The Commissioner Of Income Tax, Chennai v. >

In the High Court of Judicature at Madras Dated : 19.8.2019 The Honourable Mr.Justice T.S.SIVAGNANAMandThe Honourable Mrs.Justice V.BHAVANI SUBBAROYAN The Commissioner of Income Tax, Chennai...AppellantVsSmt.Vijaya Rajan...Respondent APPEAL under Section 260A of the Income Tax Act, 1961 againstthe order dated 30.4.2010 made in ITA.No.2212/Mds/2008 on thefile of the Income Tax Appellate Tribunal, Chennai 'B' Bench forthe assessment year 2003-04. as against order of thecommissioner of Income Tax Appeals VI-Chennai.34, made ITANo.NIL, dated 3.6.2007 as against the order of the Income TaxOfficer ward II(1), Chennai, for the Assessment Year 2003-2004-dated 27.03.2006. Judgment was delivered by T.S.Sivagnanam,J We have heard Mr.M.Swaminathan learned Senior StandingCounsel, assisted by Ms.S.Premalatha, Standing Counsel appearingfor the appellant – Revenue and Mr.R.Venkata Narayanan, learnedcounsel for the respondent – assessee. 2. This appeal, filed by the Revenue under Section 260A ofthe Income Tax Act, 1961 is directed against the order dated30.4.2010 made in ITA.No. 2212/Mds/2008 on the file of theIncome Tax Appellate Tribunal, Chennai 'B' Bench for theassessment year 2003-04. 3. The appeal was admitted on 06.12.2010 on the followingsubstantial question of law :“Whether, on the facts and circumstances https://hcservices.ecourts.gov.in/hcservices/ of the case, the Tribunal was right inholding that 'no short term capital gains'can be computed on the sale of 50% share ofthe property that was acquired on payment ofconsideration to the assessee's brother andis entitled for the benefit of Section54EC ?” 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 question of law framed is 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. Sd/- Assistant Registrar(CS-VI) //True Copy// Sub Assistant Registrar 2.The Commissioner of Income Tax (Appeals) Chennai-34. Chennai-34. 3.The Income Tax Officer, Ward II(1), Chennai-34.+1cc to M/S.M.Swaminathan, Advocate Sr.70421+1cc to M/S.Subbaraya Aiyer Padmanabhan, Advocate SR.70477 CNR(CO)CB(14/10/2019)