IN HIGH COURT OF JUDICATURE AT MADRAS DATED: 14.02.2020 CORAM HON'BLE DR.JUSTICE VINEET KOTHARI AND HON'BLE MR.JUSTICE R.SURESH KUMAR Tax Case (Appeal) No.94 of 2013 Commissioner of Income Tax Chennai Appellant Vs. Lalithkumar Tulsiyan No.3, Apex Plaza, 1st Floor Nungambakkam High Road Chennai 600 034 PAN : ABRPT3382L ... Respondent Tax Case Appeal filed under Section 260A of Income Tax Act, 1961 against common order of Income Tax Appellate Tribunal 'D' Bench, Chennai dated 20.09.2012 in ITA No.1395/Mds/2012. For Appellant : Mr.T.R.Senthil Kumar, Sr.Standing Counsel for Ms.K.G.Usha Rani JUDGMENT (Judgment of Court was delivered by DR.VINEET KOTHARI,J) This Tax Case Appeal has been filed by Revenue calling in question correctness of order passed by Income Tax Appellate Tribunal, 'D' Bench, Madras, by raising following substantial question of law: Page 1 of 4 http://www.judis.nic.in Order in TC No.94 of 2013 (C.I.T. -Vs- Lalithkumar Tulsiyan) dated 14.02.2020 "Whether on facts and in circumstances of case, Appellate Tribunal was right in holding that exchange of share between brothers is not taxable, without considering definition of Section 2(47) which includes exchange of assets amounts to transfer? 2. When matter was taken up for hearing, learned 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 case, tax effect is said to be less than monetary limit imposed and therefore, appeal filed by Revenue is dismissed as not pressed, keeping open substantial questions of law for determination in appropriate case. (V.K.,J.) (R.S.K.,J.) 14.02.2020 arr Note to Office: Copy of this order may be sent to both parties. Page 2 of 4 Order in TC No.94 of 2013 (C.I.T. -Vs- Lalithkumar Tulsiyan) dated 14.02.2020 To Income Tax Appellate Tribunal 'D' Bench,Chennai. Page 3 of 4 Order in TC No.94 of 2013 (C.I.T. -Vs- Lalithkumar Tulsiyan) dated 14.02.2020 DR.VINEET KOTHARI, J. AND R.SURESH KUMAR, J. arr T.C.(A) No.94 of 2013 14.02.2020 Page 4 of 4 Commissioner of Income-tax, Chennai v. Lalithkumar Tulsiyan