Commissioner of Income-tax, Chennai v. Spencer & Co. Ltd
[Citation -2020-LL-0121-40]
| Citation | 2020-LL-0121-40 |
|---|---|
| Appellant Name | Commissioner of Income-tax, Chennai |
| Respondent Name | Spencer & Co. Ltd. |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 21/01/2020 |
| Judgment | View Judgment |
| Keyword Tags | monetary limit • licence fee • tax effect • long-term capital gain |
| Bot Summary: | In Judgment in TCA No.1040/2010 dated 21.01.2020 2/4 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, by raising the following substantial questions of law: 1. Whether on the facts and circumstances of the case, the Tribunal was right in upholding the CIT(A)'s deletion of disallowance of licence fee paid to RPG Enterprises 2 Whether on the facts and circumstances of the case, the Tribunal was right in upholding the CIT(A)'s deletion of 2.56 Cr. by invoking the provision of section 14A r/2 Rule 8D and 3. Whether on the facts and circumstances of the case, the Tribunal was right in upholding the direction of CIT(A) to Assessing Officer to adopt Rs.255.05 as the sale price of ZCCB as against the revenue's valuation at 45.05 while computing the long term capital gain 2. In Judgment in TCA No.1040/2010 dated 21.01.2020 3/4 filed/pursued by the Department before the High Court in cases where the tax effect does not exceed Rs.1 Crore 3. 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 not pressed, keeping open the substantial questions of law for determination in an appropriate case. 4.In view of the above, the Tax Case Appeal is dismissed, with liberty to apply for recalling, in case the learned Standing Counsel for the Revenue receives the written instruction with reasons to move such application. |