Madras High Court
The Commissioner Of Income Tax vs Shri Kunal S. Mehta on 1 July, 2021
T.C.A.No.765 of 2015
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 01.07.2021
CORAM
THE HON'BLE MR. JUSTICE M.DURAISWAMY
AND
THE HON'BLE MRS.JUSTICE R. HEMALATHA
T.C.A.No.765 of 2015
The Commissioner of Income Tax,
Chennai. ... Appellant
Vs.
Shri Kunal S. Mehta
9B, JVL Bungalow,
25/4, Flowers Road,
Kilpauk, Chennai – 600 010 ... Respondent
Appeal preferred under Section 260A of the Income Tax Act,
1961, against the order of the Income Tax Appellate Tribunal, Madras,
“A” Bench, dated 05.03.2015 in I.TA.No.1926/Mds/2014, Assessment
Year 2007-08.
For Appellant : Mr.Karthik Ranganathan
Senior Standing Counsel
and Mr.S.Rajesh
Standing Counsel
For Respondent : Mr.Ashok Pathy
for M/s.Pass Associates
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T.C.A.No.765 of 2015
JUDGMENT
(Judgment was delivered by M.DURAISWAMY, J.)
We have heard Mr.Karthik Ranganathan, learned Senior Standing
Counsel and Mr.S.Rajesh, learned Standing Counsel for the
appellant/Revenue and Mr.Ashok Pathy for M/s.Pass Associates, learned
counsel for the respondent/assessee.
2.The appeal, filed by the Revenue under Section 260A of the
Income Tax Act, 1961 (for short, the Act) is directed against the order
dated 05.03.2015 made in I.TA.No.1926/Mds/2014 on the file of the
Income Tax Appellate Tribunal, Chennai, “A” Bench (for brevity, the
Tribunal) for the Assessment Year 2007-08.
3.The appeal was admitted on 22.09.2015 on the following
substantial questions of law:
“1.Whether, on the facts and in the
circumstances of the case, the Tribunal was right in
holding that the base year as 1981, and not the year
in which the assessee became the owner of the assets
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T.C.A.No.765 of 2015
by way of inheritance for the purpose of computing
indexed cost of acquisition?
2.Is not the finding of the Tribunal bad as it is
contrary to the explanation (ii) of Section 48 of the
Income Tax Act?”
4.The learned Senior Standing Counsel for the appellant submits
that the above appeal is 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 this
case is less than the threshold limit.
5.In the light of the said submissions, the above Tax Case Appeal
is 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 this case is above the threshold limit fixed in the said
Circular, liberty is granted to the Revenue to make a mention to this
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T.C.A.No.765 of 2015
Court to restore the appeal to be heard and decided on merits. No costs.
[M.D., J.] [R.H., J.]
01.07.2021
Index : Yes/No
Internet : Yes
mkn
To
The Income Tax Appellate Tribunal, Chennai, “A” Bench
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T.C.A.No.765 of 2015
M.DURAISWAMY, J.
and
R. HEMALATHA, J.
mkn
T.C.A.No.765 of 2015
01.07.2021
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