The Commissioner Of Income Tax v. M/S Cholamandalam Securities

In the High Court of Judicature at Madras Dated : 22.10.2018 Coram :

The Honourable Mr.Justice T.S.SIVAGNANAM and The Honourable Mrs.Justice V.BHAVANI SUBBAROYAN Tax Case Appeal No.659 of 2017 The Commissioner of Income Tax, Chennai ...Appellant Vs M/s.Cholamandalam Securities Ltd., Chennai-1

...Respondent

APPEAL under Section 260A of the Income Tax Act, 1961 against the order dated 25.1.2017 in ITA No.2700/Mds/2016 on the file of the Income Tax Appellate Tribunal Chennai 'B' Bench for the assessment year 2006-07 against order of the Commissioner of Income Tax (Appeals)-1, Chennai made in ITA.NO.432/2008-09 New.No.ITA.93/CIT(A)-1/2008-09, order dated 27/6/2016 and against the order of Income Tax Officer (OSD) Company Circle 1 (4), Chennai made in PA/G.I.R.No.AABCC5958R in the Assessment year 2006-07 order dt.29/12/2008.

For Appellant : Mr.T.Ravikumar & Mrs.R.Hemalatha For Respondent: Mr.R.Venkata Narayanan for M/s.Subbaraya Aiyer Padmanabhan Judgment was delivered by T.S.SIVAGNANAM,J Heard the learned counsel for the appellant.

2. This appeal by the Revenue challenges the order passed by the Income Tax Appellate Tribunal, which decided the issue in favour of the assessee.

3. The Revenue seeks to withdraw the appeal on account of low tax effect in terms of Circular No.3 of 2018 dated 11.7.2018 issued by the Central Board of Direct Taxes.

https://hcservices.ecourts.gov.in/hcservices/

4. In the light of the above, the appeal is dismissed as withdrawn and the substantial questions of law raised are left open. In the event the tax effect is above the threshold limit fixed in the said circular, liberty is granted to the Revenue to make a mention to this Court to restore the appeal to be heard and decided on merits. No costs.

Sd/- Assistant Registrar(CCC) //True Copy// Sub Assistant Registrar To

1. The Income Tax Appellate Tribunal, Chennai 'B' Bench.

2. The Income Tax Officer(OSD) Company Circle I(4), Chennai

3. The Commissioner of Income Tax (Appeals), Chennai +1cc to M/s.T.Ravikumar, Advocate SR.NO.72208 +1cc to M/s.Subbaray Aiyar, Advocate SR.NO.71634 CP(co) sm:16.11.2018 TCA.No.659 of 2017 https://hcservices.ecourts.gov.in/hcservices/