COMMISSIONER OF INCOME TAX vs. C. SRIKANTH

T.C.A.Nos.861 to 864 of 2015 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED 17.08.2022 CORAM THE HON'BLE Mr. JUSTICE R. MAHADEVAN AND THE HON'BLE Mr. JUSTICE MOHAMMED SHAFFIQ Tax Case Appeal Nos.861 to 864 of 2015 AND M.P.No.1 to 1 of 2015 in T.C.A.Nos.862 to 864 of 2015 The Commissioner of Income Tax Chennai .. Appellant in all T.C.As Vs. C.Srikanth

.. Respondent in T.C.A.861 & 863/2015 M/s.Altius Securities Trading Pvt. Ltd. New No.6, Old No.29 Ground Floor, CIT Colony II Main Road, Mylapore Chennai 600 004 PAN : AACCA4561D .. Respondent in T.C.A.862 & 864/2015 Tax Case Appeals filed under Section 260A of the Income Tax Act, 1961 against the common order dated 25.02.2015 passed by the Income Tax Appellate Tribunal, 'B' Bench, Chennai, in respective I.T.A.Nos.233/Mds/2010, 234/Mds/2010, 209/Mds/2012 and 217/Mds/2012. 1/4 https://www.mhc.tn.gov.in/judis T.C.A.Nos.861 to 864 of 2015 For Appellant : Mr.T.Ravikumar in all T.C.As Standing Counsel For Respondent : Mr.R.Sivaraman in all T.C.As

C O M M O N J U D G M E N T (Judgment was delivered by R. MAHADEVAN, J.) These tax case appeals have been filed by the appellant/Revenue, calling in question the correctness of the common order dated 25.02.2015 passed by the Income Tax Appellate Tribunal, 'B' Bench, Chennai, in respective I.T.A.Nos.233/Mds/2010, 234/Mds/2010, 209/Mds/2012 and 217/Mds/2012, for the respective assessment years 2005-06, 2005-06, 2006-07 and 2006-07. 2. By order dated 17.11.2015, this Court admitted the aforesaid tax case appeals on the following substantial questions of law : “(i) Whether, on the facts and circumstances of the case, the Tribunal was right in holding that the income from share transaction is liable to be taxed under the head “short term capital gains” and not as business income? (ii) Whether the fact finding of the Tribunal is proper by treating the income under the head short term capital gains 2/4 https://www.mhc.tn.gov.in/judis T.C.A.Nos.861 to 864 of 2015 ignoring the frequency of the transaction and the short duration of period of holding which would go to establish that the same was liable to be taxed under the head business income and not for earning dividend?” 3. When these matters were 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 these appeals are less than the threshold limit. 4. In the light of the aforesaid submissions made by the learned counsel for the appellant/Revenue, the present appeals, wherein, the tax effect is said to be less than the monetary limit imposed, are dismissed as withdrawn, keeping open the substantial questions of law for determination in appropriate cases. No costs. Consequently, connected miscellaneous petitions are closed. [R.M.D,J.] [M.S.Q, J.] 17.08.2022

gya R. MAHADEVAN, J. 3/4 https://www.mhc.tn.gov.in/judis T.C.A.Nos.861 to 864 of 2015 AND MOHAMMED SHAFFIQ, J. gya To 1.The Commissioner of Income Tax Chennai 2.The Assistant Commissioner of Income Tax Company Circle-I(1) Chennai 3.The Commissioner of Income Tax (Appeals)-III Chennai 4.The Income Tax Appellate Tribunal 'B' Bench, Chennai T.C.A.Nos.861 to 864 of 2015 17.08.2022

4/4 https://www.mhc.tn.gov.in/judis