Commissioner of Income-tax, Chennai v. Champa Devi
[Citation -2020-LL-0219-106]
| Citation | 2020-LL-0219-106 |
|---|---|
| Appellant Name | Commissioner of Income-tax, Chennai |
| Respondent Name | Champa Devi |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 19/02/2020 |
| Judgment | View Judgment |
| Keyword Tags | monetary limit • tax effect |
| Bot Summary: | InOrder in TC No.428 of 2011 dated 19.02.2020 Bench, Madras, by raising the following substantial questions of law:1. Whether under the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in not considering the issue on merits, Short Term Capital Gains on account of sale of shares to the tune of Rs.1,90,70,812/- of NEPC Group of companies through share brokers,M/s. N.M.Associates and Swastic Capital Services is valid2. Whether under the facts and in the circumstances of the case,the Income Tax Appellate Tribunal was right in law in dismissing the appeal filed by the revenue, even though the assessing officer followed the direction of the Hon'ble High Court in Writ Petition order dated 18.08.2003 in W.P.No. 3694 to 3696 of 2001 and completed the Assessment under Section 143(3) read with 260 of the Income Tax Act, 19612. 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 appeal filed by the Revenue is dismissed as not pressed, keeping open the substantial questions of law for determination in an appropriate case. |