The Commissioner Of Income Tax, Chennai v. M/S.shree Laxmi Jewellery Ltd.,Chennai-17

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.586 of 2014 The Commissioner of Income Tax, Chennai Vs ...Appellant M/s.Shree Laxmi Jewellery Ltd.,Chennai-17...Respondent APPEAL under Section 260A of the Income Tax Act, 1961against the order dated 05.8.2011 in ITA No.1960/Mds/2010 on thefile of the Income Tax Appellate Tribunal Madras 'C' Bench forthe assessment year 2007-08. against the Order of thecommissioner of Income Tax Appeals V, dated 06.09.2010 inITA.No. 36/10-11 in the assessment Year 2007-2008. Against the order of the Assistant Commissioner of IncomeTax dated 22.04.2010 PANAACL 1289M in the assessment Year 2007-08. Against the Order of the Assistant Commissioner of IncomeTax Company Cricle VI (2) Chennai 34 dated 23.12.09 ITNS65 inthe assessment Year 2007-08. Judgment was delivered by T.S.SIVAGNANAM,J Heard the learned Senior Standing Counsel for the appellant.2. This appeal by the Revenue challenges the order passedby the Income Tax Appellate Tribunal, which decided the issue infavour of the assessee. The appeal was admitted on 19.11.2014 on https://hcservices.ecourts.gov.in/hcservices/ the following substantial question of law :“i. Whether, on the the facts andcircumstances of the case, the Income Tax Appellate Tribunal was right in deleting thepenalty of Rs.13,06,422/- levied underSection 271(1)(c) of the Income Tax Act,1961 ?” 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 question of law framed is 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(CO)//True Copy// Sub Assistant Registrar To 1.The Income Tax Appellate Tribunal, Madras 'C' Bench, Chennai. Madras 'C' Bench, Chennai. 2.The Commissioner of Income Tax Appeals V, Chennai. Chennai. 3.The Assistant Commissioner of Income Tax, Chennai. Chennai. +1cc to Mr.Senthil Kumar, Advocate, S.R.No. 216+1cc to Mr.Sandeep Bagmar, Advocate, S.R.No. 27 TCA.No.586 of 2014 MG(CO)GN(31/01/2019) https://hcservices.ecourts.gov.in/hcservices/