Commissioner of Income-tax-I, Coimbatore v. N. Niveditha
[Citation -2020-LL-0214-66]
| Citation | 2020-LL-0214-66 |
|---|---|
| Appellant Name | Commissioner of Income-tax-I, Coimbatore |
| Respondent Name | N. Niveditha |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 14/02/2020 |
| Assessment Year | 2006-07 |
| Judgment | View Judgment |
| Keyword Tags | transfer of property • sale of property • monetary limit • tax effect |
| Bot Summary: | In Order in TCA No.622 of 2011 dated 14.02.2020 Appellate Tribunal, 'B' Bench, Madras, by raising the following substantial questions of law: 1.Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in holding that the Capital Gains in regard to the sale of property was not liable for tax during the assessment year 2006-07 is valid 2. Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding Capital Gains in regard to the sale of property was not liable to tax, even though the sale agreement does not fall within the purview of Section 53A of the Transfer of Property Act, 1882 and therefore as per Section 2(47)(v) of the Act, the said agreement dated 30.11.1997 and supplementary agreement dated 26.11.2002 cannot be defined as transfer 2. When the matter was taken up for hearing, the 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 appeals filed by the Revenue is dismissed as not pressed, keeping open the substantial questions of law for determination in an appropriate case. 14.02.2020 arr Note to Office: Copy of this order may be sent to both parties. |