Ita/16/2011 Commissioner Of Income Tax, Central-1, Kolkata v. M/S. Coloma Commercial Co. Ltd

OD – 11 IN THE HIGH COURT AT CALCUTTASPECIAL JURISDICTION (INCOME TAX)ORIGINAL SIDE ITA/16/2011COMMISSIONER OF INCOME TAX, CENTRAL-1, KOLKATAVsM/S. COLOMA COMMERCIAL CO. LTD. BEFORE : THE HON’BLE JUSTICE T.S. SIVAGNANAM AndTHE HON’BLE JUSTICE HIRANMAY BHATTACHARYYADated : NOVEMBER 10, 2022. Appearance:Ms. Smita Das De, Adv.…for appellant The Court :- This appeal filed under Section 260A of the Income Tax Act, 1961 isdirected against the order dated 14.05.2010 passed by the Income Tax AppellateTribunal “C” Bench Kolkata in I.T.A. No. 585/Kol/2009 for the assessment year 2006-07. The appeal was admitted on the 22.12.2010 on the following substantialquestions of law : i)Whether on the facts and in the circumstances of the case the Tribunalwas justified in law to direct the assessing officer to accept the claim of theassessee that gain of Rs.69,56,024/- was a Capital gain by setting aside allother Orders passed by the assessing authorities ?was justified in law to direct the assessing officer to accept the claim of theassessee that gain of Rs.69,56,024/- was a Capital gain by setting aside allother Orders passed by the assessing authorities ? We have heard Ms. Smita Das Dey, learned Advocate for the appellant/revenue.As could be seen from the calculation of tax vide assessment order dated 29[th]August, 2008 that the tax effect in the instant appeal is far below the threshold limitfixed by the C.B.D.T. Circular. In such circumstances the revenue cannot pursue the appeal further. For the above reasons, the appeal stands dismissed on the ground of low taxeffect. Consequently, the substantial question of law is left open. Paper book is kept on record. (T.S. SIVAGNANAM, J.) Pkd/GH (HIRANMAY BHATTACHARYYA, J.)