PRINCIPAL COMMISSIONER OF IN vs. M/S.SUNDARAM BNP PARIBAS HOM

T.C.A.No.23 of 2019 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED : 11.08.2022 CORAM : THE HONOURABLE MR. JUSTICE R. MAHADEVAN and THE HONOURABLE MR. JUSTICE J.SATHYA NARAYANA PRASAD T.C.A.No.23 of 2019 Principal Commissioner of Income Tax – 6 12, M.G. Salai, Nungambakkam, Chennai – 600 034. ... Appellant

Versus M/s. Sundaram BNP Paribas Home Finance Pvt Ltd, Sundaram Towers, 46, Whites Road, Chennai – 600 014. PAN: AADCS4826J ... Respondent Appeal preferred under Section 260A of the Income Tax Act, 1961, against the order dated 06.07.2018 passed by the Income Tax Appellate Tribunal, “B” Bench, Chennai, in I.T.A.No.3050/Mds/2017. For Appellant : Mr.J.Narayanasamy Standing Counsel Page 1/5 https://www.mhc.tn.gov.in/judis T.C.A.No.23 of 2019 For Respondent : Mr.R.Venkatanarayanan for M/s.Subbaraya Aiyar JUDGMENT (Judgment of the Court was delivered by R.MAHADEVAN, J.) This tax case appeal has been filed by the appellant / Revenue, challenging the order dated 06.07.2018 passed by the Income Tax Appellate Tribunal, “B” Bench, Chennai, in I.T.A.No.3050/Mds/2017, relating to the assessment year 2012-13. 2.By order dated 18.01.2019, this court admitted the aforesaid tax case appeal on the following substantial question of law: “Whether the Tribunal was right in remitting back to the Assessing Officer, when the interest receipts and other operating income were profits derived from eligible business for computation of deduction under section 36(1) (viii), when interest earned on investment income cannot be regarded as income derived from the business?" 3.When the matter was taken up for consideration, the learned counsel for the appellant / Revenue brought to the notice of this court the Circular Page 2/5 https://www.mhc.tn.gov.in/judis T.C.A.No.23 of 2019 No.17/2019 dated 08.08.2019 issued by the Central Board Direct Taxes, wherein, it is stipulated that appeal shall not be filed/pursued by the Department before the High Court in cases where the tax effect does not exceed Rs.1,00,00,000/- (Rupees One Crore). It is also submitted that the tax effect in this appeal is less than the threshold limit. 4.In the light of the aforesaid submissions made by the learned counsel for the appellant / Revenue, the present appeal, wherein, the tax effect is said to be less than the monetary limit imposed, is dismissed as withdrawn, keeping open the substantial questions of law for determination in an appropriate case. No costs. [R.M.D., J.] [J.S.N.P., J.] 11.08.2022

Internet : Yes

Index : Yes / No av To 1. The Income Tax Appellate Tribunal, Page 3/5 https://www.mhc.tn.gov.in/judis T.C.A.No.23 of 2019 “B” Bench, Chennai. 2.The Principal Commissioner of Income Tax – 6 12, M.G. Salai, Nungambakkam, Chennai – 600 034. R. MAHADEVAN,

and J.SATHYA NARAYANA PRASAD

, J.

av 3. The Deputy Commissioner of Income Tax, Corporate Circle 6(2), Aayakar Bhavan, New Block, 7th Floor, 121, MG Road, Chennai 600 034.