Commissioner Of Income Tax v. M/S Pallavan Mutual Benefit

IN THE HIGH COURT OF JUDICATURE AT MADRAS

Dated: 29.06.2016 C O R A M The Honourable Mr.Justice S.MANIKUMAR and The Honourable Mr.Justice D.KRISHNAKUMAR Tax Case Appeal No.2064 of 2008 The Commissioner of Income Tax, Chennai ...

Appellant Vs M/s.Pallavan Mutual Benefit Fund Ltd., No.29/6, Venkatesa Chowdary Street, West Tambaram, Chennai - 45 ...

Respondent Prayer : Appeal filed against the order of the Income Tax Appellate Tribunal, Madras 'B' Bench, Chennai dated 08.02.2008 in ITA No.1009/Mds/2006 (Assessment Year 2002-03).

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

For respondent : Mr.Subbraya Aiyar

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, Chennai, dated 08.02.2008 in ITA No.1009/Mds/2006 for the Assessment Year 2002-03.

2. The substantial question of law raised in the instant appeal is:- " Whether, on the facts and in the circumstances of the case, the tribunal was right in deleting the interest on non performing assets brought to tax on a mercantile basis, when the assessee had debited the parties' account and credited the interest on NPA account and taken the figure to the balance sheet, bypassing the profit and loss account. "

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 He further submitted that as per the Circular, Tax Case Appeals have been instructed to be withdrawn, subject to the matters covered under the circular and there is no audit objection also.

4. Placing on record the above submissions, while dismissing the Tax Case Appeal No.2064 of 2008, as withdrawn, substantial question of law raised is left open. No costs.

(S.M.K.,J) (D.K.K.,J) 29.06.2016 ars (3/4) Index: yes/No website: Yes/No.

S.MANIKUMAR,J a n d D.KRISHNAKUMAR,J ars Tax Case Appeal No.2064 of 2008 (3/4) 29.06.2016