THE COMMISSIONER OF INCOME T vs. SHRI MANOJ KUMAR MULASI

T.C.A.No.305 of 2019 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED : 24.08.2022 CORAM : THE HON'BLE MR. JUSTICE R. MAHADEVAN AND THE HON'BLE MR. JUSTICE MOHAMMED SHAFFIQ T.C.A.No.305 of 2019 The Commissioner of Income Tax, Chennai.

... Appellant Versus Shri Manoj Kumar Mulasi, 2102, Platina Apartment, Mount Poonamallee Road, Near-Saravana Store, Porur, Chennai - 600 116. ... Respondent (PAN No.AKUPM9361J) Appeal preferred under Section 260A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal, Madras “B” Bench, dated 16.11.2018 in I.TA.No.378/Chny/2018. For Appellant : Mr.T.Ravi Kumar Senior Standing Counsel J U D G M E N T Page 1/4 https://www.mhc.tn.gov.in/judis T.C.A.No.305 of 2019 (Judgment was delivered by R.MAHADEVAN, J.) This tax case appeal has been filed by the appellant / Revenue, challenging the order dated 16.11.2018 passed by the Income Tax Appellate Tribunal, Madras 'B' Bench, Chennai in I.TA.No.378/Chny/2018, relating to the assessment year 2013-14. 2. By order dated 04.06.2019, this court admitted the aforesaid tax case appeal on the following substantial questions of law: " (i) Whether the reasoning and finding of the Tribunal is proper that the shares transfer took place on 31.12.2014 when the final instalment of payment was made as per sale agreement dated 28.01.2013? (ii) Is not the finding of the Tribunal bad especially when the possession of the property had already been handed over to purchaser as per the sale agreement dated 28.01.2013 consequent upon the share holder agreement dated 25.10.2009 and as per Clause (3), the closing date was fixed at 28.01.2013 for completing the share transfers? and (iii) Whether, on the facts and in the circumstances of the case, the Tribunal was right in changing the terms of the agreement entered between the parties, who had agreed upon a closing date for the purposes of valuation and coordinate purposes and consideration had also charged between the parties Page 2/4 https://www.mhc.tn.gov.in/judis T.C.A.No.305 of 2019 as per the irreversible agreement entered? " 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 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.) (M.S.Q., J.) 24.08.2022 r n s

Internet : Yes.

Index : Yes / No. R. MAHADEVAN, J. and MOHAMMED SHAFFIQ, J. Page 3/4 https://www.mhc.tn.gov.in/judis T.C.A.No.305 of 2019 r n s To 1. The Income Tax Appellate Tribunal Madras 'B' Bench, Chennai. 2. The Commissioner of Income Tax, (Appeals)-4, Chennai. 3. The Deputy Commissioner of Income-Tax, Corporate Circle-1(1), Chennai. T.C.A.No.305 of 2019 24.08.2022 Page 4/4 https://www.mhc.tn.gov.in/judis