Ita/249/2015 Of The Commissioner Of Income Tax v. Mr.abdul Wahab

Digitallysigned byBHARATHI SLocation:HIGHCOURT OFKARNATAKA ITA No. 249 of 2015 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 23 DAY OF SEPTEMBER, 2024 PRESENT THE HON'BLE MR JUSTICE S.G.PANDIT AND THE HON'BLE MR JUSTICE C.M. POONACHA INCOME TAX APPEAL NO. 249 OF 2015 BETWEEN: 1. THE COMMISSIONER OF INCOME TAX BANGALORE BANGALORE 2. DY. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 1(3) BANGALORE CENTRAL CIRCLE 1(3) BANGALORE …APPELLANTS (BY SRI. E I SANMATHI .,ADVOCATE) AND: MR.ABDUL WAHAB NO.292, 2ND CROSS, RAHAMATHNAGAR, BANGALORE PAN - …RESPONDENT (BY SRI. B.S.BALACHANDRAN.,ADVOCATE) THIS ITA / INCOME TAX APPEAL IS FILED UNDER SEC.260-A OF INCOME TAX ACT 1961, PRAYING TO DECIDE THE FOREGOING QUESTION OF LAW AND / OR SUCH OTHER QUESTIONS OF LAW AS MAY BE FORMULATED BY THE HON'BLE COURT AS DEEMED FIT AND SET ASIDE THE APPELLATE ORDER DATED 19/12/2014 PASSED BY THE ITAT, 'A' BENCH, BANGALORE, AS SOUGHT FOR, IN THE RESPONDENT-ASSESSEE'S CASE, IN APPEAL PROCEEDINGS IN ITA NO. 527/BANG/2013 FOR A.Y.2006-2007 AND ETC. - 2 - ITA No. 249 of 2015 THIS APPEAL, COMING ON FOR FINAL HEARING, THIS DAY, JUDGMENT WAS DELIVERED THEREIN AS UNDER: CORAM: HON'BLE MR JUSTICE S.G.PANDIT and HON'BLE MR JUSTICE C.M. POONACHA ORAL JUDGMENT (PER: HON'BLE MR JUSTICE S.G.PANDIT) Heard the learned counsel Sri.Sanmathi E.I., for appellants/Revenue and learned counsel Sri.B.S.Balachandran, learned counsel for the respondent/assessee. 2. The Revenue is in appeal under Section 260-A of the Income Tax Act, 1961 (for short, ‘the Act’) questioning the correctness and legality of order dated 19.12.2014 passed by the Income Tax Appellate Tribunal, Bengaluru Bench ‘A’, Bengaluru (for short, ‘Appellate Authority’) in ITA No.527/Bang/2013 for the assessment year 2006-07, raising the following substantial question of law: “Whether on facts and circumstances, the Tribunal was right in holding that there was no transfer of the property by the assessee and as such no capital gains arise even when the ingredients of Section 2(47) of the Income Tax Act, 1961, are clearly satisfied in the case of assessee?” 3. Learned counsel for the assessee submits that the tax effect in this appeal is less than Rs.2 Crores and therefore, the appeal should not be entertained at the instance of the revenue in view of the Circular No.09/2024 dated 17.09.2024 issued by the Central Board of Direct Taxes. It is also submitted that the aforesaid Circular binds the revenue. 4. On the other hand, learned counsel for the revenue submits that he be granted liberty to revive the appeal in case the matter falls within the exceptions under the aforesaid Circular dated 17.09.2024 and Circular No.5/2024 dated 15.03.2024. 5. In view of the aforesaid submissions, the appeal is disposed of with liberty as prayed for by the learned counsel for the revenue. However, the question of law is kept open to be adjudicated in an appropriate proceeding. Sd/- (S.G.PANDIT) JUDGE Sd/- (C.M. POONACHA) JUDGE BS List No.: 1 Sl No.: 54