Commissioner Of Income Taxchennai v. J U D G M E N T

IN THE HIGH COURT OF JUDICATURE AT MADRAS CORAM THE HON'BLE DR.JUSTICE VINEET KOTHARIANDTHE HON'BLE MR.JUSTICE R.SURESH KUMAR Tax Case (Appeal) No.428 of 2011 Commissioner of Income TaxChennai...Appellant Vs. Smt.Champa Devi36, Wallaja RoadChennai 600 002PAN No.AAEPC2664G...Respondent ----- Tax Case Appeal filed under Section 260A of the IncomeTax Act, 1961 against the common order of the Income TaxAppellate Tribunal 'D' Bench, Chennai dated 22.10.2010 in ITANo774/Mds/2009 as against the order of the commissioner ofIncome Tax (Appeals)-IX , chennai 600 034 made in ITA.67/05-06DATED 19.01.2009 as against the order of the AssistantCommissioner of Income Tax Central Circle -1(1), chennai 34 inPAN NO.AAEPC2664G Dated 31.03.2005 for the Assessment Year1997-98. ----- For Respondent : No appearance J U D G M E N T (Judgment of the Court was delivered by DR.VINEETKOTHARI,J) This Tax Case Appeal has been filed by the Revenuecalling in question the correctness of the order passed by theIncome Tax Appellate Tribunal, 'D' Bench, Madras, by raisingthe following substantial questions of law: https://hcservices.ecourts.gov.in/hcservices/ the issue on merits, Short Term Capital Gains onaccount of sale of shares to the tune ofRs.1,90,70,812/- of NEPC Group of companiesthrough share brokers, M/s.N.M.Associates andSwastic Capital Services is valid? 2.Whether under the facts and in the circumstancesof the case, the Income Tax Appellate Tribunal wasright in law in dismissing the appeal filed by therevenue, even though the assessing officerfollowed the direction of the Hon'ble High Courtin Writ Petition order dated 18.08.2003 inW.P.No.3694 to 3696 of 2001 and completed theAssessment under Section 143(3) read with 260 ofthe Income Tax Act, 1961?” 2. When the matter was taken up for hearing, the learnedStanding Counsel brought to our notice the Circularinstruction issued by the Central Board of Direct Taxes videCircular No.17/2019 dated 8th August 2019, wherein, it isstipulated that appeals shall not be filed/pursued by theDepartment before the High Court in cases where the tax effectdoes not exceed Rs.1,00,00,000/- (Rupees One Crore). 3. In the instant case, the tax effect is said to be lessthan the monetary limit imposed and therefore, the appealfiled by the Revenue is dismissed as not pressed, keeping openthe substantial questions of law for determination in anappropriate case. //True Copy// KSTTo 1.Income Tax Appellate Tribunal 'D' Bench,Chennai.2.The Commissioner of Income tAx(Appeals)-IX,121,Mahatha Gandhi Road,chennai 34. 3.Assitatnt Commissioner of Income Tax chennai Circle -1(1),Chennai 34. https://hcservices.ecourts.gov.in/hcservices/