The Commissioner of Income-tax-VIII, Chennai v. CRS Holdings
[Citation -2020-LL-0225-62]
| Citation | 2020-LL-0225-62 |
|---|---|
| Appellant Name | The Commissioner of Income-tax-VIII, Chennai |
| Respondent Name | CRS Holdings |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 25/02/2020 |
| Judgment | View Judgment |
| Keyword Tags | monetary limit • tax effect |
| Bot Summary: | In Order in TCA No.1291/2010 dated 20.02.2020 Bench, Chennai, by raising the following substantial questions of law: Whether on the facts and in the circumstances of the case, the Income-Tax Appellate Tribunal was right in law in deleting the addition made by the assessing officer to the tune of Rs.51,00,000/- under section 68 of the Income Tax Act, 1961 is valid 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 appeal filed by the Revenue is dismissed as not pressed, keeping open the substantial questions of law for determination in an appropriate case. |