Commissioner of Income-tax, Chennai v. Forbes & Co. Ltd. (Formerly Forbes Gokak Ltd.) (In the matter of FAL Industries Ltd.)
[Citation -2020-LL-0109-67]
| Citation | 2020-LL-0109-67 |
|---|---|
| Appellant Name | Commissioner of Income-tax, Chennai |
| Respondent Name | Forbes & Co. Ltd. (Formerly Forbes Gokak Ltd.) (In the matter of FAL Industries Ltd.) |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 09/01/2020 |
| Assessment Year | 2004-05 |
| Judgment | View Judgment |
| Keyword Tags | monetary limit • tax effect |
| Bot Summary: | 9.1.2020 in T.C.A.854/2010 CIT v. Forbes Co. Ltd. 2/4 No.1627/Mds/2008, for the Assessment Year 2004-2005, by raising the following substantial question of law: Whether on the facts and circumstances of the case, the Tribunal was right in remitting the case to the assessing officer with the direction to consider the claim of deduction under Section 80IC when the assessee had admittedly not claimed the deduction in its return and had also not filed any revised return 2. When the matter is taken up for hearing, learned 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/-. In the instant case, the tax effect is said to be less than the monetary limit imposed and therefore, the Appeal filed by the Revenue is dismissed, as withdrawn, keeping open the substantial question of law for determination in appropriate cases. |