TCA.No.480 of 2014 In High Court of Judicature at Madras Dated : 18.06.2020 Coram : Honourable Mr.Justice T.S.SIVAGNANAM and Honourable Mrs.Justice PUSHPA SATHYANARAYANA Tax Case Appeal No.480 of 2014 Commissioner of Income Tax, Central Circle, Chennai. ...Appellant -vs- M/s.Archean Granites Private Limited, TVH Phase II, 5th Floor, Bellicia Towers, MRC Nagar, Chennai-600 028. PAN: AAACA7344J ...Respondent APPEAL under Section 260A of Income Tax Act, 1961 against order dated 19.06.2013 made in I.T.A.No.2288/Mds/2012 on file of Income Tax Appellate Tribunal 'A' Bench, Chennai for assessment year 2007-08. For Appellant : Mr.T.R.Senthil Kumar, Senior Standing Counsel & Ms.K.G.Usha Rani, Standing Counsel For Respondent : Mr.G.Baskar 1/4 http://www.judis.nic.in TCA.No.480 of 2014 Judgment was delivered by T.S.Sivagnanam,J We have heard Mr.T.R.Senthil Kumar, learned Senior Standing Counsel and Ms.K.G.Usha Rani, learned Standing Counsel for appellant-Revenue and Mr.G.Baskar, learned counsel appearing for respondent-assessee. 2. This appeal, filed by Revenue under Section 260A of Income Tax Act, 1961 is directed against order dated 19.06.2013 made in I.T.A.No.2288/Mds/2012 on file of Income Tax Appellate Tribunal 'A' Bench, Chennai for assessment year 2007-08. 3. appeal was admitted on 01.09.2014 on following substantial questions of law:- 1.Whether on facts and in circumstances of case, Income Tax Appellate Tribunal was right in deleting disallowance of Rs.36,44,927/- made under Section 14A read with Rule 8D of Income Tax Rules, 1962? 2.Whether on facts and in circumstances of case, Income Tax Appellate Tribunal failed to note that Section 14A was inserted in Finance Act, 2001 with retrospective effect from 01.04.1962, Rule 8D was introduced with effect from 24.3.2008 and Rules 2/4 http://www.judis.nic.in TCA.No.480 of 2014 being procedural in nature, Assessing Officer's disallowance under Section 14A read with Rule 8D in assessment made on 29.12.2009 is in accordance with law? 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.) 18.06.2020 Internet: Yes abr 3/4 http://www.judis.nic.in TCA.No.480 of 2014 T.S.SIVAGNANAM,J AND PUSHPA SATHYANARAYANA, J. abr To Income Tax Appellate Tribunal 'A' Bench, Chennai. TCA.No.480 of 2014 18.06.2020 4/4 http://www.judis.nic.in Commissioner of Income-tax, Central Circle, Chennai v. Archean Granites Private Limited