Commissioner of Income-tax, Bangalore / The Assistant Commissioner of Income-tax Central Circle-1(2), Bangalore v. Nirman Shelters (Bangalore) Pvt. Ltd
[Citation -2020-LL-0708-2]
| Citation | 2020-LL-0708-2 |
|---|---|
| Appellant Name | Commissioner of Income-tax, Bangalore / The Assistant Commissioner of Income-tax Central Circle-1(2), Bangalore |
| Respondent Name | Nirman Shelters (Bangalore) Pvt. Ltd. |
| Court | HIGH COURT OF KARNATAKA |
| Relevant Act | Income-tax |
| Date of Order | 08/07/2020 |
| Assessment Year | 2000-01 |
| Judgment | View Judgment |
| Keyword Tags | notice issued • tax payable • low tax effect |
| Bot Summary: | Mr.A.Shankar, learned Senior counsel along with Mr.M.Lava, learned counsel for the assessee has appeared through video conference. This appeal under Section 260-A of the Income Tax Act, 1961 has been filed by the revenue. When the matter was taken up today, learned Senior counsel for the assessee submitted that the returned income in response to the notice issued under 3 Section 153A of the Act was 1,29,19,590/- and effective addition of 2,12,74,378/- has been made and therefore, the tax payable by the assessee is only 81,90,635/- and therefore, in view of the circular bearing No.17/2019 dated 08.08.2019, the appeal, at the instance of the revenue may not be maintainable as the tax impact is less than 1 Crore. On the other hand, learned counsel for the revenue submitted that as per his instructions, the tax impact is 1,32,82,735/-. We have considered the submission made by the learned counsel for the parties. From perusal of the record, it is evident that only the effective addition of 2,12,74,378/- has been made to the income which was returned in response to the notice under Section 153A of the Act and therefore, the tax payable by the assessee is 81,90,635/-. Since the tax impact is less than 1 4 crore in view of the circular dated 08.08.2019, the appeal is disposed of. |