Commissioner Of Income Tax,Chennai v. Fidelity Industries Ltd.,1[St] Floor, 53 Iv Street,,Padmanabha Nagar,Adayar, Chennai 600 020

IN THE HIGH COURT OF JUDICATURE AT MADRAS 25.01.2017 Coram: The Hon'ble Mr.Justice HULUVADI G.RAMESHAND The Hon'ble Dr. Justice ANITA SUMANTH T.C.A. No.173 of 2006 Commissioner of Income Tax,Chennai. .. Appellant Versus Fidelity Industries Ltd.,1[st] Floor, 53 IV Street,,Padmanabha Nagar,Adayar, Chennai 600 020. .. Respondent Appeal filed under Section 260A of the Income Tax Act, 1961 against the Order of the Income Tax Appellate Tribunal, Madras 'A' Bench, dated 28.01.2005 in ITA. Nos.653, 654, 1085 and 1454/Mds/99. For Appellant .. Mr.T.R.Senthil Kumar For Respondent .. Mr.B.Dhanaraj for Official Liquidator ----- JUDGMENT (Judgment of this Court was delivered by ANITA SUMANTH, J.) This Tax Case Appeal is filed by the Department calling in question the correctness of the order passed by the Income Tax Appellate Tribunal, Madras 'A' Bench, dated 28.01.2005 in ITA. Nos.653, 654, 1085 and HULUVADI G.RAMESH, J AND Dr.ANITA SUMANTH,Jvga 1454/Mds/99 and has been admitted on 16.02.2006 for consideration of the following substantial question of law: “Whether in the facts and circumstances of the case, the Tribunal was right in holding that the interest on inter corporate deposits that was not charged to the profit and loss account to avoid the deduction of tax at source is allowable as deduction ?” 2. Circular instruction issued by the Central Board of Excise and Customs, New Delhi in F.No.390/Misc./163/2010 J.C. dated 17.12.2015 stipulates that appeals shall not be filed/pursued by the Department before the High Court in cases where the tax effect does not exceed Rs.15 lakhs. In the instant case, the tax effect is less than the monetary limit imposed and the appeal is, hence, dismissed as not pressed, preserving the substantial question of law for determination in an appropriate case. No costs. (H.G.R.,J) (A.S.M.,J) 25.01.2017 2/2 vga T.C.A.No.173 of 2006 http://www.judis.nic.in