Commissioner of Income-tax, Chennai v. NEPC Agro Foods Ltd
[Citation -2019-LL-0909-38]
| Citation | 2019-LL-0909-38 |
|---|---|
| Appellant Name | Commissioner of Income-tax, Chennai |
| Respondent Name | NEPC Agro Foods Ltd. |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 09/09/2019 |
| Assessment Year | 1994-95 |
| Judgment | View Judgment |
| Keyword Tags | monetary limit • opening stock • closing stock • tax effect |
| Bot Summary: | Respondent Prayer: Tax Cases are filed under Section 260-A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal, Chennai 'B' Bench, dated 25.01.2008 passed in I.T.A.No. In 2 JUDGMENT This Tax Case Appeal has been filed by the Revenue calling in question the correctness of the order passed by the Income Tax Appellate Tribunal Madras 'B' Bench, Chennai, dated 25.01.2008, in I.T.A.No. 500/Mds/98 by raising the following substantial questions of law: 1. Whether on the facts and circumstances of t he case, the Tribunal was right in holding that the assessee is entitled to the benefit of Sec.80IA merely on the ground that it had availed it in the last year without going into the facts and circumstances of the present year 2. Whether on the facts and circumstances of the case, the Tribunal was right in holding that the opening stock should be deducted from the closing stock and only the difference should be added when the opening stock is already taken into account to arrive at the closing stock in the first place 2. In 3 August,2019, wherein, it is stipulated that appeals shall not be filed/pursued by the Department before the High Court in cases where the tax effect does not exceed Rs.1,00,00,000/-. In the instant case, the tax effect is said to be less than the monetary limit imposed and the Appeal filed by the Revenue is dismissed, as not pressed, keeping open the substantial questions of law for determination in appropriate cases. |