The Commissioner Of Income Tax, Chennai v. Shri Kunal S. Mehta 9B, Jvl Bungalow

IN THE HIGH COURT OF JUDICATURE AT MADRASDATED : 01.07.2021 CORAMTHE HON'BLE MR. JUSTICE M.DURAISWAMYAND THE HON'BLE MRS.JUSTICE R. HEMALATHA T.C.A.No.765 of 2015 The Commissioner of Income Tax,Chennai.... AppellantVs. Shri Kunal S. Mehta9B, JVL Bungalow,25/4, Flowers Road,Kilpauk, Chennai – 600 010...Respondent Appeal preferred under Section 260A of the Income TaxAct, 1961, against the order of the Income Tax AppellateTribunal, Madras, “A” Bench, dated 05.03.2015 inI.TA.No.1926/Mds/2014, Assessment Year 2007-08 against theorder of the Commissioner of Income Tax(A)-VII, in ITANo.884/13-14 for the Assessment Year 2007-08 dated.09.06.2014against the amendment order of the Income Tax Officer,International Taxation I(1), Chennai, Dated.26.03.2013. For Appellant : Mr.Karthik Ranganathan Senior Standing Counsel and Mr.S.Rajesh Standing CounselFor Respondent : Mr.Ashok Pathy for M/s.Pass Associates JUDGMENT (Judgment was delivered by M.DURAISWAMY, J.) We have heard Mr.Karthik Ranganathan, learned SeniorStanding Counsel and Mr.S.Rajesh, learned Standing Counsel forthe appellant/Revenue and Mr.Ashok Pathy for M/s.PassAssociates, learned counsel for the respondent/assessee. 2.The appeal, filed by the Revenue under Section 260A ofthe Income Tax Act, 1961 (for short, the Act) is directedagainsttheorderdated05.03.2015madeinI.TA.No.1926/Mds/2014 on the file of the Income Tax AppellateTribunal, Chennai, “A” Bench (for brevity, the Tribunal) forthe Assessment Year 2007-08.https://hcservices.ecourts.gov.in/hcservices/ 3.The appeal was admitted on 22.09.2015 on the followingsubstantial questions of law: “1.Whether, on the facts and in thecircumstances of the case, the Tribunal wasright in holding that the base year as 1981,and not the year in which the assessee becamethe owner of the assets by way of inheritancefor the purpose of computing indexed cost ofacquisition? 2.Is not the finding of the Tribunal badas it is contrary to the explanation (ii) ofSection 48 of the Income Tax Act?” 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 08.08.2019 issued by the Central Board of Direct Taxes.By the said Circular, the monetary limit for filing orpursuing an appeal before the High Court has been increased toRs.1 crore. It is further submitted that the tax effect inthis case is less than the threshold limit. 5.In the light of the said submissions, the above TaxCase Appeal is dismissed as withdrawn on account of the LowTax Effect. The substantial questions of law framed are leftopen. In the event the tax effect in this case is above thethreshold limit fixed in the said Circular, liberty isgranted to the Revenue to make a mention to this Court torestore the appeal to be heard and decided on merits. Nocosts. Sd/- Assistant Registrar(CS VIII) //True Copy// Sub Assistant Registrar mknTo1.The Registrar, The Income Tax Appellate Tribunal, Chennai, “A” Bench2. The Commissioner of Income Tax (4)-VII, Chennai3. The Income Tax Officer, International Taxation I(1) Chennai PPA (CO)K.RK. (23.07.2021) https://hcservices.ecourts.gov.in/hcservices/