In High Court of Judicature at Madras Dated : 19.8.2019 Coram : Honourable Mr.Justice T.S.SIVAGNANAM and Honourable Mrs.Justice V.BHAVANI SUBBAROYAN Tax Case Appeal No.1179 of 2010 Director of Income Tax, Chennai. ...Appellant Vs M/s.Kshetropasana Respondent APPEAL under Section 260-A of Income Tax Act, 1961, against order of Income Tax Appellate Tribunal Madras 'C' Bench, Chennai dated 15.6.2010 in I.T.A.No.429/Mds/2010 for assessment year 2004-05. For Appellant : Mr. J.Narayanaswamy, SSC For Respondent: No appearance Judgment was delivered by T.S.Sivagnanam,J This appeal, filed by Revenue under Section 260-A of Income Tax Act, 1961 (hereinafter referred to as 'the Act') is directed against order dated 15.6.2010 in I.T.A.No.429/Mds/2010 for assessment year 2004-05. 1/5 TCA.No.1179 of 2010 2. This appeal was admitted on 11.1.2011 on following substantial question of law: Whether, on facts and circumstances of case, Tribunal was right in not considering that investment in shares is in violation of provisions contemplated under Section 13(1)(d) or not ? 3. We have heard Mr.J.Narayanaswamy, learned Senior Standing Counsel for Revenue. Though respondent has been served, none appears for respondent. 4. On careful perusal of entire material papers and reading of order passed by Tribunal, we find that entire matter is wholly factual. Assessing Officer, vide order dated 14.11.2008, by referring to Section 11(5) of Act, held that assessee trust was required to dispose or convert assets not conforming to requirement of Section 11(5) of Act into permissible investment within one year from end of financial year, in which, such bonus shares or other assets are received or 31.3.1992, whichever is later and that income over expenditure derived by assessee during previous year relevant to assessment year 2004-05 is assessable at maximum marginal rate. This issue arose for earlier 2/5 http://www.judis.nic.in TCA.No.1179 of 2010 assessment years also namely 2000-01 and 2001-02. 5. In assessee's own case, Tribunal in ITA.No.849/Mds/2006 dated 12.10.2007 for assessment year 2002-03 held in favour of assessee. CIT(A) for assessment year under consideration followed said decision and allowed assessee's appeal. Revenue preferred appeal before Tribunal, which, by impugned order, dismissed appeal vide order dated 15.6.2010. Hence, Revenue is before us. 6. So far as order passed by Tribunal for assessment year 2002-03 is concerned, admittedly, Revenue did not prefer any appeal. 7. learned Senior Standing Counsel for appellant/Revenue, on instructions, submits that appeal was not preferred on account of low tax effect. 8. It is not known as to how appeal could not have been filed for two reasons namely issue is recurring issue and apart from that, Tribunal followed decision of this Court in case of CIT Vs. Nagi Reddy Charities [reported in 241 ITR 431], which, according to Revenue was distinguishable. In any event, order passed in assessee's own case, which was affirmed by Tribunal, has become final. 3/5 http://www.judis.nic.in TCA.No.1179 of 2010 9. So far as present appeal is concerned, Tribunal took note of factual position and held that it is not for assessee to sell shares and law cannot compel one to do impossible. 10. We are of considered view that decision arrived at by Tribunal is upon appreciation of factual position and we find that there is no substantial question of law arising for consideration in this appeal. 11. Accordingly, above tax case appeal is dismissed on ground that no substantial question of law arises for consideration. 19.8.2019 Internet : Yes To Income Tax Appellate Tribunal, Chennai 'C' Bench. RS T.S.SIVAGNANAM,J 4/5 http://www.judis.nic.in TCA.No.1179 of 2010 AND V.BHAVANI SUBBAROYAN, J RS TCA.No.1179 of 2010 19.8.2019 5/5 http://www.judis.nic.in Director of Income-tax, Chennai v. Kshetropasana