TCA.No.1055 of 2010 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.1055 of 2010 Commissioner of Income Tax, Chennai ...Appellant Vs M/s.G.F.Securities, Chennai ...Respondent APPEAL under Section 260A of Income Tax Act, 1961 against order dated 26.5.2010 made in ITA.No.1215/Mds/2009 on file of Income Tax Appellate Tribunal, Chennai 'C' Bench for assessment year 2006-07. For Appellant: Mr.T.Ravikumar, SSC For Respondent: Mr.A.S.Sriraman Judgment was delivered by T.S.Sivagnanam,J We have heard Mr.T.Ravikumar, learned Senior Standing Counsel appearing for appellant Revenue and Mr.A.S.Sriraman, learned counsel appearing for respondent assessee. 1/4 http://www.judis.nic.in TCA.No.1055 of 2010 2. This appeal, filed by Revenue under Section 260A of Income Tax Act, 1961 is directed against order dated 26.5.2010 made in ITA.No. 1215/Mds/2009 on file of Income Tax Appellate Tribunal, Chennai 'C' Bench for assessment year 2006-07. 3. appeal was admitted on 09.11.2010 on following substantial questions of law : i. Whether, on facts and in circumstances of case, Appellate Tribunal was right in deleting disallowance made by Assessing Officer holding that debt was transacted in course of assessee's business when there was clear finding by First Appellate Authority that debt was not transacted in course of conducting of business and that shouldering of loan of sister concern by assessee is not at all found related to its business ? and ii. Whether, on facts and in circumstances of case, Income Tax Appellate Tribunal was right in coming to conclusion referred to in preceding question, which was diametrically opposed to Tribunal's own conclusion in original order by recalling said order, which is beyond scope of Section 254(2) ? 2/4 http://www.judis.nic.in TCA.No.1055 of 2010 4. learned Senior Standing Counsel for appellant submits that above appeal is not pursued by Revenue on account of low tax effect in terms of Circular No.17/2019 dated 08.8.2019 issued by Central Board of Direct Taxes. By said Circular, monetary limit for filing or pursuing appeal before High Court has been increased to Rs.1 Crore. It is further submitted that tax effect in this case is less than threshold limit. 5. In light of said submissions, above tax case appeal is dismissed on account of low tax effect. substantial questions of law framed are left open. In event tax effect is above threshold limit fixed in said circular, liberty is granted to Revenue to make mention to this Court to restore appeal to be heard and decided on merits. No costs. 19.8.2019 Internet: Yes To Income Tax Appellate Tribunal, Chennai 'C' Bench. RS 3/4 http://www.judis.nic.in TCA.No.1055 of 2010 T.S.SIVAGNANAM,J AND V.BHAVANI SUBBAROYAN,J RS TCA.No.1055 of 2010 19.8.2019 4/4 http://www.judis.nic.in Commissioner of Income-tax, Chennai v. G.F. Securitie