The Commissioner Of Income Tax, Chennai v. M/S.guru Nanak Educational Society,Chennai-28

In the High Court of Judicature at Madras Dated : 02.1.2019 Coram : The Honourable Mr.Justice T.S.SIVAGNANAM and The Honourable Mr.Justice N.SATHISH KUMAR Tax Case Appeal No.7 of 2016 The Commissioner of Income Tax, Chennai Vs M/s.Guru Nanak Educational Society,Chennai-28. ...Appellant ...Respondent APPEAL under Section 260A of the Income Tax Act, 1961against the order dated 20.5.2015 in ITA No.2990/Mds/2014 on thefile of the Income Tax Appellate Tribunal Madras 'C' Bench forthe assessment year 2009-10, as against the order of theCommissioner of Income Tax(Appeals)VII, 121, Mahatma GandhiRoad, Chennai-600 034 in ITA.NO.488/11-12 dated 16/09/2014against the assessment order of the Deputy Director of Income-Tax(Exemptions) I, Chennai-34 dated 30/12/2011 in PAN/GIR/NO- /1616-G for the Assessment year 2009-10. For Appellant : Mr.J.Narayanasamy, SSCFor Respondent : M/s.Iyer and Thomas forMr.Karthik Seshadri Judgment was delivered by T.S.SIVAGNANAM,JHeard 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 19.1.2016 onthe following substantial questions of law :(2) “i. Whether, on the facts and in thecircumstances of the case, the Tribunal wasright in holding that the assessee isentitled to claim depreciation on the assetseven though the cost of purchase of assetwas already treated as application of income https://hcservices.ecourts.gov.in/hcservices/ under Section 11? andii. Whether, on the facts and in thecircumstances of the case, the Tribunal wasright in directing the Assessing Officer toconsider the revised form-10 for enhancementof accumulation of income after condoningthe delay in filing even though form-10 wasnot filed within the due date?” 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 questions of law framed are 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(CS III) //True Copy// Sub Assistant Registrar To 1.The Income Tax Appellate Tribunal, Madras 'C' Bench. 2.The Commissioner of Income Tax(Appeals)-VII,121, Mahatma Gandhi Road, Chennai-600 034. 3.The Deputy of Income-Tax (Exemption) I,Income Tax Department,Chennai-34. +1cc to Mr.H.Karthik Seshadri, Advocate sr.no.403 spd(co)nr 04/03/2019