The Commissioner Of Income Tax vs M/S. Titan Industries Ltd
2022 Latest Caselaw 9470 Mad

                                                                                TCA.No.132 of 2022


                                  IN THE HIGH COURT OF JUDICATURE AT MADRAS

                                                   DATED :06.06.2022

                                                         CORAM

                                  THE HONOURABLE MR. JUSTICE R. MAHADEVAN
                                                          AND
                         THE HONOURABLE MR. JUSTICE MOHAMMED SHAFFIQ

                                                   T.C.A.No.132 of 2022


                The Commissioner of Income Tax,
                LTU, Chennai                                                  .. Appellant

                                                         Versus

                M/s. Titan Industries Ltd.,
                3, Sipcot Industrial Complex,
                Hosur 635 126.                                                .. Respondent



                          Tax Case Appeal filed under Section 260 A of the Income Tax Act,
                1961 against the order of the Income Tax Appellate Tribunal “D” Bench,
                Chennai, dated 03.04.2017 in ITA.No.2192/Mds/2016.


                                   For Appellant     :     Mr.T.Ravi Kumar

                                                           Standing Counsel




                1/4

https://www.mhc.tn.gov.in/judis
                                                                                        TCA.No.132 of 2022


                                                       JUDGMENT

(Judgment of the Court was delivered by R. MAHADEVAN, J.)

This Tax Case Appeal has been filed by the appellant / revenue,

questioning the correctness of the order dated 03.04.2017 passed by the

Income Tax Appellate Tribunal “D” Bench, Chennai in

ITA.No.2192/Mds/2016, raising the following substantial question of law;

' 1. Whether the Tribunal was correct in directing the AO to disallow only 2% of the exempted income earned by the Assessee which is without any basis under section 14A of Income Tax Act, 1961 as Rule 8D was not applicable to present asst. year?'

2. When the matter was 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

this appeal is less than the threshold limit.

https://www.mhc.tn.gov.in/judis TCA.No.132 of 2022

3. In the light of the aforesaid submissions made by the learned counsel

for the appellant / Revenue, the present appeal, wherein, the tax effect is said to

be less than the monetary limit imposed, is dismissed as withdrawn, keeping

open the substantial question of law for determination in an appropriate case.

No costs.

                                                                    [R.M.D,J.]     [M.S.Q., J.]
                                                                           06.06.2022
                msr
                Index        : Yes / No

                To

The Income Tax Appellate Tribunal “D” Bench, Chennai

https://www.mhc.tn.gov.in/judis TCA.No.132 of 2022

R. MAHADEVAN, J.

AND MOHAMMED SHAFFIQ, J.

msr

TCA.No.132 of 2022

06.06.2022

https://www.mhc.tn.gov.in/judis