PRINCIPAL COMMISSIONER OF vs. M/S. ISC INVESTMENT & FINANCE

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TCA/853/2016HC Madras2026/MHC/422413 October 2026Bench: Honourable Dr.Justice ANITA SUMANTH2 pages
AI SummaryWithdrawn

What did the High Court hold?

The High Court recorded the submission of the learned Senior Standing Counsel for the appellant/Department that the Income-Tax Department did not wish to pursue the appeal for the assessment year 2006-07 due to a low tax effect, citing Circular No. 9 of 2024. Accordingly, the Court dismissed the Tax Case (Appeal) as withdrawn. The Court explicitly stated that the questions of law were left open to be decided in an appropriate matter. No costs were awarded. The operative direction was to dismiss the appeal as withdrawn.

What were the facts?

The appeal was filed by the Principal Commissioner of Income Tax 2, Chennai (the Revenue) against an order of the Income Tax Appellate Tribunal (ITAT), Madras 'B' Bench, dated June 22, 2016. This order pertained to ITA No. 1826/Mds/2015 for the assessment year 2006-07. The respondent in this appeal is M/s. ISC Investment & Finance Pvt. Ltd. The appeal was filed under Section 260-A of the Income Tax Act, 1961. The High Court of Judicature at Madras heard the matter.

What were the issues?

The primary issue before the High Court was whether the appeal filed by the Revenue should be pursued. The Revenue, through its counsel, submitted that it did not wish to pursue the appeal for the assessment year 2006-07. This decision was based on a low tax effect, as per Circular No. 9 of 2024 dated September 17, 2024. The judgment does not record any specific arguments from the respondent (assessee) as the appeal was withdrawn by the appellant.

Which sections of the Income-tax Act were involved?

Section 260-A

AI-generated summary — verify with the full judgment below

2026:MHC:4224 TCA No. 853 of 2016 __________ Page 1 of 2 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 13-10-2026 CORAM THE HON'BLE DR.JUSTICE ANITA SUMANTH AND THE HON'BLE MR.JUSTICE K.RAJASEKAR TCA No. 853 of 2016 CNR:{HCMA010980602016} Principal Commissioner of Income Tax 2, No. 121, Mahatma Gandhi Road, Chennai 600 034. ..Appellant(s) Vs M/s. ISC Investment & Finance Pvt. Ltd., 5 Mezzanine Floor, Thapar House, 37, Montieth Road, Egmore, Chennai 600 008. ..Respondent(s) Appeal filed under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal Madras ‘B’ Bench Dated 22nd June 2016 in ITA No. 1826/Mds/2015 for assessment year 2006 – 07. For Appellant(s): Mr. T.Banusekar and Mr.R.Sivaraman For Respondent(s): Mr.T.Ravikumar Senior Standing Counsel https://www.mhc.tn.gov.in/judis ( Uploaded on: 15/10/2026 01:01:40 pm ) 2026:MHC:4224 TCA No. 853 of 2016 __________ Page 2 of 2 DR.ANITA SUMANTH, J. AND K.RAJASEKAR, J. Judgment (Delivered by Dr.Anita Sumanth, J.) Mr.T.Ravikumar, learned Senior Standing Counsel, appearing for the appellant / Department would submit that the Income-Tax Department does not wish to pursue this appeal qua assessment year 2006 – 07 and seeks withdrawal of the same on account of low tax effect, per Circular bearing No.9 of 2024 dated 17.09.2024. 2. Recording the aforesaid submissions, this Tax Case (Appeal) is dismissed as withdrawn leaving the questions of law open to be decided in an appropriate matter. No costs. (A.S.M.,J.) (K.R.S.,J.) 13-10-2026 Index: Yes/No Speaking order Neutral Citation: Yes ssm To 1.The Principal Commissioner of Income Tax 2, No. 121, Mahatma Gandhi Road, Chennai 600 034. 2. The Income Tax Appellate Tribunal Madras ‘B’ Bench, Chennai TCA No. 853 of 2016 https://www.mhc.tn.gov.in/judis ( Uploaded on: 15/10/2026 01:01:40 pm )

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