Commissioner of Income-tax-I, Tiruchirapalli v. U. Srilakshmi
[Citation -2019-LL-0820-130]
Citation | 2019-LL-0820-130 |
---|---|
Appellant Name | Commissioner of Income-tax-I, Tiruchirapalli |
Respondent Name | U. Srilakshmi |
Court | HIGH COURT OF MADRAS |
Relevant Act | Income-tax |
Date of Order | 20/08/2019 |
Assessment Year | 2005-06 |
Judgment | View Judgment |
Keyword Tags | low tax effect • estimate basis • monetary limit • gross profit • rejecting books of account |
Bot Summary: | Respondent APPEAL under Section 260A of the Income Tax Act, 1961 against the order dated 23.12.2010 made in ITA.No. 160/Mds/2009 on the file of the Income Tax Appellate Tribunal, Chennai 'D' Bench for the assessment year 2005-06. Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in deleting the addition under Section 40A(3) on the ground that no single payment exceeded the prescribed limit of Rs.20,000/- even though the Assessing Officer had established that the payment to the same person had been split artificially and shown in the names of fictitious persons iii. Without prejudice to the previous questions, whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in holding that no disallowance under Section 40A(3) could be made even after deleting the gross profit addition made 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. |