The Commissioner of Income-tax, Coimbatore v. L. G. Nithyanandan
[Citation -2020-LL-0604-19]
| Citation | 2020-LL-0604-19 |
|---|---|
| Appellant Name | The Commissioner of Income-tax, Coimbatore |
| Respondent Name | L. G. Nithyanandan |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 04/06/2020 |
| Assessment Year | 2006-07 |
| Judgment | View Judgment |
| Keyword Tags | transfer of capital asset • agreement for sale • monetary limit • tax effect |
| Bot Summary: | Whether on the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in holding that there was no transfer of capital asset by the assessee during the previous year relevant to assessment year 2006-07 and the transfer had taken place in the previous year relevant to assessment year 1997-98 2. Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the possession of the property was transferred by the assessee to the agreement holders, when agreement for sale was entered into 3. Whether based on material available before it, the Income Tax Appellate Tribunal could have come to the conclusion that the assessee had put the agreement holders into possession of the property when agreement for sale was entered into 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. |