Tca/415/2013 Of Commissioner Of Income Tax v. M/S The Educational Trust Of

In the High Court of Judicature at Madras The Honourable Mr.Justice T.S.SIVAGNANAM The Commissioner of Income Tax, Chennai ...Appellant APPEAL under Section 260A of the Income Tax Act, 1961against the order dated 06.7.2012 in ITA No.930/Mds/2012 on thefile of the Income Tax Appellate Tribunal Madras 'A' Bench forthe assessment year 2007-08, against the order of the Income TaxOfficer (OSD) Exemptions 111, Chennai, dated 30/11/2009 made inPAN/GIR No.3628-E against the order of the Commissioner ofIncome Tax (Appeals) XII, Chennai-34, dated 22/02/2012 made inITA No.295/2009-10. Judgment was delivered by T.S.SIVAGNANAM,J Heard the learned Standing Counsel for the appellant. 2. This appeal by the Revenue challenges the order passed bythe Income Tax Appellate Tribunal, which decided the issue infavour of the assessee. The appeal was admitted on 25.11.2013 onthe following substantial question of law : https://hcservices.ecourts.gov.in/hcservices/ the assessee is entitled to claimdepreciation on the assets in the form ofapplication of income, even though the costof purchase of asset was treated asapplication of income under Section 11?” 3. The Revenue seeks to withdraw this appeal on account oflow tax effect in terms of Circular No.3 of 2018 dated 11.7.2018issued by the Central Board of Direct Taxes. 4. In the light of the above, the appeal is dismissed aswithdrawn and the substantial question of law framed is leftopen. In the event the tax effect is above the threshold limitfixed in the said circular under exceptional clauses mentionedin the circular, liberty is granted to the Revenue to make amention to this Court to restore the appeal to be heard anddecided on merits. No costs. Sd/- Assistant Registrar(CO) //True Copy// Sub Assistant Registrar To 1.The Income Tax Appellate Tribunal, Madras 'A' Bench. Madras 'A' Bench. 2.The Commissioner of Income Tax (Appeals)-XII, 121, Mahatma Gandhi Road, Nungambakkam, Chennai-600 034. 121, Mahatma Gandhi Road, Nungambakkam, Chennai-600 034. 3.The Income Tax Officer (OSD), Exemption 111, Chennai. Exemption 111, Chennai. +1cc to Mr.J.Narayanaswamy, Advocate sr.145 +1cc to Mr.S.Sridhar, Advocate Sr.367 nm[co]srg 04/02/2019 TCA.No.415 of 2013