Commissioner of Income-tax I, Chennai v. KLK Electricals Ltd
[Citation -2019-LL-0926-54]
| Citation | 2019-LL-0926-54 |
|---|---|
| Appellant Name | Commissioner of Income-tax I, Chennai |
| Respondent Name | KLK Electricals Ltd. |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 26/09/2019 |
| Assessment Year | 2003-04 |
| Judgment | View Judgment |
| Keyword Tags | monetary limit • tax effect |
| Bot Summary: | 26.09.2019 in TC(A) No.250 of 2009 CIT v. KLK Electricals Ltd. 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, 'B' Bench, Chennai, dated 26.09.2008, for the Assessment Year 2003-04, by raising the following substantial question of law: Whether on the facts and circumstances of the case, the Tribunal was right in holding that the principal amount of loans waived by banks and other creditors cannot be treated as income of the assessee 2. When the matter is taken up for hearing, the learned Junior Standing Counsel brought to our notice the Circular instruction issued by the Central Board of Direct Taxes vide Circular No.17/2019 dated 8th 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/-. 26.09.2019 in TC(A) No.250 of 2009 CIT v. KLK Electricals Ltd. monetary limit imposed and therefore, the Appeal filed by the Revenue is dismissed, as withdrawn, keeping open the substantial question of law for determination in appropriate cases. |