Judgment in TCA No.25/2013 dated 21.02.2020(Commissioner of Income Tax V.M/s.India Equipment Leasing Limited) 1/ 4 IN HIGH COURT OF JUDICATURE AT MADRAS DATED: 21.02.2020CORAMTHE HON'BLE DR.JUSTICE VINEET KOTHARI ANDTHE HON'BLE MR. JUSTICE R. SURESH KUMAR Tax Case Appeal No.25 of 2013 Commissioner of Income Tax Chennai AppellantVs. M/s.India Equipment Leasing Limited, (Merged with Sundaram Finance Ltd.) 21 Patullas Road, Chennai - 600 002 Respondent Appeal filed under Section 260A of Income Tax Act, 1961 against order of Income Tax Appellate Tribunal Madras 'D' Bench, dated 31.05.2012 in ITA.No.474/Mds/2011. For Appellant : Mr.T.Ravikumar For Respondent: Mr.Venkat Narayanan For Subbaraya Aiyar PadmanabanJUDGMENT (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, by raising following substantial question of law: http://www.judis.nic.in Judgment in TCA No.25/2013 dated 21.02.2020 (Commissioner of Income Tax V. M/s.India Equipment Leasing Limited) 2 /4 "Whether under facts and circumstances of case, Tribunal is right in deleting penalty levied under Section 271(1)(c)? 2. When matter is taken up for final hearing, learned counsel brought to our notice Circular instruction issued by Central Board of Direct Taxes vide Circular No.17/2019 dated 08.08.2019, 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 Crore (Rupees One Crore Only). 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 question of law for determination in appropriate case. No costs. (V.K.J.) (R.S.K.J.) 21.02.2020 Sgl To http://www.judis.nic.inJudgment in TCA No.25/2013 dated 21.02.2020(Commissioner of Income Tax V.M/s.India Equipment Leasing Limited) 3 /4 Income Tax Appellate Tribunal, Madras 'D' Bench. http://www.judis.nic.in Judgment in TCA No.25/2013 dated 21.02.2020 (Commissioner of Income Tax V. M/s.India Equipment Leasing Limited)4 4DR.VINEET KOTHARI, J.And R. SURESH KUMAR, J. Sgl T.C.A.No.25 of 201321.02.2020 http://www.judis.nic.in Commissioner of Income-tax, Chennai v. India Equipment Leasing Limited, (Merged with Sundaram Finance Ltd.)