Commissioner Of Income Tax v. M/S Real Chip Pvt Ltd

IN THE HIGH COURT OF JUDICATURE AT MADRAS

Dated: 29/6/2016 C O R A M The Honourable Mr.Justice S.Manikumar and The Honourable Mr.Justice D.Krishnakumar Tax Case Appeal No.2060 of 2008 The Commissioner of Income Tax Chennai.

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Appellant Vs M/s.Real Chip Pvt Ltd rep by SVS Raghavan Flat No.3 No.1 Prithvi Avenue Abiramapuram Chennai 600 018.

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Respondent Prayer:

Appeal filed against the order of the Income Tax Appellate Tribunal, Madras 'B' Bench, Chennai dated 10/4/2008 in ITA No.951/Mds/2006.

For appellant : Mr.T.Ravikumar Senior Standing Counsel for Income Tax.

For respondent : Mr.S.Sridhar - - - - - -

J U D G M E N T

(Judgment of the Court was made by S.Manikumar,J) This Appeal has been filed against the order of the Income Tax Appellate Tribunal, 'B' Bench, Madras, dated 10/4/2008.

2. The substantial questions of law raised in the instant appeal are:- "1.

Whether on the facts and circumstances of the case, the Tribunal was right in holding that the reassessment proceedings are invalid?

2. Whether on the facts and circumstances of the case, the Tribunal was right in accepting the shift in stand of the assessee relating to interest earnings as that of EEFC account from the EB deposit account as taken before the lower authorities without production of evidences?

3.

Whether on the facts and circumstances of the case, the Tribunal was right in interest earnings as that of EEFC account is to be treated as income from business and is eligible for exemption under Section 10 B of the Act?"

3. Mr.T.RaviKumar, learned Senior Standing Counsel for Income Tax submitted that the tax implication in the instant appeal is less than the ceiling limit fixed by the Circular bearing No.21 of 2015, dated 10/12/2015. He further submitted that as per the Circular, Tax Case Appeal has been instructed to be withdrawn.

4. Placing on record the above submissions, while dismissing the Tax Case Appeal No.2060 of 2008, as withdrawn, substantial questions of law raised are left open. No costs. (S.M.K.,J) (D.K.K.,J) 28th June 2016.

mvs.

Index: yes/No website: Yes/No.

S.MANIKUMAR,J a n d D.KRISHNAKUMAR,J mvs.

Tax Case Appeal No.2060 of 2008 29/6/2016