Madras High Court
The Commissioner Of Income Tax - Iv vs M/S.Mainetti India Pvt. Ltd on 27 July, 2021
T.C.A.No.610 of 2016
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATE: 27.07.2021
CORAM:
THE HON'BLE MR. JUSTICE M.DURAISWAMY
AND
THE HON'BLE MRS.JUSTICE R.HEMALATHA
T.C.A.No.610 of 2016
The Commissioner of Income Tax - IV
No.121, Nungambakkam High Road,
Chennai – 600 034. ... Appellant
Vs.
M/s.Mainetti India Pvt. Ltd.,
3rd Floor, Florida Towers,
No.138/30, Nelson Manickam Road,
Chennai – 600 029. ... Respondent
Appeal preferred under Section 260A of the Income Tax Act, 1961,
against the order of the Income Tax Appellate Tribunal, Madras, "D"
Bench, dated 30.06.2015 in I.TA.No.616/Mds/2015 for the Assessment
Year 2010-11.
For Appellant : Mr.Karthik Ranganathan,
Senior Standing Counsel
For Respondent : Mr.R.Sivaraman
JUDGMENT
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T.C.A.No.610 of 2016
(Judgment was delivered by M.DURAISWAMY, J.)
We have heard Mr.Karthik Ranganathan, learned Senior Standing
Counsel for the appellant/Revenue and Mr.R.Sivaraman, 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 30.06.2015 made in I.TA.No.616/Mds/2015 on the file of the
Income Tax Appellate Tribunal, Chennai, "D" Bench (for brevity, the
Tribunal) for the Assessment Year 2010-11.
3.The above Tax Case Appeal was admitted on the following
substantial question of law:
“Whether on the facts and circumstances of the
case and in law, the Income Tax Appellate Tribunal
was right in holding that expenditure incurred in
foreign currency which are excluded from the export
turn over, should also be excluded from total
turnover, in order to grant relief under Section 10AA
of the Income Tax Act, 1961?”
4.The learned Senior Standing Counsel for the appellant submits
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T.C.A.No.610 of 2016
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is dismissed as withdrawn on account of the Low Tax Effect.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 is 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 Court to
restore the appeal to be heard and decided on merits. No costs.
Index : Yes/No [M.D., J.] [R.H., J.]
Internet : Yes 27.07.2021
va
M.DURAISWAMY, J.
and
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T.C.A.No.610 of 2016
R.HEMALATHA, J.
va
To
The Income Tax Appellate Tribunal, Chennai, "D" Bench
T.C.A.No.610 of 2016
27.07.2021
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