Madras High Court
The Commissioner Of Income Tax vs M/S.P.N.Investments P Ltd on 22 October, 2024
Author: R.Suresh Kumar
Bench: R.Suresh Kumar, C.Saravanan
T.C.A.No.53 of 2022
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 22.10.2024
CORAM
THE HONOURABLE MR.JUSTICE R.SURESH KUMAR
and
THE HONOURABLE MR.JUSTICE C.SARAVANAN
T.C.A.No.53 of 2022
The Commissioner of Income Tax,
Chennai. ... Appellant
-Vs-
M/s.P.N.Investments P Ltd,
New No.12, Old No.71, III Main Road,
Kasturbanagar, Adyar,
Chennai - 600 020. ... Respondent
PRAYER : 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 08.10.2010 in I.T.A.No.1081/Mds/2010 for the assessment year
2003-04.
For Appellant : Mrs.V.Puspha
Senior Standing Counsel
For Respondent : Mr.R.Sivaraman
https://www.mhc.tn.gov.in/judis
1/4
T.C.A.No.53 of 2022
JUDGMENT
(Judgment of the Court was 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 questions of law:
1. Whether on the facts and in the circumstances of the
case, the Income Tax Tribunal was right in upholding
the order passed by CIT (A) who deleted the addition
of Rs.44.15 lakhs made on account of reduction in
profit due to change in the method of accounting?
2. Whether on the facts and in the circumstances of the
case, the Tribunal was right in following the order of
the Supreme Court in the case of Southern technology
and JCIT reported in 320 ITR 577 wherein it has been
held that the Reserve Bank discloser norm had
nothing to do with the computation of taxable income
under the Income Tax Act?
2. It is brought to our notice by the learned Senior 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
https://www.mhc.tn.gov.in/judis
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 Senior
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. However, there shall be no order as to costs.
(R.S.K., J.) (C.S.N., J.)
22.10.2024
(3/3)
NCC : Yes / No
Index : Yes / No
Speaking Order : Yes / No
vji
To
The Income Tax Appellate Tribunal 'D' Bench,
Chennai.
https://www.mhc.tn.gov.in/judis
R.SURESH KUMAR, J.
and
C.SARAVANAN, J.
vji
22.10.2024
(3/3)
https://www.mhc.tn.gov.in/judis
