TCA.No.460 of 2014 In High Court of Judicature at Madras Dated : 17.06.2020 Coram : Honourable Mr.Justice T.S.SIVAGNANAM and Honourable Mrs.Justice PUSHPA SATHYANARAYANA Tax Case Appeal No.460 of 2014 Commissioner of Income Tax, Central Circle II (2), Chennai-34. Appellant Vs M/s.Annai Builders Real Estate Pvt. Ltd., No.76, Medavakkam Main Road, Madipakkam, Chennai-600 091. PAN: AADCA6643H ...Respondent APPEAL under Section 260A of Income Tax Act, 1961 against order dated 30.08.2013 made in I.T.A.No.269/Mds/2013 on file of Income Tax Appellate Tribunal 'B' Bench, Chennai for assessment year 2006-07. For Appellant: Mr.T.R.Senthil Kumar, Senior Standing Counsel : assisted by Ms.K.G.Usha Rani, Junior Standing Counsel For Respondent: Mr.A.S.Sriraman 1/4 http://www.judis.nic.in TCA.No.460 of 2014 Judgment was delivered by T.S.Sivagnanam,J. We have heard Mr.T.R.Senthil Kumar, learned Senior Standing Counsel assisted by Ms.K.G.Usha Rani, learned Junior Standing Counsel appearing for appellant Revenue and Mr.A.S.Sriraman, learned counsel for respondent assessee. 2. This appeal, filed by Revenue under Section 260A of Income Tax Act, 1961 is directed against order dated 30.08.2013 made in I.T.A.No.269/Mds/2013 on file of Income Tax Appellate Tribunal 'B' Bench, Chennai for assessment year 2006-07. 3. appeal was admitted on 16.09.2014 on following substantial questions of law : 1. Whether on facts and in circumstances of case, Income Tax Appellate Tribunal was right in telescoping unexplained closing stock of earlier year in subsequent year against unexplained money received as loan? 2. Whether on facts and in circumstances of case, Income Tax Appellate Tribunal was right in telescoping unexplained closing stock of earlier year and unexplained money received as loan of 2/4 http://www.judis.nic.in TCA.No.460 of 2014 subsequent year when both issues are different and do not have any nexus? 4. learned Senior Standing Counsel for appellant submits that above appeal is not pursued by Revenue on account of low tax effect in terms of Circular No.17/2019 dated 08.8.2019 issued by Central Board of Direct Taxes. By said Circular, monetary limit for filing or pursuing appeal before High Court has been increased to Rs.1 Crore. It is further submitted that tax effect in this case is less than threshold limit. 5. In light of said submissions, above tax case appeal is dismissed on account of low tax effect. substantial questions of law framed are left open. In event tax effect is above threshold limit fixed in said circular, liberty is granted to Revenue to make mention to this Court to restore appeal to be heard and decided on merits. No costs. (T.S.S., J.) (P.S.N., J.) 17.06.2020 Internet: Yes To Income Tax Appellate Tribunal 'B' Bench, Chennai. abr 3/4 http://www.judis.nic.in TCA.No.460 of 2014 T.S.SIVAGNANAM,J AND PUSHPA SATHYANARAYANA, J. abr TCA.No.460 of 2014 17.06.2020 4/4 http://www.judis.nic.in Commissioner of Income-tax, Central Circle II (2), Chennai v. Annai Builders Real Estate Pvt. Ltd