The Commissioner of Income-tax, Circle V, Chennai v. Vijayakumar Gaubar
[Citation -2019-LL-0819-124]
| Citation | 2019-LL-0819-124 |
|---|---|
| Appellant Name | The Commissioner of Income-tax, Circle V, Chennai |
| Respondent Name | Vijayakumar Gaubar |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 19/08/2019 |
| Assessment Year | 2003-04 |
| Judgment | View Judgment |
| Keyword Tags | low tax effect • monetary limit • capital gain |
| Bot Summary: | 1405/Mds/2009 on the file of the Income Tax Appellate Tribunal, Chennai 'D' Bench for the assessment year 2003-04. This appeal, filed by the Revenue under Section 260A of the Income Tax Act, 1961 is directed against the order dated 09.4.2010 made in ITA.No. 982 of 2010 1405/Mds/2009 on the file of the Income Tax Appellate Tribunal, Chennai 'D' Bench for the assessment year 2003-04. The appeal was admitted on 01.11.2010 on the following substantial question of law : Whether, on the facts and in the circumstances of the case, the Tribunal was right in dismissing the Revenue's appeal and upholding the direction of the Commissioner of Income Tax to the Assessing Officer to recompute the development of residential flats as 'capital gain' against treatment of the same as 'business' by the Assessing Officer 4. The learned Senior Standing Counsel for the appellant submits that the above appeal is not pursued by the Revenue on account of the low tax effect in terms of Circular No.17/2019 dated 08.8.2019 issued by the Central Board of Direct Taxes. In the light of the said submissions, the above tax case appeal is dismissed on account of the low tax effect. In the event the tax effect is above the threshold limit fixed in the said circular, liberty is granted to the Revenue to make a mention to this Court to restore the appeal to be heard and decided on merits. |