Commissioner Of Income Tax v. Mr. R. Suresh Kumar

IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 11.02.2019 CORAM THE HON'BLE DR.JUSTICE VINEET KOTHARIANDTHE HON'BLE MR.JUSTICE C.V.KARTHIKEYAN Tax Case Appeal No. 190 of 2016 Commissioner of Income Tax -4121, Mahatma Gandhi Road,Chennai. ...Appellant/Appellant Vs. Mr. R. Suresh Kumar...Respondent/Respondent Tax Case Appeal filed under Section 260-A of the Income TaxAct, 1961 against the order of the Income Tax AppellateTribunal, Madras 'B' Bench, Chennai, dated 19.08.2015 made inITA No. 1920/Mds/2014, against the order passed by the IncomeTax Officer, Business ward V(B), Chennai dated 3/3/2014 in ITANo.74/12-13(1)-V, for the assessment year 2010-11, against theorder passed by the Commissioner of Income Tax Appeals -V(i/c)chennai, dated 3/3/14 ITA No.74/12-13(A)-V for the assessmentyear 2010-11 against the order passed by the Income Tax OfficerBusiness Ward V(3)(i/c) Chennai-34, dated 5/2/13 in PANNo.AAWPS019A, for the assessmen year 2010-11. For Appellant : Mrs. Karthik Renganathan Sr. Standing Counsel For Respondent : This Tax Case Appeal has been filed by the Revenue callingin question the correctness of the order passed by the IncomeTax Appellate Tribunal, by raising the following substantialquestion of law: "Whether on the facts and circumstances of thecase and in law, the Income Tax Appellate Tribunal https://hcservices.ecourts.gov.in/hcservices/ was correct and justified in not appreciating thatas per the provisions of Section 50C, it isobligatory on the part of the Assessing Officer totreat the value adopted by the Stamp ValuationAuthority as the deemed sale consideration, when theassessee neither disputed the value adopted by theStamp Valuation Authorities in any appeal norrequested the Assessing Officer to refer thevaluation of the capital asset to the ValuationOfficer?”. 2. When the matter is taken up for admission, the learnedStanding Counsel brought to our notice the Circular instructionissued by the Central Board of Direct Taxes vide CircularNo.3/2018 dated 11.7.2018 wherein it is stipulated that appealsshall not be filed/pursued by the Department before the HighCourt in cases where the tax effect does not exceed Rs.50 lakhs. 3. In the instant case, the tax effect is said to be lessthan the monetary limit imposed and therefore, the appeal filedby the Revenue is dismissed as not pressed, keeping open thesubstantial question of law for determination in an appropriatecase. Sd/-Assistant Registrar(CO) //True copy// vsg Sub Assistant Registrar To 1. The Commissioner of Income Tax 4121, Mahatma Gandhi Road, Chennai.2.The Income Tax Officer, Business Ward V(3), Chennai. 3.The Commissioner of Income Tax Appeals-V(i/c) 4.The Income Tax Appellate Tribunal, Madras 'B'Bench, Chennai. SSI(CO)GMY(13/03/2019) Tax Case Appeal No. 190 of 2016