Commissioner Of Income Tax, Kolkata-4, Kolkata v. Bijco Holding Ltd

OD–4 IN THE HIGH COURT AT CALCUTTASPECIAL JURISDICTION (INCOME TAX)ORIGINAL SIDE ITA/15/2015 COMMISSIONER OF INCOME TAX, KOLKATA-4, KOLKATA VS.BIJCO HOLDING LTD. BEFORE : THE HON’BLE JUSTICE T.S. SIVAGNANAMAndTHE HON’BLE JUSTICE HIRANMAY BHATTACHARYYADate : 3[rd] March, 2023 Appearance :Mr. Prithu Dhudheria, Adv.…for appellantMr. Subash Agarwal, Adv.…for respondent. The Court : - This appeal filed by the revenue under Section 260A of the IncomeTax Act, 1961 (the Act) is directed against the order dated January 9, 2015 passed bythe Learned Income Tax Appellate Tribunal “B” Bench, Kolkata in I.T.A. No. 1036/2012for the Assessment Year 2007-08. It has been pointed out by the learned advocate representing the revenue thatthe tax effect involved is Rs.29,81,007/- which is far less than threshold limit fixed bythe C.B.D.T. This appeal was admitted by an order dated July 31,2015 on the followingsubstantial question of law : (i)Whether on the facts and in the circumstances of the case the LearnedTribunal was justified in law directing the Assessing Officer to allow theloss against derivative income by relying upon a decision of Hon’ble DelhiHigh Court in the case of DLF Commercial Developers Limited (supra)despite the fact that the principal business of the assessee is grantingloans and advances ?Tribunal was justified in law directing the Assessing Officer to allow theloss against derivative income by relying upon a decision of Hon’ble DelhiHigh Court in the case of DLF Commercial Developers Limited (supra)despite the fact that the principal business of the assessee is grantingloans and advances ? In view of the fact that the tax effect is below the threshold limit, the revenuecannot pursue this appeal any further. In view thereof, the appeal stands dismissed onthe ground of low tax effect and the substantial question of law is, however, left open. (T.S. SIVAGNANAM, J.) Pkd/GH. (HIRANMAY BHATTACHARYYA, J.)