The Commissioner of Income-tax, Chennai v. Wayne Burt Petrochemicals (P) Ltd. (formerly known as Bailey Hydro Power Pvt. Ltd.)
|The Commissioner of Income-tax, Chennai
|Wayne Burt Petrochemicals (P) Ltd. (formerly known as Bailey Hydro Power Pvt. Ltd.)
|HIGH COURT OF MADRAS
|Date of Order
|higher depreciation • license agreement • computer software • intangible asset • monetary limit • low tax effect
|236 of 2020 Judgment was delivered by T.S.Sivagnanam,J We have heard Mr.T.Ravikumar, learned Senior Standing Counsel appearing for the appellant Revenue. This appeal, filed by the Revenue under Section 260A of the Income Tax Act, 1961 is directed against the order dated 03.09.2018 made in ITA.No. 1025/chny/2018 on the file of the Income Tax Appellate Tribunal, Madras 'C' Bench, Chennai for the assessment year 2013-14. The learned Senior Standing 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. 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. 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.