Commissioner Of Income Taxchennai v. Lalithkumar Tulsiyanno

IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED:14.02.2020 CORAM THE HON'BLE DR.JUSTICE VINEET KOTHARIANDTHE HON'BLE MR.JUSTICE R.SURESH KUMAR TAX CASE (APPEAL) NO.94 OF 2013 Commissioner of Income TaxChennai... Appellant/Appellant Vs Lalithkumar TulsiyanNo.3, Apex Plaza, 1[st] FloorNungambakkam High RoadChennai 600 034PAN : ABRPT3382L...Respondent/Respondent Tax Case Appeal filed under Section 260A of the Income TaxAct, 1961 against the common order of the Income Tax AppellateTribunal 'D' Bench, Chennai dated 20.09.2012 in ITANo.1395/Mds/2012. The against the order passed by the Commissioner of IncomeTax Appeals-I, Chennai, dated 24.04.2012 in ITA.No.289/08-09against the order passed by the Assistant Commissioner of IncomeTax, Central Circle IV (3), Chennai dated 29.12.2008 inPAN/GIR.No.ABRPT3382L for the Assessment year 2006-2007. (Judgment of the Court was delivered by DR.VINEET KOTHARI,J) This Tax Case Appeal has been filed by the Revenue callingin question the correctness of the order passed by the IncomeTax Appellate Tribunal, 'D' Bench, Madras, by raising thefollowing substantial question of law: "Whether on the facts and in the circumstances of thecase, the Appellate Tribunal was right in holding https://hcservices.ecourts.gov.in/hcservices/ that exchange of share between brothers is nottaxable, without considering the definition ofSection 2(47) which includes exchange of assetsamounts to transfer?”2. When the matter was taken up for hearing, the learnedStanding Counsel brought to our notice the Circular instructionissued by the Central Board of Direct Taxes vide CircularNo.17/2019 dated 8th August 2019, wherein, it is stipulated thatappeals shall not be filed/pursued by the Department before theHigh Court in cases where the tax effect does not exceedRs.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 appeal filedby the Revenue is dismissed as not pressed, keeping open thesubstantial questions of law for determination in an appropriatecase. Sd/- Assistant Registrar(CS VI) //True Copy// Sub Assistant Registrar arrTo1.Income Tax Appellate Tribunal'D' Bench,Chennai.2.The Commissioner of Income Tax, Chennai.3.The Assistant Commissioner of Income Tax Central Circle IV-3, Chennai.4.Lalithkumar TulsiyanNo.3, Apex Plaza, 1[st] FloorNungambakkam High RoadChennai 600 034. +1cc to Mr.T.R.Senthil Kumar,, Advocate, S.R.No.12152 T.C.(A) No.94 of 2013 PVS(CO)CS/22/05/2020