Commissioner Of Income Tax, Chennai v. M/S.tvs Investments Limited, Jayalakshmi Estate, New

CORAM: THE HON'BLE MR. JUSTICE M.DURAISWAMYAND THE HON'BLE MRS.JUSTICE T.V.THAMILSELVI T.C.A.No.83 of 2014 Commissioner of Income Tax,Chennai.... Appellant/AppellantVs. M/s.TVS Investments Limited,Jayalakshmi Estate, New No.29 (Old No.8),Haddows Road, Chennai – 600 006.... Respondent/Respondent Appeal preferred under Section 260A of the Income Tax Act,1961, against the order of the Income Tax Appellate Tribunal,Madras, "C" Bench, dated 04.04.2013 in I.TA.No.2172/Mds/2010Assessment Year 2004-05. Appeal filed against te order of theCommissioner of Income Tax(Appeals)-III, Chennai-34 dated29/09/2010 in ITA.No.644/2006-2007/A-III and against the orderof the Income Tax Officer(OSD) Company Circle III(1), Chennai-600 034 dated 07.12.2006 in GIR.No./PAN 32350-T/ forthe Assessment year 2004-2005. For Appellant : Mr.M.Swaminathan, Senior Standing CounselFor Respondent : Mr.R.Venkata Narayanan JUDGMENT (Judgment was delivered by M.DURAISWAMY, J.) We have heard Mr.M.Swaminathan, learned Senior StandingCounsel for the appellant/Revenue and Mr.R.Venkata Narayanan,learned counsel for the respondent/assessee. 2.The appeal, filed by the Revenue under Section 260A of theIncome Tax Act, 1961 (for short, the Act) are directed againstthe order dated 04.04.2013 made in I.TA.No.2172/Mds/2010 on thefile of the Income Tax Appellate Tribunal, Chennai, "C" Bench(for brevity, the Tribunal) for the Assessment Year 2004-05. https://hcservices.ecourts.gov.in/hcservices/ 3.The appeal was admitted on 08.07.2014 on the followingsubstantial questions of law: “1)Whether on facts and in the circumstancesof the case, the Appellate Tribunal was right inallowing the assessee's claim of long termcapital loss when there was no element oftransfer? 2)Whether on facts and in the circumstancesof the case, the Appellate Tribunal was right innot considering the issue of disallowance underSection 14A though the grounds had already beenplaced before the Appellate Tribunal?” 4.The learned Senior Standing Counsel for the appellantsubmits that the above appeal is not pursued by the Revenue onaccount of the Low Tax Effect in terms of Circular No.17/2019dated 08.08.2019 issued by the Central Board of Direct Taxes. Bythe said Circular, the monetary limit for filing or pursuing anappeal before the High Court has been increased to Rs.1 crore.It is further submitted that the tax effect in these cases areless than the threshold limit. 5.In the light of the said submissions, the above Tax CaseAppeal is dismissed as withdrawn on account of the Low TaxEffect. The substantial questions of law framed are left open.In the event the tax effect in this case is above the thresholdlimit fixed in the said Circular, liberty is granted to theRevenue to make a mention to this Court to restore the appeal tobe heard and decided on merits. No costs. Sd/- Asst.Registrar (CS VI) va /true copy/ Sub Asst. Registrar 1.The Income Tax Appellate Tribunal, Chennai, "C" Bench 2.The Commissioner of Income Tax(Appeals)-IIIChennai-34 +1 cc to M/s.Subbaraya Aiyar Padmanabhan Advocate sr 10831sr 10831 +1 cc to Mr.M.Swaminathan Advocate sr10244 T.C.A.No.83 of 2014 ssd(co)aa15/03/2021