Principal Commissioner of In vs. Nalini Mahadevan Kumaran

Tax Case Appeal No.78 of 2022 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED : 07.03.2022 CORAM : THE HONOURABLE MR. JUSTICE R. MAHADEVAN AND THE HONOURABLE MR. JUSTICE J.SATHYA NARAYANA PRASAD Tax Case Appeal No.78 of 2022 Principal Commissioner of Income Tax International Taxation Ward 1(2), Chennai 600 006. ...Appellant -vs- Nalini Mahadevan Kumaran Old No.68B, New No.46, First Avenue, Indira Nagar, Adyar, Chennai 600 020. PAN: CQHPK 0155K ...Respondent Tax Case Appeal filed under Section 260A of the Income Tax Act, 1961 against the order dated 23.08.2017 passed by the Income Tax Appellate Tribunal, Madras “C” Bench, in I.T.A.No.1421/Mds/2017. For Appellant : Mr.Karthik Ranganathan

1/4 https://www.mhc.tn.gov.in/judis Tax Case Appeal No.78 of 2022 J U D G M E N T (Judgment of the Court was delivered by R. MAHADEVAN, J.) This tax case appeal has been filed by the appellant / Revenue, calling in question the correctness of the order dated 23.08.2017 passed by the Income Tax Appellate Tribunal, 'C' Bench, Chennai, in I.T.A.No.1421/Mds/2017, relating to the assessment year 2013-14, by raising the following substantial questions of law:- “(i) Whether on the facts and circumstances of the case and in law, the Tribunal was right in holding the base year as the year in which original owner acquired the property and not the year in which assessee became owner of asset by way of inheritance for the purpose of computing indexed cost of acquisition? (ii)Whether on the facts and circumstances of the case and in law, the Tribunal was right in adopting an interpretation which is beyond the meaning of the words and phrases and phrases in Explanation (iii) of Section 48? (iii)Whether the ITAT was right in placing reliance on the decision of the Hon'ble Bombay High Court in the case of CIT vs Manjula Shah (2013) 355 ITR 474 (Bom.) which has been contested by the Department by filing of SLP and the same is pending before the Hon'ble Supreme Court?” 2/4 https://www.mhc.tn.gov.in/judis Tax Case Appeal No.78 of 2022 2.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 appeals 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. 3.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.] 07.03.2022

Internet : Yes

Index : Yes / No vkr/dhk 3/4 https://www.mhc.tn.gov.in/judis Tax Case Appeal No.78 of 2022 R. MAHADEVAN, J. AND J.SATHYA NARAYANA PRASAD

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vkr/dhk/rk To 1.Principal Commissioner of Income Tax International Taxation Ward 1(2), Chennai 600 006. 2. The Income Tax Appellate Tribunal, Madras “C” Bench. 3.The Income Tax officer, International Taxation Ward 2(2) Chennai – 600 006. Tax Case Appeal No.78 of 2022 07.03.2022 4/4 https://www.mhc.tn.gov.in/judis