PCIT Vs Stanley Black & Decker India Ltd (Karnataka High Court)
In the case of PCIT vs. Stanley Black & Decker India Ltd, the Karnataka High Court addressed an appeal involving a tax effect of less than ₹1 crore. The assessee argued that the appeal should not be entertained based on Circular No. 17/2019 issued by the Central Board of Direct Taxes, which limits appeals with a low tax impact. However, the revenue’s counsel requested the opportunity to revive the appeal if it fell within the exceptions specified in the circular. The court disposed of the appeal while granting the revenue the liberty to revive it under such exceptions.
FULL TEXT OF THE JUDGMENT/ORDER OF KARNATAKA HIGH COURT
Mr. E. I. Sanmathi, learned counsel for the revenue. Mr. T. Suryanarayana, learned counsel for the assessee.
2. Learned counsel for the assessee submits that the tax effect in this appeal is less than Rs. 1 Crore and therefore, the appeal should not be entertained at the instance of the revenue in view of the Circular No.17/2019 dated 08.08.2019 issued by the Central Board of Direct Taxes. It is also submitted that the aforesaid Circular binds the revenue.
3. 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 08.08.2019.
