Principal Commissioner of Income-tax 2, Chennai v. Indowind Energy Ltd
[Citation -2020-LL-0707-9]
| Citation | 2020-LL-0707-9 |
|---|---|
| Appellant Name | Principal Commissioner of Income-tax 2, Chennai |
| Respondent Name | Indowind Energy Ltd. |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 07/07/2020 |
| Assessment Year | 2006-07 |
| Judgment | View Judgment |
| Keyword Tags | substantial question of law • monetary limit • low tax effect • written off • bad debt |
| Bot Summary: | PAN : AAACI1806M ... Respondent Tax Case Appeal is filed under Section 260A of the Income Tax Act 1961 against the order dated 25.10.2016 made in I.T.A.No. 1823/Mds/2015 on the file of the Income Tax Appellate Tribunal, Madras B Bench, for the assessment year 2006 - 07. The Tax case appeal was admitted on 28.08.2018 on the following substantial question of law : Whether in the facts and circumstances of the case and in law, the ITAT was correct in allowing the bad debt written off on account of advance made to M/s.Soprano Holdings P.Ltd. The learned counsel for the appellant submits that the above appeal is not pursued by the Revenue on account of the low tax effect in terms of Circular No.17/2019 dated 08.8.2019 issued by the Central Board of Direct Taxes. 557 of 2018 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. |