Principal Commissioner of Income Tax - 4 v. M/S Epsilon Advisors Pvt. Ltd.
Case brief
What is this about?
Karnataka HC, ITA No. 319 of 2019, decided 11-02-2025, DB (Krishna S Dixit & G Basavaraja, JJ.). Revenue appeal under S.260-A of Income Tax Act 1961 by Principal Commissioner of Income Tax-4 and DCIT Circle 4(1)(1) against M/s Epsilon Advisors Pvt Ltd (assessee; counsel Narendra Kumar J. Jain; Revenue counsel Sanmathi E. I.), challenging ITAT 'C' Bench Bangalore order dated 29.11.2018 in ITA No.1607/BANG/2014 for AY 2006-2007. Disposed as not maintainable: tax effect below CBDT Circular No.9/2024 minimum ceiling; framed substantial questions (LTCG on shares, actual cost Rs.24,61,98,742/-, JCPL/BPL Communication losses, advisory fee remand report, Manjunatha Cotton 359 ITR 565) held not to arise; liberty reserved to raise them in appropriate proceedings.
What did the court decide?
No relief on merits to either side; appeal disposed of as not maintainable, with liberty reserved to the Revenue/appellants to raise the substantial questions of law in appropriate proceedings.