Commissioner Of Income Tax Chennai Iii v. National Oxygen Ltd.,80, (Old

IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 6.9.2019 THE HON'BLE DR.JUSTICE VINEET KOTHARIANDTHE HON'BLE MR.JUSTICE C.SARAVANAN Tax Case No.1364 of 2008 Commissioner of Income Tax Chennai III ...Appellant Vs. National Oxygen Ltd.,80, (Old No.141) Greams Road,Chennai 600 006. ... Respondent Tax Case filed under Section 260A of the Income Tax Act,1961 against the order of the Income Tax Appellate Tribunal, 'B'Bench, Chennai, dated 12.10.2007 made in ITA No.1368/Mds/2006, against the order dated 23/02/2004 of the AssistantCommissioner of Income Tax, Company Circle IV (4), Chennaiagainst the order of Assistant Commissioner of Income Tax,Company Circle IV (4), Chennai 34 in PAN No.GI No.NA-21/ . For Appellant : Mr.Karthik Ranganathan, Senior Standing Counsel For Respondent : No appearance. J U D G M E N T (Delivered by DR.VINEET KOTHARI,J) This Tax Case has been filed by the Revenue, calling inquestion the correctness of the order passed by the Income TaxAppellate Tribunal, 'B' Bench, Chennai, dated 12.10.2007 made inITA No.1368/Mds/2006, for the Assessment Year 2000-2001, byraising the following substantial questions of law: "i) Whether, on the facts and circumstances of thecase, the Tribunal was right in holding that theassessing officer could not add back the amount of https://hcservices.ecourts.gov.in/hcservices/ interest waived by the bank to the book profit, eventhough the same had been carried to the generalreserve? ii) Whether, on the facts and circumstances of thecase, the Tribunal was right in holding that thebrought forward losses of the earlier year should bededucted from the book profits, when the assesseehad only brought forward unabsorbed depreciation,and did not bring forward any unabsorbed losses atall? iii) Whether, on the facts and circumstances of thecase, the Tribunal was right in holding that thebasis of the book profits u/s.115 JA and not on thebasis of eligible profits u/s 80IB as per normalcomputation?" 2. When the matter is taken up for hearing, learned SeniorStanding Counsel brought to our notice the Circular instructionissued by the Central Board of Direct Taxes vide CircularNo.17/2019 dated 8th August 2019, wherein, it is stipulated thatappeals shall not be filed/pursued by the Department before theHigh Court in cases where the tax effect does not exceedRs.1,00,00,000/- (Rupees One Crore). 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 withdrawn, keeping open thesubstantial questions of law for determination in appropriatecases. No costs. Sd/- Assistant Registrar(CS VI) //True Copy// Sub Assistant Registrar ssk. To 1. Commissioner of Income Tax Chennai III. Chennai III. 2. Income Tax Appellate Tribunal, 'B' Bench, Chennai. 'B' Bench, Chennai. 3. The Commissioner of Income Taxe (Appeals) IV, 121, Mahathma Gandhi Road, Chennai-34. (Appeals) IV, 121, Mahathma Gandhi Road, Chennai-34. 4. The Asst. Commissioner of Income Tax, Company Circle IV(4), Chennai. Company Circle IV(4), Chennai. Tax Case No.1364 of 2008rgn[co]srg 23/10/2019