Principal Commissioner of Income-tax Central II, Chennai v. Aqua Granites
[Citation -2020-LL-0818-17]
| Citation | 2020-LL-0818-17 |
|---|---|
| Appellant Name | Principal Commissioner of Income-tax Central II, Chennai |
| Respondent Name | Aqua Granites |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 18/08/2020 |
| Judgment | View Judgment |
| Keyword Tags | unproved expenditure • unrecorded sales • monetary limit • tax effect |
| Bot Summary: | For Appellant : Mr.T.R.Senthil Kumar, Senior Standing Counsel For Respondent : Mr.M.P.Senthil Kumar ORDER The Court was held by Video Conference as per the Resolution of the Full Court dated 03 July 2020, by Judges at the respective residence and the counsel, staff of the Court appearing from their respective residences. 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 B Bench, dated 14.01.2016 in IT(SS) A.9/Mds/2015, by raising the following substantial questions of law: 1. Whether on the facts and in the circumstances of the case, the order of the appellate Tribunal is not perverse for the assessment years 1995-96 and 1996-97 when there is no reason to deviate from the earlier stand taken by the Tribunal in the first round of appeal as the material facts have not changed 2. Whether on the facts and in the circumstances of the case, the Appellate Tribunal is correct m law in allowing the unproved expenditure of Rs.35,44,711/- against unrecorded sales for the assessment year 1995-96 3.Whether on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in deleting the addition of Rs. 48,25,000/- made by the A.O towards estimated unrecorded sales for the Assessment year 1996-97 3. In Order dated 18.08.2020 in TCA No.663 of 2016 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is said to be less than the monetary limit imposed and therefore, the Appeal filed by the Revenue is dismissed as withdrawn, keeping open the substantial questions of law for determination in appropriate case. |