Pr Commissioner Of Income Tax Central 2 v. Harsha Nitin Thakkar

414-ITXA-913-2025 (OS).DOCX by PALLAVI MAHENDRA WARGAONKAR Date:

2025.11.11 17:43:45 +0530 PALLAVI MAHENDRA WARGAONKAR Pallavi

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL(IT) NO. 913 OF 2025 Pr Commissioner Of Income Tax Central 2 ...Appellant

Versus

Harsha Nitin Thakkar

...Respondent

______________________________________________________ Mr. Vipul Bajpayee, for Appellant.

Mr. Atul K. Jasani, for Respondent.

______________________________________________________ CORAM : M.S. Sonak & Advait M. Sethna, JJ.

DATED : 10 November 2025 P.C.:- 1.

Heard the learned counsel for parties.

2.

The tax effect in this case is Rs.92,93,423/- i.e. less than Rs.2 Crores. However, Mr. Vipul Bajpayee, learned counsel for the Appellant submits that the Appeal would fall within the exception carved out in CBDT Circular No.5 of 2024 dated 15 March 2024 because the matter relates to alleged long term bogus capital gains.

3.

The CBDT Circular No.5 of 2024 entered forced on 15 March 2024. This Appeal was instituted on 1 September 2023. Therefore, considering the decision of the co-ordinate Bench of this Court in the case of CIT vs. V. M. Salgaonkar

414-ITXA-913-2025 (OS).DOCX Bros. Pvt. Ltd.1, this Appeal should not have been instituted in the first place or in any event, the benefit of the subsequent Circular of the CBDT cannot be granted to such Appeal. Therefore, on the grounds of low tax effect, we dispose of this Appeal by leaving the questions of law open. No costs. (Advait M. Sethna, J) (M.S. Sonak, J.)

1. 169 taxmann.com 597