Commissioner of Income-tax, Central-III, Chennai v. R. S. Trust
[Citation -2020-LL-0213-35]

Citation 2020-LL-0213-35
Appellant Name Commissioner of Income-tax, Central-III, Chennai
Respondent Name R. S. Trust
Court HIGH COURT OF MADRAS
Relevant Act Income-tax
Date of Order 13/02/2020
Assessment Year 2003-04
Judgment View Judgment
Keyword Tags retrospective effect • valuation officer • valuation report • monetary limit • tax effect


Judgt. dt. 13.2.2020 in T.C.(A)39 to 42/2013 CIT v. R.S.TRUST 1/5 IN HIGH COURT OF JUDICATURE AT MADRAS DATED: 13.2.2020 CORAM HON'BLE DR. JUSTICE VINEET KOTHARI AND HON'BLE MR. JUSTICE R. SURESH KUMAR Tax Case (Appeal) Nos.39 to 42 of 2013 Commissioner of Income Tax Central III, 121, M.G.Road Chennai 600 034. Appellant Vs. M/s.R.S.Trust Old No.24, New No.38, ABM Avenue, Chennai 600 028. PAN: AAATR7639G Respondent Tax Cases filed under Section 260A of Income Tax Act, 1961 against order of Income Tax Appellate Tribunal, 'C' Bench, Chennai, dated 6.6.2012 made in ITA Nos.1929 to 1932/Mds/2011. For Appellant : Mr.T.R.Senthilkumar Senior Standing Counsel For Respondent : Mr.M.P.Senthilkumar JUDGMENT (Delivered by DR.VINEET KOTHARI,J) These Tax Cases have been filed by Revenue, calling in question correctness of order passed by Income Tax Appellate Tribunal, 'C' Bench, Chennai, dated 6.6.2012 made in ITA Nos.1929 to 1932/Mds/2011, for Assessment Years 2003-2004 to http://www.judis.nic.in Judgt. dt. 13.2.2020 in T.C.(A)39 to 42/2013 CIT v. R.S.TRUST 2/5 2006-2007, by raising following substantial questions of law: "(i) Whether on facts and circumstances of case, Income Tax Appellate Tribunal was correct in holding that no reference could be made to Valuation Officer without rejecting assessee's books of accounts? (ii) Whether on facts and circumstances of case, Income Tax Appellate Tribunal was correct in holding that case of appellant is covered by decision of Sargam Cinema (328 ITR 513) though Section 142A of Income Tax Act, 1961 was inserted by Finance Act, 2004, with retrospective effect from 15th November, 1972, empowering assessing officer to seek valuation report from valuation officer for purpose of making assessment or reassessment? (iii) Whether on facts and circumstances of case, Income Tax Appellate Tribunal was right in deleting addition under Section 69 by following decision of K.K.Seshaiyer Vs. CIT (246 ITR 351) without noting that case is distinguishable on facts?" http://www.judis.nic.in Judgt. dt. 13.2.2020 in T.C.(A)39 to 42/2013 CIT v. R.S.TRUST 3/5 2. When matters are taken up for hearing, learned Senior Standing Counsel brought to our notice Circular instruction issued by 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 Department before High Court in cases where tax effect does not exceed Rs.1,00,00,000/- (Rupees One Crore). 3. In instant cases, tax effect is said to be less than monetary limit imposed and therefore, Appeals filed by Revenue are dismissed, as withdrawn, keeping open substantial questions of law for determination in appropriate cases. No costs. (V.K.,J.) (R.S.K.,J.) 13.2.2020. Index : Yes/No Internet : Yes/No ssk. To 1. Commissioner of Income Tax Central III, 121, M.G.Road Chennai 600 034. 2. Income Tax Appellate Tribunal, 'C' Bench, Chennai. http://www.judis.nic.in Judgt. dt. 13.2.2020 in T.C.(A)39 to 42/2013 CIT v. R.S.TRUST 4/5 3. Assistant Commissioner of Income Tax, Central Circle III(3), Chennai 600 034. 4. M/s.R.S.Trust Old No.24, New No.38, ABM Avenue, Chennai 600 028. http://www.judis.nic.in Judgt. dt. 13.2.2020 in T.C.(A)39 to 42/2013 CIT v. R.S.TRUST 5/5 DR.VINEET KOTHARI, J. and R.SURESH KUMAR, J. ssk. T.C.(A) Nos.39 to 42 of 2013 13.2.2020 http://www.judis.nic.in Commissioner of Income-tax, Central-III, Chennai v. R. S. Trust
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