Principal Commissioner of Income-tax 4, Chennai v. Olympus Elevator Private Ltd
[Citation -2020-LL-0804-4]
| Citation | 2020-LL-0804-4 |
|---|---|
| Appellant Name | Principal Commissioner of Income-tax 4, Chennai |
| Respondent Name | Olympus Elevator Private Ltd. |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 04/08/2020 |
| Judgment | View Judgment |
| Keyword Tags | monetary limit • education cess • mat credit • tax effect • surcharge |
| Bot Summary: | Order dt.04.08.2020 in T.C.A.No. For Appellant :: Mr.T. Ravikumar, Sr.Standing Counsel For Respondent :: Ms.Srini Ranjani Srinivasan for Mr.G.Baskar ORDER The Court was held by Video Conference, as per the Resolution of the Full Court dated 3 July 2020, by Judges at their respective residence and the counsel, staff of the Court appearing from their respective residences. In Order dt.04.08.2020 in T.C.A.No. This Tax Case Appeal has been filed by the Revenue, calling in question the correctness of the order passed by the Income Tax Appellate Tribunal, Madras A Bench by raising the following substantial question of law: Whether on the facts and circumstances of the case and in law, Tribunal was correct and justified in directing the Assessing Officer to allow MAT credit u/s 115JAA of the Act including surcharge and cess when surcharge and education cess are not admissible for claim of credit as per provisions of the section 115JAA of the Income Tax Act 3. When the matter is taken up for hearing, learned Standing Counsel brought to our notice the Circular issued by the Central Board of Direct Taxes vide Circular No.17/2019 dated 8 August 2019, wherein, it is stipulated that appeals shall not be filed/pursued by the Department before the High Court in cases where the tax effect does not exceed Rs.1,00,00,000/-. In the instant case, the tax effect is said to be less than the monetary limit imposed and therefore, the Appeal filed by the Revenue is dismissed as withdrawn, keeping open the substantial questions of law for determination in appropriate cases. |