case is small one and there is low revenue effect, and therefore, as per Circular No. 1979 dated 27.3.2000 and 2 of 2005 dated 24.10.2005 as well as in view of provisions of section 268 of the IT Act, the revenue ought not to have come in appeal, and therefore, this appeal is required to be dismissed. In that view of the matter, the questions are answered in favour of the assessee and against the revenue. This appeal is dismissed accordingly. (K.S.JHAVERI, J.) mandora (K.J.THAKER, J)