Commissioner Of Income Tax-I, Coimbatore v. B.n.properties Holdings (P) Ltd., Coimbatore-18

In the High Court of Judicature at Madras The Honourable Mr.Justice T.S.SIVAGNANAMandThe Honourable Mrs.Justice V.BHAVANI SUBBAROYAN Commissioner of Income Tax-I, Coimbatore...AppellantVs B.N.Properties Holdings (P) Ltd.,Coimbatore-18....Respondent APPEAL under Section 260A of the Income Tax Act, 1961 againstthe order dated 26.5.2010 made in ITA.No.287/Mds/2010 on thefile of the Income Tax Appellate Tribunal, Chennai 'B' Bench forthe assessment year 2007-08., against the order o thecommissioner of Income Tax (Appeals) in ITA No.82/09-10 againstthe Assessment order of the Assistant Commissioner of Income Taxdated 11.9.2009 for the assessment year 2007-08. Judgment was delivered by T.S.Sivagnanam,J We have heard Mr.R.Hemalatha, learned Senior Standing Counselappearing for the appellant – Revenue and Mr.N.Quadir Hoseyn,learned counsel appearing for the respondent – assessee. 2. This appeal, filed by the Revenue under Section 260A ofthe Income Tax Act, 1961 is directed against the order dated26.5.2010 made in ITA.No. 287/Mds/2010 on the file of the IncomeTax Appellate Tribunal, Chennai 'B' Bench for the assessmentyear 2007-08. 3. The appeal was admitted on 15.11.2010 on the followingsubstantial questions of law :“i. Whether, on the facts and in thecircumstances of the case, the Income TaxAppellate Tribunal was right in law in https://hcservices.ecourts.gov.in/hcservices/ setting aside the orders of the LowerAuthorities and remitted back to theAssessing Officer with a direction to referthe valuation of the property to theValuation Officer in accordance with Sub-Section (2) of Section 50C of the Act isvalid ? andii. Whether, on the facts and in thecircumstances of the case, the AppellateTribunal was right in law in setting asidethe orders of the Lower Authorities andremitted back to the Assessing Officer witha direction to refer the valuation of theproperty to the Valuation Officer inaccordance with Sub-Section (2) of Section50C of the Act, even after the validauthorityconstitutedbytheStateGovernment has fixed the value is againstthe provisions contained in Section 50C ofthe Act?” 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 08.8.2019 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 this case is lessthan the threshold limit. 5. In the light of the said submissions, the above tax caseappeal is dismissed on account of the low tax effect. Thesubstantial questions of law framed are left open. In the eventthe tax effect is above the threshold limit fixed in the saidcircular, liberty is granted to the Revenue to make a mention tothis Court to restore the appeal to be heard and decided onmerits. No costs. RS To 1.The Income Tax Appellate Tribunal, Chennai 'B' Bench. https://hcservices.ecourts.gov.in/hcservices/ 2.The Commissioner of Income Tax,(Appeals)-I, Coimbatore. Coimbatore. 3.The Assistant Commissioner Of Income Tax Company Circle-I(1), Coimbatore. Company Circle-I(1), Coimbatore. +1cc to Mr.N.Quadir Hoseyn, Advocate, SR.70267 +1cc to Mr.T.R.Senthil Kumar, Advocate SR.70464 TCA.No.1078 of 2010 PPA(CO)CB(14/10/2019)