Commissioner of Income-tax, Central Circle, Chennai v. K.Surendra Kumar
|Commissioner of Income-tax, Central Circle, Chennai
|HIGH COURT OF MADRAS
|Date of Order
|substantial question of law • monetary limit • tax effect
|PAN AAIPK7061R ...Respondent APPEAL under Section 260A of the Income Tax Act, 1961 against the order dated 12.08.2011 made in ITA No.1324/Mds/2010 on the file of the Income Tax Appellate Tribunal 'C' Bench, Chennai, for the assessment year 2006-07. This appeal, filed by the Revenue under Section 260A of the Income Tax Act, 1961 is directed against the order dated 12.08.2011 made in ITA No.1324/Mds/2010 on the file of the Income Tax Appellate Tribunal 'C' Bench, Chennai, for the assessment year 2006-07. The appeal was admitted on 23.09.2014 on the following substantial question of law : Whether on the facts and in the circumstances of the case, the Income Tax Tribunal was right in holding that the assessee is only part owner of the two properties and hence cannot be held to own a residential property as required for the purpose of benefit u/s 54-F 4. By the said Circular, the monetary limit for filing or pursuing an appeal before the High Court has been increased to Rs.1 Crore. It is further submitted that the tax effect in this case is less than the threshold limit. In the light of the said submissions, the above tax case appeal is dismissed on account of the low tax effect. In the event the tax effect is above the threshold limit fixed in the said circular, liberty is granted to the Revenue to make a mention to this Court to restore the appeal to be heard and decided on merits.