Itta/509/2010 Of The Commissioner Of Income Tax-Iv v. Pact Securities And Financial Services

IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD ,MONDAY, THE THIRD DAY OF FEBRUARY TWO THOUSAND AND TWENTY FIVE PRESENT THE HONOURABLE SRI JUSTICE P.SAM KOSHYTHE HoNouRABLE sRr ,rrr#,uo*srNc RAo NANDTK.NDA INCOME TAX TRIBUNAL APPEAL NO: 509 0F 2010 lncome Tax Tribunal Appeal under Section 2604 of the lncome Tax Act, 196.ragainst the order dated 27-12-2006 passed in rrA.No.B73lHyd/2003 for theAssessment Year 2ooo-2oo'r on the fire of the lncome Tax Apperate Tribunar.Hyderabad, Bench 'A' Hyderabad, preferred against the order dated 31-03-2003passed in Appear No.827rDcrr 2(4)rcrr(A)-fit02-03 on the fire of the commissionerof lncome Tax (Appears-Ir), Hyderabad, preferred against the order dated 2g-02_2003 passed in pAN/GrR No-p-97 on the fire of the Assistant commissioner ofIncome Tax, Circle 2(3), Hyderabad. Between:The Commissioner of Income Tax_lV, Hyderabad ...Appellant AND Pact Securities and Financial Services, 6-3_25212t6, Naveen Nagar,Erramanzil, Hyderabad ... Respondent Counsel for the Appellant Ms B Sapna Reddy, Junior SCRepSri J V Prasad,Senior SC for lncome Tax Depadment Counsel for the Respondent : Sri [y ]Ratnakar The Court delivered the following Judgment: I I , THE HO-\OURABLE SRI JUSTICE P.SAM ANDTHE HOJ{OURABLE SRI JUSTICE NARSTNG RAONANDIKONDA ITTA No.509 OF 20r0 JUDGMENT'[lpcr ]Hon'ble [Sri.Iustice ][P.Sam ][Koshy)] Heard lr4s. B.Sapna Reddy, leamed Junior StandingCounsel representing Mr. J.V.Prasad, [learned ][Senior ][Standing]Counsel for the Incorne Tax Deparlment lor the appellant. [Perused]the record 2. This apJreal under Section 260.4 of the Income Tax Act.1961, has be,:n p..6...d by the Revenue as the appellantagainst the or,ler dated 21 .12.2006 passed by the Income TaxAppellate [-[ribunal. ]Hyderabad Ber.rch 'AHyderabad,1nt.T.A.No.873/tlydi2003 fbr the Assessmenl Year 2000-01 .3. Central lloard of Direct Taxes (CBDT) has issued CircularNo.9 of 2024 <late<l 17.09.2024, amending the previous CircularNo.5 of 2024 dated 15.03.2024, by further enhancing the monetarylimits lor filin5. appeals by the Income Tax Departrnent belore theIncome Tax Appellate T'ribunals, ['High ]Courts and Supre nre Court II r-) as a measure for reducing litigation. In paragraph 2 of the saidCircular, we find that the monetary limit fixed for filing an appealbefore the High Court is Rs.2.00 crore.before the High Court is Rs.2.00 crore. 4In the instant appeal, tax effect is well below the monetarylimitlimit 5. Therefore, the appeal filed by the Departrnent is dismissed interms of the aforesaid Circular No.9 of 2024 dated |i.09.2024However, if the appeal comes within the exception of CircularNo.5 of 2024, it would be open to the Income Tax Department toseek revival olthe appeal. There shall be no order as to costs. 6. Consequently, miscellaneous petitions pending, if any, shaltstand closed Sd/- M. VIJAYA BHASKERJOINT REGISTRAR //TRUE COPY// ECTION OFFICER To, The lncome Tax Appellate Tribunal, Hyderabad, Bench 'A' Hyderabad 1 The Commissioner of lncome Tax (Appeals-lll), Hyderabad 2 The Assistant Commissioner of lncome Tax, Circle 2(3), Hyderabad 4One CC to Sri J V Prasad, Standing Counsel for Income Tax Department[oPUC][oPUC] One CC to Sri Y Ratnakar, Advocate 5 6Two CD Copies VA/gh HIGH COUR-T DATED:0310212025 1.HE [trA ]r€o,'\qoiiUi [t{[fl][ 2u[]ot1$ JUDGMENT/t\i)1e,:,11C;\(ITTA.No.509 of 2010 DISMISSING THE ITTA 0-blI