Commissioner Of Income Tax Iii,Chennai v. M/S.patterson Securities Pvt. Ltd.,Vanguard House

IN THE HIGH COURT OF JUDICATURE AT MADRAS CORAM THE HONOURABLE MR.JUSTICE M.M.SUNDRESHANDTHE HONOURABLE MR.JUSTICE N.ANAND VENKATESH T.C.(A).NO.822 OF 2010 Commissioner of Income Tax III,Chennai. .. Appellant vs. M/s.Patterson Securities Pvt. Ltd.,Vanguard House,48, Second Line Beach Road,Chennai - 1... Respondent Appeal filed under Section 260A of the Income Tax Act, 1961against the order of the Income Tax Appellate Tribunal "D"Bench, Chennai dated 26.02.2010 passed in I.T. A.No.1444/Mds/2009. against the order of the Commissioner ofIncome Tax(Appeals)-V,Chennaiat21.07.2008, inI.T.A.No.388/2006-07 for the assessment year 2004-05 and againstthe order of the Deputy Commissioner of Income Tax CompanyCircleV(1)Chennaidated30.11.2006passedinPAN/GIR.No.AAACP4386P/5113-P for the assessment year 2004-05.For Appellant:Mr.M.SwaminathanFor Respondent :Mr.J.Balachander JUDGMENT (Judgment of the Court was delivered by M.M.SUNDRESH, J.) The Revenue has filed this appeal by formulating thefollowing substantial question of law in respect of theassessment year 2004-2005: "Whether on the facts and in the circumstances ofthe case, the Income Tax Appellate Tribunal was rightin holding that trading in derivatives during theprevious year relevant to the assessment year 2004-05was not a speculative transaction in terms of Section43(5) of the Income Tax Act?" https://hcservices.ecourts.gov.in/hcservices/ 2.Heard the learned counsel appearing for the appellant andthe learned counsel appearing for the respondent. 3.When the matter is taken up for hearing, learned counselappearing for the appellant would submit that the Central BoardDirect Taxes by Circular No.3/2018 dated 11.07.2018 revised themonetary limits for filing appeals before the Appellate Tribunaland the High Court and for filing special leave petitions beforethe Supreme Court. As per the said circular, the monetary limitfor filing appeal before the High Court has been increased toRs.50,00,000/-. 4.In view of the circular issued by the Central BoardDirect Taxes in Circular No.3/2018 dated 11.07.2018, this taxcase appeal is dismissed on the ground of low tax effect,leaving the substantial question of law open, which has beenframed for consideration. No costs. Sd/- Assistant Registrar(CS V) //True Copy// Sub Assistant RegistrarmmiTo1.The Income Tax Appellate Tribunal,"D" Bench, Chennai.2.The Commissioner of Income Tax (Appeals)-V,Chennai.3.The Deputy Commissioner of Income Tax,Company Circle V(1), Chennai. Copy toThe Assistant Registrar,Income Tax Appellate Tribunal IIIrd Floor,Rajaji Salai, Besant Nagar, Chennai-90. +1cc to Mr.M.Swaminathan, Advocate, S.R.No.52658 T.C.(A).No.822 of 2010 CS/16/08/18