Madras High Court
The Commissioner Of Income Tax vs C.Srikanth on 17 August, 2022
T.C.A.Nos.861 to 864 of 2015
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED 17.08.2022
CORAM
THE HON'BLE Mr. JUSTICE R. MAHADEVAN
AND
THE HON'BLE Mr. JUSTICE MOHAMMED SHAFFIQ
Tax Case Appeal Nos.861 to 864 of 2015
AND
M.P.No.1 to 1 of 2015 in T.C.A.Nos.862 to 864 of 2015
The Commissioner of Income Tax
Chennai .. Appellant in all T.C.As
Vs.
C.Srikanth .. Respondent in T.C.A.861 & 863/2015
M/s.Altius Securities Trading Pvt. Ltd.
New No.6, Old No.29
Ground Floor, CIT Colony
II Main Road, Mylapore
Chennai 600 004
PAN : AACCA4561D .. Respondent in T.C.A.862 & 864/2015
Tax Case Appeals filed under Section 260A of the Income Tax Act, 1961
against the common order dated 25.02.2015 passed by the Income Tax
Appellate Tribunal, 'B' Bench, Chennai, in respective I.T.A.Nos.233/Mds/2010,
234/Mds/2010, 209/Mds/2012 and 217/Mds/2012.
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T.C.A.Nos.861 to 864 of 2015
For Appellant : Mr.T.Ravikumar
in all T.C.As Standing Counsel
For Respondent : Mr.R.Sivaraman
in all T.C.As
COMMON JUDGMENT
(Judgment was delivered by R. MAHADEVAN, J.)
These tax case appeals have been filed by the appellant/Revenue, calling
in question the correctness of the common order dated 25.02.2015 passed by
the Income Tax Appellate Tribunal, 'B' Bench, Chennai, in respective
I.T.A.Nos.233/Mds/2010, 234/Mds/2010, 209/Mds/2012 and 217/Mds/2012,
for the respective assessment years 2005-06, 2005-06, 2006-07 and 2006-07.
2. By order dated 17.11.2015, this Court admitted the aforesaid tax case
appeals on the following substantial questions of law :
“(i) Whether, on the facts and circumstances of the case,
the Tribunal was right in holding that the income from share
transaction is liable to be taxed under the head “short term
capital gains” and not as business income?
(ii) Whether the fact finding of the Tribunal is proper by
treating the income under the head short term capital gains
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T.C.A.Nos.861 to 864 of 2015
ignoring the frequency of the transaction and the short duration
of period of holding which would go to establish that the same
was liable to be taxed under the head business income and not for
earning dividend?”
3. When these matters were taken up for consideration, the learned
counsel for the appellant/Revenue brought to the notice of this court the
Circular No.17/2019 dated 08.08.2019, issued by the Central Board Direct
Taxes, wherein, it is stipulated that appeals shall not be filed/pursued by the
Department before the High Court in cases where the tax effect does not exceed
Rs.1,00,00,000/- (Rupees One Crore). It is also submitted that the tax effect in
these appeals are less than the threshold limit.
4. In the light of the aforesaid submissions made by the learned counsel
for the appellant/Revenue, the present appeals, wherein, the tax effect is said to
be less than the monetary limit imposed, are dismissed as withdrawn, keeping
open the substantial questions of law for determination in appropriate cases.
No costs. Consequently, connected miscellaneous petitions are closed.
[R.M.D,J.] [M.S.Q, J.]
17.08.2022
gya
R. MAHADEVAN, J.
https://www.mhc.tn.gov.in/judis
T.C.A.Nos.861 to 864 of 2015
AND
MOHAMMED SHAFFIQ, J.
gya
To
1.The Commissioner of Income Tax
Chennai
2.The Assistant Commissioner of Income Tax
Company Circle-I(1)
Chennai
3.The Commissioner of Income Tax (Appeals)-III
Chennai
4.The Income Tax Appellate Tribunal
'B' Bench, Chennai
T.C.A.Nos.861 to 864 of 2015
17.08.2022
https://www.mhc.tn.gov.in/judis
