Ita/120/2015 Of The Commissioner Of Income Tax v. M/S. Falcon Tyres Ltd

IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATBD THIS THE 5 DAY OF JANUARY, 2016) “PRESENT: THE HON’BLE MR.JUSTICE N.K. PATIL AND THE HON’BLE MRS.JUSTICE S. SUJATHA IL.T.A.NO.120 OF 201 Between: 1.The Commissioner of Income-tax, LTU, JSS Towers, BSK II Stage, Bangalore-560 O8o. 2.The Deputy Commissioner of Income-Tax, LTU, JSS Towers, | BSK II Stage, Bangalore-560 O8o. ..Appellants (By Sri. K.V. Aravind, Advocate) And M/s. Falcon Tyres Ltd.,K.R.S. Road, Metagalli,Mysore-570 O16. ... Respondent (Respondent served and unrepresented) KKK This ITA is filed U/s. 260A of the Income Tax Act,1961, praying to formulate the substantial question of law, ©allow the appeal and set aside the orders passed by the|Income Tax Appellate Tribunal, Bangalore, in ITA No.|1811/Bang/2013 dated 31/10/2014 confirming the order)of the Appellate Commissioner and confirm the order passed by|theCommissioner OT|Income|Tax(Appeals),LTU,|Bangalore. | ThisITA|comingOT)for.Admission,this|day,N.K.PATIL J, delivered the following: -J U DGMEN T: This appeal by the Revenue is arising out of theimpugned order dated 31/10/2014, passed in ITA No.1811/Bang/2013,by theIncomeTax|AppellateTribunal,Bangalore|Bench-B,Bangalore,for considering the following substantial questions of law: (i) Whether the Tribunal was correct in|holding that unless and until there is receipt ofexempted income for the concerned assessmentyears, section 14A of the Act cannot be invokedwithout appreciating that the CBDT has issued a)circularNo.5 /2014dated11.02.2014anddirected for disallowance of expenditure u/s.14A_r.w. rule 8D, even where tax payer in a particularyear has not earned any exempt income? (i) Whether the tribunal is correct indeleting the disallowance made under Rule8D(2)(11) of the Act, when there is no necessity forearning exempt income for invoking section 14A_of the Act. 2. We have heard the learned counsel Sri. K.V.Aravind, appearing for appellants. 3. During the course of submission, learnedcounsel appearing for appellants submitted, that in the light of the Circular dated 10[th]December 2015.bearing No.21/2015 since the subject matter involved in this case is less than Rs.20/- Lakhs, the instant appeal may be disposed of as not maintainable. 4. The above submission made by learned counsel for the appellants is placed on record. Oo. In view of the submission made by learnedcounsel appearing for appellants and in the light of theCirculardated10[th]DecemberAO15bearingNo.21/2015, instant appeal filed by the appellants isdismissed as not maintainable. Ordered accordingly. | SD/- JUDGE tsn* sD/- JUDGE