The Commissioner Of Income Tax, Chennai v. M/S.savorit Ltd., Chennai-81

In the High Court of Judicature at Madras Coram : The Honourable Mr.Justice T.S.SIVAGNANAM and The Honourable Mr.Justice N.SATHISH KUMAR Tax Case Appeal No.602 of 2014 The Commissioner of Income Tax, Chennai ... Appellant Vs M/s.Savorit Ltd., Chennai-81 ... Respondent APPEAL under Section 260A of the Income Tax Act, 1961against the order dated 30.1.2014 in ITA No.2238/Mds/2013 on thefile of the Income Tax Appellate Tribunal Madras 'C' Bench forthe assessment year 2010-11 against the order of theCommissioner of Income Tax (Appeals) in Appeal No.1341/13-14 forthe Assessment Year 2010-11 dated 29.11.2013 against the orderof the Deputy Commissioner of Income Tax, Company Circle VI(I),Chennai - 34 dated 31.01.2013 for the Assessment Year 2010-11. For Appellant : Mr.T.R.Senthilkumar, SSC & Ms.K.G.Usharani, JSC For Respondent :Mr.S.Sridhar 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 02.12.2014 onthe following substantial questions of law : “i. Whether, under the facts andcircumstances of the case, the Income TaxAppellate Tribunal was right in holding that https://hcservices.ecourts.gov.in/hcservices/ the letting of godowns is assessable asincome from house property and not businessincome ? and ii. Whether, under the facts andcircumstances of the case, the Income TaxAppellate Tribunal was right in allowing theassessee to claim deduction under Section 24(a) in respect of income from godowns,though the assessee had claimed depreciationin respect of those godowns in the pastassessments ?” 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 //True Copy// Sub Assistant Registrar To 1. The Income Tax Appellate Tribunal, Madras 'C' Bench. 2. The Deputy Commissioner of Income Tax,Company Circle VI(I), Chennai 34. 3. The Commissioner of Income Tax (Appeal-VI),Chennai 34. +1 cc to Mr.T.R.Senthil Kumar, Advocate Sr.No.213+1 cc to Mr.S.Sridhar, Advocate Sr.No.364 PPA(CO)CSL/19.02.2019