Commissioner of Wealth-tax-I, Chennai v. Vasan Publications Pvt. Ltd
[Citation -2020-LL-0218-74]

Citation 2020-LL-0218-74
Appellant Name Commissioner of Wealth-tax-I, Chennai
Respondent Name Vasan Publications Pvt. Ltd.
Court HIGH COURT OF MADRAS
Relevant Act Wealth-tax
Date of Order 18/02/2020
Assessment Year 1991-92
Judgment View Judgment
Keyword Tags monetary limit • tax effect


Judgt. dt. 18.2.2020 in T.C.A.631 & 632/2011 CWT-I, v. Vasan Publications (P) Ltd. 1/5 IN HIGH COURT OF JUDICATURE AT MADRAS DATED: 18.2.2020 CORAM HON'BLE DR.JUSTICE VINEET KOTHARI AND HON'BLE MR.JUSTICE R.SURESH KUMAR Tax Case (Appeal) No.631 & 632 of 2011 Commissioner of Wealth Tax-I, Chennai. Appellant Vs. M/s.Vasan Publications Pvt. Ltd., 757, Mount Road, Chennai 600 002. Respondent Tax Case Appeal filed under Section 27A of Wealth Tax Act, 1957 against order of Income Tax Appellate Tribunal, 'A' Bench, Chennai, dated 1.6.2011 made in WTA Nos.28 and 29/Mds/2010. For Appellant : Mr.M.Swaminathan Senior Standing Counsel For Respondent : Mr.V.S.Jayakumar COMMON JUDGMENT (Delivered by DR.VINEET KOTHARI,J) These Tax Case Appeals have been filed by Revenue, calling in question correctness of order passed by Income Tax Appellate Tribunal, 'A' Bench, Chennai, dated 1.6.2011 made in WTA http://www.judis.nic.in Judgt. dt. 18.2.2020 in T.C.A.631 & 632/2011 CWT-I, v. Vasan Publications (P) Ltd. 2/5 Nos.28 and 29/Mds/2010, for Assessment Years 1991-1992 and 1992-1993, by raising following substantial questions of law: "(i) Whether, on facts and in circumstances of case, Income Tax Appellate Tribunal was right in giving finding that in first round of proceedings, valuation was arrived at by Valuation Officer at Rs.32,21,400/- as on 31.3.1991 and at Rs.34,28,400/- as on 31.3.1992, when such finding did not emanate from relevant records? (ii) Whether, on facts and in circumstances of case, Income Tax Appellate Tribunal was right in holding that value of property should be adopted at Rs.32,21,400/- for assessment year 1991-92 and at Rs.34,28,400/- for assessment year 1992-93, when in earlier set of proceedings, Tribunal had directed Assessing Officer to adopt values as estimated by Valuation Officer? (iii) Whether, on facts and in circumstances of case, Income Tax Appellate Tribunal was right in rejecting value adopted by Valuation Officer which was duly considered by Assessing Officer in http://www.judis.nic.in Judgt. dt. 18.2.2020 in T.C.A.631 & 632/2011 CWT-I, v. Vasan Publications (P) Ltd. 3/5 consonance with provisions of Section 16A(6) of Wealth Tax Act?" 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.) 18.2.2020 Index : Yes/No Internet : Yes/No ssk. To 1. Commissioner of Wealth Tax-I, Chennai. 2. Income Tax Appellate Tribunal, 'A' Bench, Chennai. http://www.judis.nic.in Judgt. dt. 18.2.2020 in T.C.A.631 & 632/2011 CWT-I, v. Vasan Publications (P) Ltd. 4/5 3. Assistant Commissioner of Wealth-tax, Company Circle III(4), Chennai. 4. M/s.Vasan Publications Pvt. Ltd., 757, Mount Road, Chennai 600 002. http://www.judis.nic.in Judgt. dt. 18.2.2020 in T.C.A.631 & 632/2011 CWT-I, v. Vasan Publications (P) Ltd. 5/5 DR.VINEET KOTHARI, J. and R.SURESH KUMAR, J. ssk. T.C.(A) No.631 & 632 of 2011 18.2.2020 http://www.judis.nic.in Commissioner of Wealth-tax-I, Chennai v. Vasan Publications Pvt. Ltd
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