Commissioner Of Income Tax vs M/S.Tcp Limited
2024 Latest Caselaw 21418 Mad

Madras High Court

Commissioner Of Income Tax vs M/S.Tcp Limited on 11 November, 2024

Bench: R.Suresh Kumar, C.Saravanan

                                                                                   T.C.A.No.360 of 2022

                                  IN THE HIGH COURT OF JUDICATURE AT MADRAS

                                                   DATED: 11.11.2024

                                                        CORAM

                                    THE HON'BLE MR.JUSTICE R.SURESH KUMAR
                                                     AND
                                     THE HON'BLE MR.JUSTICE C.SARAVANAN

                                           Tax Case Appeal No.360 of 2022


                   Commissioner of Income Tax
                   Chennai.                                               ....     Appellant

                                                           Vs.

                   M/s.TCP Limited
                   10, TCP Sapthagiri Bhavan
                   Karpagamba Nagar
                   Mylapore, Chennai 600 004.                             ....   Respondent
                                                          -----
                             Tax Case Appeal filed under Section 260A of the Income Tax Act, 1961
                   against the order of the Income Tax Appellate Tribunal, 'A' Bench Chennai,
                   dated 09.08.2021 made in I.T.A.No.3358/2019.


                                   For Appellant       : Mr.Karthik Ranganathan
                                                         Senior Standing Counsel
                                   For Respondent      : No appearance

                                                          -----

                                                    JUDGMENT

(Delivered by R.SURESH KUMAR, J.)

This Tax Case Appeal has been filed by the Revenue calling in question

the correctness of the order passed by the Income Tax Appellate Tribunal,

Chennai by raising the following substantial question of law:

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

" Whether the Tribunal was justified in upholding the order of the ITAT for the assessment year 2005-2006 by allowing the interest on borrowed capital which was paid to an Associate Company of the Respondent?"

2. It is brought to our notice by the learned Standing Counsel for the

appellant Revenue that in the instant case, as per the CBDT's Circular No.9 of

2024 dated 17.09.2024 the tax effect is said to be less than the monetary limit

imposed and therefore, the appeal can be disposed of, keeping the substantial

questions of law raised in this appeal open for adjudication at a later point of

time.

3. Recording the aforesaid submission made by the learned Standing

Counsel for the appellant Revenue, this Tax Case Appeal is dismissed for low

tax effect, keeping open the substantial questions of law for adjudication at

appropriate stage. No costs. Consequently, connected miscellaneous petitions

are closed.

                                                                      (R.S.K.,J.)    (C.S.N.,J.)
                                                                            11.11.2024
                   NCS : Yes/No
                   KST

                   To

The Income Tax Appellate Tribunal 'A' Bench, Chennai.

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

R.SURESH KUMAR, J.

AND C.SARAVANAN, J.

KST

11.11.2024

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