Commissioner Of Income Tax vs. M/s. The Thanjavur Central Co Operative Bank Ltd.,

TCA/277/2024HC Madras2024/MHC/384614 November 2024Bench: Honourable Dr Justice ANITA SUMANTH2 pages

AI SummaryWithdrawn

What did the High Court hold?

The High Court recorded the submission of the Revenue that it does not wish to pursue the appeal for assessment year 2015-16 due to low tax effect, as per Circular No. 9 of 2024. Consequently, the Tax Case (appeal) was dismissed as withdrawn. The Court explicitly stated that the question of law remains open to be decided in an appropriate matter. No specific finding was made on the merits of the original dispute before the ITAT, as the appeal was withdrawn by the Revenue.

What were the facts?

The appeal was filed by the Commissioner of Income Tax, Chennai (appellant/Department) against an order of the Income Tax Appellate Tribunal (ITAT), Chennai, B Bench, dated 09.10.2023 in ITA No. 767/CHNY/2020. The respondent is M/s. The Thanjavur Central Co-operative Bank Ltd. The appeal pertains to assessment year 2015-16. The Department sought withdrawal of the appeal.

What were the issues?

1. Whether the appeal filed by the Revenue should be dismissed as withdrawn for assessment year 2015-16, in light of the low tax effect and Circular No. 9 of 2024. Assessee's Contention: The assessee did not make any submissions as the Department sought withdrawal of the appeal. Revenue's Contention: The Revenue, through its Junior Standing Counsel, submitted that it does not wish to pursue the appeal for assessment year 2015-16 and seeks withdrawal of the same on account of the low tax effect, citing Circular No. 9 of 2024 dated 17.09.2024.

Which sections of the Income-tax Act were involved?

Section 260A

AI-generated summary — verify with the full judgment below

2024:MHC:3846 T.C.A.No.277 of 2024 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 14.11.2024 CORAM : THE HONOURABLE DR.JUSTICE ANITA SUMANTH and THE HONOURABLE MR.JUSTICE G. ARUL MURUGAN T.C.A.No.277 of 2024 Commissioner of Income Tax Chennai. .... Appellant vs M/s.The Thanjavur Central Co-operative Bank Ltd., No.10, West Main Street, Thanjavur - 613 009. PAN:AAAAT-7828-C .... Respondent Prayer : Appeal filed under Section 260A of the Income Tax Act, 1961 against order of the Income Tax Appellate Tribunal, Chennai, B Bench, dated 09.10.2023 in ITA No. 767/CHNY/2020. For Appellant : Mr.S.Rajesh Junior Standing Counsel 1/2 https://www.mhc.tn.gov.in/judis T.C.A.No.277 of 2024 DR. ANITA SUMANTH.,J. and G. ARUL MURUGAN.,J. JUDGMENT (Delivered by Dr. ANITA SUMANTH.,J) Mr.S.Rajesh, learned Junior Standing Counsel, appearing for the appellant/Department would submit that the Income-Tax Department does not wish to pursue this appeal qua assessment year 2015-16 and seeks withdrawal of the same on account of the low tax effect per Circular bearing No.9 of 2024 dated 17.09.2024. 2. Recording the aforesaid submission, this Tax Case (appeal) is dismissed as withdrawn leaving the question of law open to be decided in an appropriate matter. [A.S.M., J] [G.A.M., J]

14.11.2024 Index:Yes/No Neutral Citation:Yes Speaking order sl T.C.A.No.277 of 2024 2/2 https://www.mhc.tn.gov.in/judis

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