Commissioner Of Income Tax Chennai v. Peirce Leslie India Ltd. 37, Dr.p.v.cherian Cresent Egmore, Chennai – 600 008

IN THE HIGH COURT OF JUDICATURE AT MADRASDATED: 29.11.2018 CORAM THE HON'BLE DR.JUSTICE VINEET KOTHARIANDTHE HON'BLE DR.JUSTICE ANITA SUMANTH Tax Case Appeal No.968 of 2009 Commissioner of Income Tax Chennai. .... AppellantVs. Peirce Leslie India Ltd.37, Dr.P.V.Cherian CresentEgmore, Chennai – 600 008. .... Respondent Tax Case Appeal filed under Section 260A of the IncomeTax Act, 1961 against the order of the Income Tax AppellateTribunal, Madras 'B' Bench, Chennai, dated 20.10.2008 madein ITA No.2389/Mds/2007 for the assessment year 2003-04 asagainst the order of the commisioner of Income Tax appealsV, Chennai.34 Dated 31.07.2007 in ITA NO.81/2006-07 asagainst the order of the Commisioner of Income Tax AppealsV, Chennai. 34. dated 29.05.2007 ITA 157-2005-2006, andagainst the Assessment Order of Income Tax officer (OSD)company circle V(2) Chennai. Dated 24.02.2006 in PAN:AAACP2 440 and the order of Deputy Commisioner of Incometax company Circle V (2), Chennai. DATED 30.03.2005 inPAN/GIR NO.AAACP2746F. ----- This Tax Case Appeal has been filed by the Revenuecalling in question the correctness of the order passed bythe Income Tax Appellate Tribunal, Madras 'B' Bench,Chennai, dated 20.10.2008 made in ITA No.2389/Mds/2007 forthe assessment year 2003-04 by raising the followingsubstantial question of law: https://hcservices.ecourts.gov.in/hcservices/ "Whether on the facts and circumstances ofthe case, the Tribunal was right in holdingthat assessee is entitled for the claim of baddebt of Rs.82.13 lakhs and Rs.35.5 lakhs forthe assessment years 2002-03 and 2003-04 byadjustment of the receipts against the lateradvances in guise of favourable arrangements ofaccounts?”. 2. When the matter is taken up for admission, thelearned Standing Counsel brought to our notice the Circularinstruction issued by the Central Board of Direct Taxesvide Circular No.3/2018 dated 11.7.2018 wherein it isstipulated that appeals shall not be filed/pursued by theDepartment before the High Court in cases where the taxeffect does not exceed Rs.50 lakhs. 3. In the instant case, the tax effect is less thanthe monetary limit imposed and therefore, the appeal isdismissed as not pressed, preserving the substantialquestions of law for determination in an appropriate case. Sd/- Assistant Registrar(CS) //True Copy// Sub Assistant Registrar ToThe Income Tax Appellate Tribunal, Madras 'B' Bench,Chennai. 2.The commisioner of Income Tax Appeals V,121,Mahathma Gandhi road,Chennai. 34. 3.The Income Tax Officer (OSD),Company circle V(2),Chennai. 4.The Deputy Commisioner of Income Tax ,Company circle V(2),Chennai. A.SK(18/01/2019) TCA No.968 of 2009