Tca/783/2015 Of Commissioner Of Income Tax v. Smt. R. Padma

In the High Court of Judicature at MadrasDated : 27.08.2019 APPEAL under Section 260A of the Income Tax Act, 1961 againstthe order dated 20.03.2015 made in ITA.No.260/MDS/2012 on thefile of the Income Tax Appellate Tribunal, Chennai 'A' Bench forthe assessment year 2004-05, against the Order of theCommissioner of Income Tax (Appeals)-I, Chennai in ITANo.131/06-07 dated 08/11/2011 and against the Order of AssistantCommissioner of Income Tax, Chennai dated 29.12.2006/2004-05. We have heard Mr.T.R.Senthilkumar, learned Senior StandingCounsel, assisted by Ms.K.G.Usharani, learned counsel appearingfor the appellant/revenue. 2.This appeal, filed by the Revenue under Section 260A ofthe Income Tax Act, 1961 is directed against the order dated20.03.2015 made in ITA.No.260/MDS/2012 on the file of the IncomeTax Appellate Tribunal, Chennai 'A' Bench for the assessmentyear 2004-05. 3.The appeal was admitted on 28.09.2015 on the followingsubstantial questions of law : https://hcservices.ecourts.gov.in/hcservices/ “(i) Whether on the facts and in thecircumstances of the case, the AppellateTribunal is correct in holding the identity andcapacity of creditors stand explained merely onthe basis that the loans were received andrepaid by the assessee through chequetransactions? and(ii) Whether on the facts and in thecircumstances of the case and in law, theTribunal is correct in admitting new evidencebefore it and deleting the addition withoutremanding the matter back to the AssessingOfficer?" 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.17/2019dated 08.8.2019 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 questions of law framed are 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. https://hcservices.ecourts.gov.in/hcservices/