The Commissioner Of Income Tax-Ii Central Iv, Chennai v. M/S.tulsyan Nec Ltd

IN THE HIGH COURT OF JUDICATURE AT MADRAS CORAM THE HON'BLE DR.JUSTICE VINEET KOTHARIANDTHE HON'BLE MR.JUSTICE R.SURESH KUMAR Tax Case (Appeal) No.2 of 2016 The Commissioner of Income Tax-IICentral IV, Chennai. ...AppellantVs. M/s.Tulsyan NEC Ltd3, Apex Plaza, MG RoadNungambakkam, Chennai-34. ...Respondent Tax Case Appeal filed under Section 260A of the Income TaxAct, 1961 against the common order of the Income Tax AppellateTribunal 'B' Bench, Chennai dated 13.10.2010 in ITANo.1420/Mds/2009 against the order passed by the Commissioner ofIncome Tax(A)-1, Chennai dated 01/06/2009, made in ITANo.321/08-09 and against the Assessment order passed by theAsst.Commissioner of Income Tax, Central Circle IV(3), Chennai,dated 31/12/2008, made in AABCT3720E For Appellant : Ms.K.G.Usha Rani Junior Standing Counsel For Respondent : Mr.V.S.Jayakumar This Tax Case Appeal has been filed by the Revenue callingin question the correctness of the order passed by the IncomeTax Appellate Tribunal, 'B' Bench, Chennai, by raising thefollowing substantial question of law: “ Whether on the facts and circumstances of the case,the Income Tax Tribunal was right in law in holding https://hcservices.ecourts.gov.in/hcservices/ that disallowance of interest on loan for constructionamounting to Rs.47,13,216/- was to be allowed for theassessment year 2003-04?” 2. When the matter was taken up for hearing, the learnedStanding Counsel brought to our notice the Circular instructionissued by the Central Board of Direct Taxes vide CircularNo.17/2019 dated 8th August 2019, wherein, it is stipulated thatappeals 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). 3. In the instant cases, the tax effect is said to be lessthan the monetary limit imposed and therefore, the appeal filedby the Revenue is dismissed as not pressed, keeping open thesubstantial questions of law for determination in an appropriatecase. Sd/- Assistant Registrar //True Copy// Sub Assistant RegistrarKSTTo1. Income Tax Appellate Tribunal 'B' Bench, Chennai.2. The Commissioner of Income Tax(A)-1 Chennai.3. The Assistant Commissioner of Income – Tax, Central Circle IV(3) Chennai.+1cc to Mr.T.R.Senthil Kumar, Advocate, S.R.No.23079 T.C.(A) No.2 of 2016 EV(CO)RN(27/05/2020)