Commissioner of Income-tax, Chennai v. A.S. Ibrahim Rawther
[Citation -2020-LL-0121-48]
| Citation | 2020-LL-0121-48 |
|---|---|
| Appellant Name | Commissioner of Income-tax, Chennai |
| Respondent Name | A.S. Ibrahim Rawther |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 21/01/2020 |
| Assessment Year | 2005-06 |
| Judgment | View Judgment |
| Keyword Tags | monetary limit • tax effect |
| Bot Summary: | 21.1.2020 in T.C.A.325/2010 CIT V. A.S.Ibrahim Rawther 2/4 Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in holding that the amount of Rs.1.2 cr. Under the agreement only when the assessee completes the conditions under agreement and receives the last balance amount during the year 2006 and therefore the amount of Rs.1.2 cr. Will be assessable only in the assessment year 2007-08 and during the present assessment year 2005-06 2. When the matter is taken up for hearing, learned Senior 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is said to be less than the monetary limit imposed and therefore, the Appeal filed by the Revenue is dismissed, as withdrawn, keeping open the substantial question of law for determination in appropriate cases. |