The Commissioner of Income-tax Central III, Chennai v. Vel Shri R.Rangarajan
[Citation -2020-LL-0604-18]
| Citation | 2020-LL-0604-18 |
|---|---|
| Appellant Name | The Commissioner of Income-tax Central III, Chennai |
| Respondent Name | Vel Shri R.Rangarajan |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 04/06/2020 |
| Judgment | View Judgment |
| Keyword Tags | monetary limit • surplus funds • tax effect • interest |
| Bot Summary: | Respondent in all appeals Tax Case Appeals filed under Section 260A of the Income Tax Act, 1961 against the common order of the Income Tax Appellate Tribunal 'C' Bench, Chennai dated 07.06.2012 in ITA Nos.1933, 1934, 1936 and 1937/Mds/2012. In Order in TCA Nos.477, 478, 480 481 of 2012 dated 04.06.2020 Tribunal, 'C' Bench, Chennai, by raising the following substantial questions of law: a. Whether on the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in deleting the addition made by the Assessing Officer towards interest when the assessee has not proved before the assessing officer that the funds advanced to trustees were out of surplus funds and not out of borrowed funds b. Insofar as other grounds raised are concerned, learned Standing Counsel appearing for the revenue fairly submitted that the issues are covered against the revenue and the same is recorded 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 Order in TCA Nos.477, 478, 480 481 of 2012 dated 04.06.2020 not pressed, keeping open the substantial questions of law for determination in an appropriate case. |