Itta/78/2006 Of Commissioner Of Income Tax, Rajahmundry v. Sri Moolchand

THE HON’BLE SRI JUSTICE C.V. NAGARJUNA REDDY AND THE HON’BLE SRI JUSTICE M.S.K. JAISWAL I.T.T.A. No.78 OF 2006 DATED:27-12-2017 Between: Commissioner of Income Tax Rajahmundry … Appellant And Moolchand … Respondent COUNSEL FOR THE APPELLANT: Mr. B. Narasimha Sarma, Senior Standing Counsel for Income Tax COUNSEL FOR THE RESPONDENT: Mr. S. Srinivasa Rao, for Mr. A.V. Krishnakoundinya THE COURT MADE THE FOLLOWING: JUDGMENT:(per the Hon’ble Sri Justice C.V. Nagarjuna Reddy) In this appeal filed against order dt.23.10.2003 in ITA No.33/V/2002, on the file of the Income Tax Appellate Tribunal, Visakhapatnam, the Revenue has raised the following substantial question of law. “Whether the Appellate Tribunal is justified in holding that the loss sustained by the assessee by way of confiscation of goods should be taken into account for the purposes of computation of business income from the alleged illegal business being run by the assessee?” At the hearing, Mr. B. Narasimha Sarma, learned Senior Standing Counsel for the Income Tax Department, submitted that as the tax effect in this appeal is below the monetary limit prescribed by the Central Board of Direct Taxes Circular No.21/2015, dt.10.12.2015, the appeal is liable to be dismissed. The appeal is accordingly dismissed. __________________________ C.V. NAGARJUNA REDDY, J _________________________ M.S.K. JAISWAL, J 27-12-2017 bnr