Commissioner of Income-tax-I, Coimbatore v. B.N. Properties Holdings (P) Ltd
[Citation -2019-LL-0819-135]
Citation | 2019-LL-0819-135 |
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Appellant Name | Commissioner of Income-tax-I, Coimbatore |
Respondent Name | B.N. Properties Holdings (P) Ltd. |
Court | HIGH COURT OF MADRAS |
Relevant Act | Income-tax |
Date of Order | 19/08/2019 |
Assessment Year | 2007-08 |
Judgment | View Judgment |
Keyword Tags | low tax effect • monetary limit • reference to valuation officer • valuation of property |
Bot Summary: | Respondent APPEAL under Section 260A of the Income Tax Act, 1961 against the order dated 26.5.2010 made in ITA.No. 287/Mds/2010 on the file of the Income Tax Appellate Tribunal, Chennai 'B' Bench for the assessment year 2007-08. This appeal, filed by the Revenue under Section 260A of the Income Tax Act, 1961 is directed against the order dated 26.5.2010 made in ITA.No. The appeal was admitted on 15.11.2010 on the following substantial questions of law : i. Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in setting aside the orders of the Lower Authorities and remitted back to the Assessing Officer with a direction to refer the valuation of the property to the Valuation Officer in accordance with Sub-Section of Section 50C of the Act is valid and ii. 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. |