The Commissioner Of Income Tax, Chennai v. Shri R.raman (Huf

IN THE HIGH COURT OF JUDICATURE AT MADRAS CORAM : THE HONOURABLE MR.JUSTICE R. MAHADEVANAND THE HONOURABLE MR.JUSTICE J.SATHYA NARAYANA PRASAD T.C.A.No.503 of 2014 The Commissioner of Income Tax, Chennai. ...Appellant/ Appellant Versus Shri R.Raman (HUF) ...Respondent/Respondent Tax Case Appeal filed under Section 260A of the Income TaxAct, 1961, against the order of the Income Tax AppellateTribunal,Chennai,“C”Bench,dated05.08.2011 inI.TA.No.1028/Mds/2010 and against order passed by theCommissioner of Income Tax (Appeals) XII, Chennai – 600 034dated 31.03.2010 made in ITA.No.424/07-08 and against theAssessment order passed by Assistant Commissioner of Income TaxCircleXVChennaidated31.12.2007madeinGIR.No/PAN.No. for Assessment year 2005-2006. (Judgment of the Court was delivered by R. MAHADEVAN, J.) This tax case appeal has been filed by the appellant /Revenue, challenging the order dated 05.08.2011 passed by theIncome Tax Appellate Tribunal, Bench 'C', Chennai, inI.TA.No.1028/Mds/2010, relating to the assessment year 2005-06. 2.By order dated 13.08.2014, this court admitted theaforesaid tax case appeal on the following substantial questionof law:“Whether on the facts and in the circumstancesof the case the income Tax appellate Tribunal wasright in deleting the addition of Rs.39,23,781/- onaccount of taxing the profit on sale of shares underthe head business income against the claim made by https://hcservices.ecourts.gov.in/hcservices/ the assessee under the head capital gains." 3. When the matter was taken up for consideration, thelearned counsel for the appellant / Revenue brought to the noticeof this court the Circular No.17/2019 dated 08.08.2019 issued bythe Central Board Direct Taxes, wherein, it is stipulated thatappeal shall not be filed/pursued by the Department before theHigh Court in cases where the tax effect does not exceedRs.1,00,00,000/- (Rupees One Crore). It is also submitted thatthe tax effect in this appeal is less than the threshold limit. 4.In the light of the aforesaid submissions made by thelearned counsel for the appellant / Revenue, the present appeal,wherein, the tax effect is said to be less than the monetarylimit imposed, is dismissed as withdrawn, keeping open thesubstantial question of law for determination in an appropriatecase. No costs. Sd/- Assistant Registrar(CS-II) //True Copy// av Sub Assistant Registrar To 1. The Income Tax Appellate Tribunal, Bench 'C', Chennai. Bench 'C', Chennai. 2. The Commissioner of Income Tax, Chennai. 3. The Commissioner of Income Tax Appeals XII, Chennai – 600 034. Chennai – 600 034. 4. The Assistant Commissioner of Income Tax Circle XV Chennai. +1cc to Mr.M.Swaminathan, Advocate, S.R.No.9481 T.C.A.No.503 of 2014 NK(CO)RGA(01/03/2022)