Tca/845/2014 Of Commissioner Of Income Tax v. Aashish Gupta

IN THE HIGH COURT OF JUDICATURE AT MADRAS CORAM THE HONOURABLE MR.JUSTICE T.S.SIVAGNANAMandTHE HONOURABLE MRS.JUSTICE V.BHAVANI SUBBAROYAN Commissioner of Income Tax,Chennai... Appellant in all Appeals-vs- Shri Aashish Gupta,No.6-B, Calve Chateau,No.808, Poonamallee High Road,Kilpauk, Chennai-600 010 ..Respondent in T.C.A.Nos.845 & 846/2014 Shri Anuj Gupta ..Respondent in T.C.A.No. 847 of 2014. APPEALS under Section 260A of the Income Tax Act, 1961against the common order dated 02.08.2011, made inI.T.A.Nos.1897, 1898 & 1899/Mds/2010 on the file of the IncomeTax Appellate Tribunal 'C' Bench, Chennai for the assessmentyears 2005-06, 2006-07 and 2005-06 respectively against theorder of the Commissioner of Income Tax (Appeals) XII, Chennai34 in I.T.A.No.314/2008-2009, I.T.A.No.315/2008-2009 dated30.08.2010 and I.T.A.No.313/2008-2009 dated 30.08.2010 againstthe Assessment order of the (Income Tax Department) AssistantCommissioner of Income Tax Circle XIII, Chennai 34 dated31.12.2008 for the Assessment year 2005-2006, 2006-2007. These appeals, filed by the Revenue under Section 260A of theIncome-tax Act, 1961, are directed against the common orderdated 02.08.2011, made in I.T.A.Nos.1897, 1898 & 1899/Mds/2010on the file of the Income Tax Appellate Tribunal 'C' Bench, https://hcservices.ecourts.gov.in/hcservices/ Chennai for the assessment years 2005-06, 2006-07 and 2005-06respectively. 2.The above appeals were admitted on 01.12.2014, on thefollowing substantial questions of law:-“(i) Whether on the facts and in thecircumstances of the case the Tribunal was rightin holding that the assessee had held the land asa business asset and therefore the gains out ofsale of the land cannot be assessed to short termcapital gains? (ii) Whether on the facts and in thecircumstances of the case the Tribunal was rightin holding that the provision of Section 50Ccannot be invoked in the assessee's case since theassessee had held the land as a business asset andnot as capital asset?” 3.Heard Mr.M.Swaminathan, learned Senior Standing Counsel andMs.V.Pushpa, learned Standing Counsel for the appellant. 4.The learned Senior Standing Counsel for the appellantsubmits that the above appeals are 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 caseappeals are 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 appeals to be heard and decided onmerits. No costs. s/d- Assistant Registrar(CS VI) True Copy Sub-Assistant Registrar abr https://hcservices.ecourts.gov.in/hcservices/ To 1.Income Tax Appellate Tribunal 'C' Bench, Chennai. 2.The Commissioner of Income Tax(Appeals)XII, Chennai 34.(Appeals)XII, Chennai 34. 3.The Assistant Commissioner of Income TaxCircle XIII, Chennai 34.Circle XIII, Chennai 34. +1 CC to Mr.M.Swaminathan, Advocate sr 73023. T.C.A.Nos.845 to 847 of 2014RK(CO)SP(31/10/2019)