Madras High Court
The Commissioner Of Income Tax vs M/S. Ucal Finance Private Ltd on 20 February, 2017
Bench: Huluvadi G.Ramesh, Anita Sumanth
IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 20.02.2017 CORAM THE HON'BLE MR.HULUVADI G.RAMESH, THE ACTING CHIEF JUSTICE AND THE HON'BLE DR.JUSTICE ANITA SUMANTH Tax Case Appeal No.903 of 2005 The Commissioner of Income Tax Tamil Nadu 1 Madras. .. Appellant Vs. M/s. Ucal Finance Private Ltd. 435, Anna Salai Nandanam Chennai 6. .. Respondent ----- Tax Case Appeal filed under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, Madras 'B' Bench, Chennai, dated 18.3.2005 in ITA No.1192 of 2003. ----- For Appellant : Mr.T.R.Senthil Kumar Standing Counsel For Respondent : Not ready in notice ----- J U D G M E N T
(Delivered by the Hon'ble Acting Chief Justice) The Tax Case Appeal filed by the Revenue calling in question the correctness of the order passed by the Income Tax Appellate Tribunal, Madras 'B' Bench, Chennai, dated 18.3.2005 in ITA No.1192 of 2003, has been admitted on 09.11.2005 for consideration of the following substantial questions of law:
"(1) Whether on the facts and in the circumstances of the case, the Tribunal was right in law in setting aside the order of the Commissioner of Income Tax (Appeals) and deleting the addition made by the Assessing Officer of Rs.33,85,830/- on account of discount charges not realised?
(2) Whether on the facts and in the circumstances of the case, the Tribunal was right in law in deleting the additions made by the Assessing Officer of a sum of Rs.55,400/- on account of interest on loans on accrual basis, even though the assessee is following the mercantile system of accounting?"
2. Circular instruction issued by the Central Board of Direct Taxes No.21/2015, dated 10.12.2015 stipulates that appeals shall not be filed/pursued by the Department before the High Court in cases where the tax effect does not exceed Rs.20 lakhs. In the instant case, the tax effect is less than the monetary limit imposed and therefore, the learned Standing Counsel for the appellant seeks to withdraw this appeal. Hence, this appeal is dismissed as withdrawn. No costs.
Index : Yes/No (H.G.R., ACJ.) (A.S.M.,J.)
Internet : Yes/No 20.02.2017
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THE HON'BLE ACTING CHIEF JUSTICE
and ANITA SUMANTH,J.
kpl
T.C.A.No.903 of 2005.
20.02.2017.
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