Tca/727/2014 Of The Commissioner Of Income Tax v. M/S First Leasing Company Of

IN THE HIGH COURT OF JUDICATURE AT MADRAS THE HONOURABLE MR.JUSTICE T.S.SIVAGNANAMand THE HONOURABLE MRS.JUSTICE V.BHAVANI SUBBAROYAN Tax Case Appeal No.727 of 2014 The Commissioner of Income tax,Chennai... Appellant-vs- M/s.First Leasing Company of India Ltd.,No.749, Anna Salai,Chennai-600 002... Respondent APPEAL under Section 260A of the Income Tax Act, 1961 againstthe order dated 09.09.2011, made in I.T.A.No.68/Mds/2010 on thefile of the Income Tax Appellate Tribunal 'D' Bench, Chennai forthe assessment year 2006-07 against the order of theCommissioner of Income Tax dated 30.11.09 in ITA No.44/09-10/A.111 in the assessment year 2006-07, against the order ofthe Deputy Commissioner of Income Tax Company Circle II(I),Chennai dated 25.26.2019 PAN/GIR No. /FX5-027/06-07. For Appellant:Mr.T.Ravikumar, SSCFor Respondent:No appearance JUDGMENT This appeal filed by the Revenue under Section 260A of theIncome-tax Act, 1961 is directed against the order dated09.09.2011, made in I.T.A.No.68/Mds/2010 on the file of theIncome Tax Appellate Tribunal 'D' Bench, Chennai for theassessment year 2006-07. 2.The Revenue has filed this appeal raising the followingsubstantial question of law:-“Whether on the facts and in the circumstancesof the case, the Income Tax Appellate Tribunal was https://hcservices.ecourts.gov.in/hcservices/ right in deleting the penalty levied u/s. 271(1) (c) amounting to Rs.42,54,624/- is proper?” 3.Heard Mr.T.Ravikumar, learned Senior Standing Counsel forthe appellant. 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(CS-VIII) //True copy// abr Sub Assistant Registrar To 1.The Income Tax Appellate Tribunal 'D' Bench, Chennai. 2. The Commissioner of Income Tax, Nungambakkam, Chennai 3. The Deputy Commissioner of Income Tax, Company Circle II(I), Chennai. T.C.A.No.727 of 2014 MG(CO)GMY(14/11/2019)