Principal Commissioner Of Income Tax 3 v. Shri.s.r.lakshmi Narayan

IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED : 29.08.2019 CORAM THE HONOURABLE MR.JUSTICE T.S.SIVAGNANAMandTHE HONOURABLE MRS.JUSTICE V.BHAVANI SUBBAROYAN Tax Case Appeal No.557 of 2017 Principal Commissioner of Income Tax 3,No.63, Race Course Road, Coimbatore... Appellant/Appellant -vs- Shri.S.R.Lakshmi Narayan,15/222, Sree Lakshmi Farms,Perumpallam, Amaravathi Nagar,Udumalpet, Tirupur-642 102.PAN: AGE PL 1232 D.. Respondent Appeal under Section 260A of the Income-tax Act, 1961,againsttheorderdated08.02.2017,madeinI.T.A.No.419/Mds/2016 on the file of the Income Tax AppellateTribunal 'C' Bench, Chennai for the assessment year 2011-12,against the order of the commissioner of Income Tax(Appeals)-3,Coimbatore made in IT Appeal No.44/2014-15 order dt.16/11/15 forthe assessment year 2011-12 and against the order of theAssistant Commissioner of Income Tax Salary Circle I, Coimbatoremade in permanent Account Number order dt.25/3/14 forthe assessment year 2011-12. For Appellant:Mr.T.R.Senthil Kumar, Senior Standing Counsel :assisted by Ms.K.G.Usharani, Standing Counsel JUDGMENT This appeal filed by the Revenue under Section 260A of theIncome-tax Act, 1961 is directed against the order dated08.02.2017, made in I.T.A.No.419/Mds/2016 on the file of the https://hcservices.ecourts.gov.in/hcservices/ Income Tax Appellate Tribunal 'C' Bench, Chennai for theassessment year 2011-12. 2.The appeal has been filed raising the following substantialquestion of law:-“Whether the Appellate Tribunal was right inholding that the assessee is entitled fordeduction under Section 54F of the Income Tax Actwhen the assessee has not fulfilled all theconditions prescribed under Section 54F?” 3.Heard Mr.T.R.Senthil Kumar, learned Senior Standing Counselassisted by Ms.K.G.Usharani, learned Standing Counsel for theappellant – and Mr.A.S.Sriraman, learned counsel forMr.S.Sridhar, learned Counsel for the respondent. 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.17/2019,dated 08.08.2019 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 question of law framed is 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. Sd/- Assistant Registrar //True Copy// Sub Assistant Registrar abr To 1.The Income Tax Appellate Tribunal 'C' Bench, Chennai. 2.The Commissioner of Income Tax(Appeals)-3, Coimbatore. Coimbatore. 3.The Assistant Commissioner of Income Tax, Salary Circle I, Coimbatore. Salary Circle I, Coimbatore. +1cc to Mr.S.Sridhar, Advocate SR.75281+1cc to Mr.T.R.Senthil Kumar, Advocate SR.75126 T.C.A.No.557 of 2017 RV(CO)CB(11/11/2019)