Ita/142/2011 Commissioner Of Income Tax, Kolkata-1 v. M/S. Ashdil Sales Promotion Private Limited

OD–3 IN THE HIGH COURT AT CALCUTTASPECIAL JURISDICTION (INCOME TAX)ORIGINAL SIDE ITA/142/2011COMMISSIONER OF INCOME TAX, KOLKATA-1VS.M/S. ASHDIL SALES PROMOTION PRIVATE LIMITED BEFORE : THE HON’BLE JUSTICE T.S. SIVAGNANAMAndTHE HON’BLE JUSTICE HIRANMAY BHATTACHARYYADate : 2[nd] March, 2023 Appearance :Mr. Amit Sharma, Adv.…for appellantMs. Sapna Das, Adv.Mr. S. Das, 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 11.1.2010 passed by theLearned Income Tax Appellate Tribunal “C” Bench, Kolkata in I.T.A. No. 1694/Kol/2009(between Income Tax Officer, Ward-3(1), Kolkata-versus-Ashdil Sales Promotion PrivateLimited) for the Assessment Year 2006-2007. As rightly pointed out by Mr. Amit Sharma, learned Advocate representing therevenue/appellant that the tax effect involved in the instant appeal is Rs.52,66,231/-which is far below the threshold limit as would be evident from the Circular issued bythe C.B.D.T. This appeal was admitted on July 13,2011 on the following substantial questionof law as framed by the Hon’ble Division Bench:- (i)Whether the learned Tribunal below committed substantial error of law inholding that the share transaction with delivery of share is a speculativetransaction within the meaning of Explanation to Section 73 of theIncome-tax Act, 1961, notwithstanding the fact that in view of sectionholding that the share transaction with delivery of share is a speculativetransaction within the meaning of Explanation to Section 73 of theIncome-tax Act, 1961, notwithstanding the fact that in view of section 43(5) of the Act, such type of transaction does not come within the purviewof speculative transaction ? In view of the fact that the tax effect is below the threshold limit the revenuecannot proceed with this appeal any further. In view thereof, the appeal stands dismissed and the substantial question of lawframed in this appeal is, however, left open. (T.S. SIVAGNANAM, J.) Pkd/GH. (HIRANMAY BHATTACHARYYA, J.)