Madras High Court
The Commissioner Of Income Tax vs M/S.The Railway Employees Co-Op ... on 22 April, 2021
T.C.A.Nos.273 to 276 of 2021
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 22.04.2021
CORAM
THE HON'BLE MR.JUSTICE M. DURAISWAMY
AND
THE HON'BLE MR.JUSTICE KRISHNAN RAMASAMY
T.C.A.Nos.273 to 276 of 2021
and
C.M.P.Nos.7778, 7781 & 7782 of 2021
The Commissioner of Income Tax,
Chennai. ... Appellant
in all appeals
Vs.
M/s.The Railway Employees Co-op Credit
Society Ltd., P.B.No.259/LB, Ashok Vihar Complex,
Old Zoo Road, Near Central Railway Station,
Chennai – 600 003. ... Respondent
in all appeals
Tax Case Appeals in T.C.A.Nos.273 to 276 of 2021 preferred
under Section 260A of the Income Tax Act, 1961, against the order of
the Income Tax Appellate Tribunal, Madras, “A” Bench, dated
15.03.2017 in I.T.A.Nos.2239/Mds/2016, 2240/Mds/2016,
556/Mds/2016 and 557/Mds/2016, respectively for the Assessment Years
2008-09, 2009-10, 2012-13 and 2013-14 respectively.
Page 1/6
https://www.mhc.tn.gov.in/judis/
T.C.A.Nos.273 to 276 of 2021
For Appellant : Mr.T.Ravikumar
Senior Standing Counsel
in all appeals
For Respondent : Mr.G.Baskar
in all appeals
COMMON JUDGMENT
(Judgment was delivered by M.DURAISWAMY, J.)
We have heard Mr.T.Ravikumar, learned Senior Standing Counsel
for the appellant/Revenue and Mr.G.Baskar, learned counsel for the
respondent/assessee.
2.The above appeals, filed by the Revenue under Section 260A of
the Income Tax Act, 1961 (for short, the Act), are directed against the
order dated 15.03.2017 made in I.T.A.Nos.2239/Mds/2016,
2240/Mds/2016, 556/Mds/2016 and 557/Mds/2016, on the file of the
Income Tax Appellate Tribunal, Madras, “A” Bench (for brevity, the
Tribunal) for the Assessment Years 2008-09, 2009-10, 2012-13 and
2013-14 respectively.
Page 2/6
https://www.mhc.tn.gov.in/judis/
T.C.A.Nos.273 to 276 of 2021
3.The appellant/Revenue has raised the following substantial
questions of law in the above appeals :
“1.Whether the Tribunal was justified in holding that
the Assessee was eligible to claim deduction
u/s.80P(2)(a)(i) of the I.T. Act on the interest income earned
from the investment made with the Bank?
2.Whether the Tribunal ought to have applied the
decision of the Apex Court in the case of Totgar's Co-
operative Sales Society Ltd. v. ITO reported in 322 ITR 283
which was also confirmed in Review Petitions filed wherein
it was held that the interest income earned from the deposits
was to be treated as income from other sources only and
therefore deduction u/s.80P(2)(a)(i) could not be granted?”
4.The learned Senior Standing Counsel for the appellant submits
that the above appeals are not pursued by the Revenue on account of the
Low Tax Effect in terms of Circular No.17/2019 dated 08.08.2019 issued
by the Central Board of Direct Taxes. By the said Circular, the monetary
limit for filing or pursuing an appeal before the High Court has been
increased to Rs.1 crore. It is further submitted that the tax effect in these
Page 3/6
https://www.mhc.tn.gov.in/judis/
T.C.A.Nos.273 to 276 of 2021
cases is less than the threshold limit.
5.In the light of the said submissions, the above Tax Case Appeals
are dismissed as withdrawn on account of the Low Tax Effect. The
substantial questions of law framed are left open. In the event the tax
effect in these cases is above the threshold limit fixed in the said
Circular, liberty is granted to the Revenue to make a mention to this
Court to restore the above appeals to be heard and decided on merits. No
costs. Consequently, connected miscellaneous petitions are closed.
[M.D., J.] [K.R., J.]
22.04.2021
Index : Yes/No
Internet : Yes
mkn
To
Page 4/6
https://www.mhc.tn.gov.in/judis/
T.C.A.Nos.273 to 276 of 2021
1.The Income Tax Appellate Tribunal,
Madras, “A” Bench.
2.The Commissioner of Income Tax,
Chennai.
Page 5/6
https://www.mhc.tn.gov.in/judis/
T.C.A.Nos.273 to 276 of 2021
M. DURAISWAMY, J.
and
KRISHNAN RAMASAMY, J.
mkn
T.C.A.Nos.273 to 276 of 2021
22.04.2021
Page 6/6
https://www.mhc.tn.gov.in/judis/
