Itta/771/2006 Of The Commissioner Of Income Tax-Iii v. Vst Industries Limited

IN THE HIGH COURT FOR THE STATE OF TELANGANAAT HYDERABAD WEDNESDAY, THE NINTH DAY OF AUGUSTTWO THOUSAND AND TWENry THREE PRESENT THE HON'BLE SRI JUSTICE P.SAM KOSHY AND THE HON'BLE SRI JUSTICE A. LAXMI NARAYANA INCOME TAX TRIBUNAL APPEAL No: 771 0F 2006 lncome Tax Tribunal Appeal Under Section 260A of the lncome Tax Act,'1961 arising out of the order of the lncome-Tax Appellate Tribunal, HyderabadBench ' B ' Hyderabad, in ITA No.1237lHydl2O1S, for Assessmentyear 2OO2-2OO3dated: 1 2-05-2006 preferred against the Order of the Commissioner of lncome Tax ,Bench ' B ' Hyderabad, in ITA No.1237lHydl2O1S, for Assessmentyear 2OO2-2OO3dated: 1 2-05-2006 preferred against the Order of the Commissioner of lncome Tax ,(Appeals)-lV, Hyderabad, Appeat No.S7lACtT-3(4yCtT(A)-tV/05-06, dated:10-10-2005, preferred against the order of the Assistant commissioner of lncome Tax,Circle -3(4), Hyderabad, P.A.N / G.t.R No. AAACV6799C / V-i 78, dated 30-03-2005.Circle -3(4), Hyderabad, P.A.N / G.t.R No. AAACV6799C / V-i 78, dated 30-03-2005. Between: The Assistant Commissioner of lncome Tax-lll, Hyderabad ...APPELLANT AND VST lndustries Limited, Azambad, Hyderabad. ...RESPONDENT Counsel for the Appellant: SRI J.V. PRASAD, SC FOR INCOME TAXCounsel for the Respondent: SRI P. RAJENDER REDDYThe Court delivered the following: JUDGMENT THE HON'BLE SRI JUSTICE P.SAM KOSEY AND THE HON'BLE SRI JUSTICE [A. ][LA)OII ] I.T.T.A. No.771 of 20O6 JUDGMENT[(per Hon'bLe ]Si [Jttstice ][P-SAM KOSHY)] Heard Sri J. \/. Prasad, learncd Senior [Standing Counsel ][appearing]for the appellant. 2. This appeal under Section 2604 of the [Income ][Tax ][Act, ][1961, ][has]been preferred by the Revenut: as the [appcllant against ][the ][order]dt. 12.05.2006 passed by the Income Tax [Appellate ][Tril>ur-ral, Hyderabad]Bench 'A', Hyderabarl, in I.T.A.No [1237 ]lHydl2OO5 [for thc ][Assessment ][Year]2002-03. 3. Central Board of Direct Taxcs [(CBDT) ][has ][issued ][Circular ][No ] [of]2019 dt.08.O8.2019, amending the [previous ]Circular [No.3 ][of ][2018]dt. 11.07.2018, by further enhancir-rg the monetary [limits ][for ][filing ][appeals]by the Income Tax l)epartment br:lbrc the Income Tax [Appellate Tribunals,]High Courts and Su,preme Court [zts ]a measure for [reducing ][litigation. ][ln]paragraph 2 of the r;aid Circular, rve find that the monctary limit fixed [for]trling an appea-l before the High Court is [Rs.1-OO ]crore. 4. tn the instant appeal, tax elfr:ct is well below the [monetar)'hmit-] 5. Therefore, the appeal hled trl'the Department is dismissed in terms ofthe aforcsaid Circuku No. 17 of 20l9 dt.08.O8.2019. However, if the appealcomcs within the ex<:eption under p:tragraph 10 of Circular No.3 o[ 20 18, it \tt would be open to the Income Tax Department to seek rerrival of the appealNo order as to costs 6Consequently, miscellaneous petitions pending, if any, shall standclosed.closed. Sd/.K.SRINIVASA RAOJOINT REGISTRARSECTION OFFICER //TRUE COPY// To, 1. The lncome-Tax Appellate [Tribunal, Hyderabad ][Bench ][' ] [' Hyderabad'] 2. The Commissioner [of ][lncome ][Tax ][, ][(AppealsflV, ][Hyderabad'] 3. The Assistant [Commissioner of lncome Tax, Circle -3(4), Hyderabad'] 4. One CC to SRI J.V. [PRASAD, SC FOR INCOME TAX ] 5. One CC to SRI [P. ] [REDDY, ][Advocate ][ ] 6. Two CD CoPies kam HIGH COURT PSK,J & LNA,J DATED:0910812023 JUDGMENT ITTA.No.771 ot 2006 THE APPEALIS DISMISSED@t^'e\n[\a?] ,.r,,,.;,(1-:r"ii;')i [-i]il'], i:15 [Ttt][ ?ffi]lai.l ,.1,\ i.,) ',(.,