Ita/227/2012 Of The Commissioner Of Income Tax v. M/S Sree Lakshmi Silks

IN THR HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 21 DAY OF SKHPTRBMBER 2016 PRESENT THR HON’BLE MR.JUSTICE JAYANT PATEL AND THR HON’BLE MR.JUSTICK ARAVIND KUMAR| ITA NO.227/2012 BETWEEN: 1. THE COMMISSIONER OF INCOME-TAX,C.R.BUILDING,QUEENS ROAD,BANGALORE. 2. LHE INCOME-TAX OFFICER, WARD —- 9(1),C.R.BUILDING,QUEENS ROAD,BANGALORE.| _. APPELLANTS (BY SRI.K.V.ARAVIND, ADV. FOR|oRI.G.KAMALADHAR, ADV.) AND: M/S SREE LAKSHMI SILKS,# 20-1-1, LAKSHMI MANSION,BASAVANNA LANE, JI.M.ROAD CROSS BANGALORE — 560 OO2.. — RBSPONDEBENT (BY SRLA.SHANKAR & M.LAVA, ADVOCATES) THIS [TA IS FILED UNDER SKC.260-A OF LT.ACT,1961,ARISINGOUTOFORDERDATHRD:20/04/2012 PASSED IN ITA NO.229/BANG/2011, FORTHE ASSESSMENT YEAR 2001-02, PRAYING TO,FORMULATE THE SUBSTANTIAL QUESTIONS OF LAW.STATED THRRBIN AND ALLOW THR APPEAL AND SHT|ASIDE THE ORDER DATED 20/04/2012 PASSED BY.THE ITAT BEARING ITA NO.229/BANG/2011, ANDCONHKIRMTHEORDEROKTHEAPPBLLATEKCOMMISSIONBR CONFIRMING THR ORDER PASSED|BY THE INCOME TAX OFFICER, WARD -_ oO(1)BANGALORE IN THE INTEBRESIT OF JUSTICEK AEQUITY. THIS APPKBAL COMING ON FOR HBARING THISDAY,JAYANT PATEL J., DELIVERED THE FOLLOWING: JUDGMENT| When the matter is taken up tor hearing, the.learned counsel appearing for the Revenue states thatas per the Circular dated 10.12.2015 issued by theCentral Board of Direct Taxes (‘CBDT’ for short), as themonetary limit for pursuing the appeal is raised from Rs.10,00,000/- (Ten Lakhs) to Rs.20,00,000/- (Twentylakhs) for the High Court litigation and same wouldapply to all pending matters and as the subject matterof the present appeal is not exceeding Rs.20 lakhs, hedoes not press the present appeal. | Hence, the appeal shall stand disposed of as notpressed. ok/- Sd/-.JUDGE|Sd/-.JUDGE|