The Commissioner of Income-tax, Chennai v. Lakshminaryanan Ganesh
[Citation -2020-LL-0721-11]
| Citation | 2020-LL-0721-11 |
|---|---|
| Appellant Name | The Commissioner of Income-tax, Chennai |
| Respondent Name | Lakshminaryanan Ganesh |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 21/07/2020 |
| Assessment Year | 2007-08 |
| Judgment | View Judgment |
| Keyword Tags | reassessment proceeding • documentary evidence • monetary limit • low tax effect |
| Bot Summary: | In Page 1 of 5 TCA No.415 of 2018 JUDGMENT T.S.SIVAGNANAM, J. We have heard Mr.T.Ravikumar, learned Senior Standing Counsel appearing for the appellant/Revenue and Mr.Vijayaraghavan, learned Standing Counsel appearing for the respondent/assessee. This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961, is directed against the order dated 20.06.2017 passed by the Income Tax Appellate Tribunal 'B' Bench, Madras, in ITA No.333/Mds/2017 for the Assessment Year 2007- 08. A Rane Holding Ltd., in which he was one of the promoter and therefore the transaction is liable to be taxed u/sec. 56(2)(vii) of the Income Tax Act Whether the Tribunal was right in granting relief to the assessee especially when the assessee has failed to substantiate the valuation of the share transferred with documentary evidence after the CIT had held it was a sham transaction 4. The learned Senior Standing Counsel for the appellant/revenue 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. 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. |