The High Court dismissed the Revenue's appeal under Section 260A of the Income Tax Act, 1961, as not pressed, after it was brought to notice that the CIR issued Circular No. 17/2019 restricting such filings based on tax effect limits not exceeding one crore.
Appeal dismissed as not pressed; substantial questions of law kept open.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 09.09.2019
CORAM
THE HON'BLE DR.JUSTICE VINEET KOTHARI AND THE HON'BLE MR.JUSTICE C.SARAVANAN
Tax Case Appeal No.160 of 2015
Commissioner of Income Tax No.63, Race Course Road Coimbatore. ... Appellant Vs. M/s.Arun Textiles Pvt. Ltd. No.80, Perumal Koil street Tirupur – 641 604. PAN:AABCA8982 D ... Respondent
Tax Case Appeal filed under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, Madras 'B' Bench, dated 12.09.2014 made in ITA No.268/Mds/2014,
as against the order of the Commissioner of Income Tax (Appeals)-II, Coimbatore made in IT Appeal No.233/11-12 dated 11/12/2013 as against the order of the Assistant Commissioner of Income Tax Company Circle in PAN/GIR No.AABCA89821) dated 23/12/2011 for the Assessment Year 2009-10.
For Appellant : Mr.T.R.Senthil Kumar Senior Standing Counsel assisted by Ms.K.G.Usha Rani Junior Standing Counsel For Respondent : Mr.N.V.Balaji J U D G M E N T
For Respondent : Mr.N.V.Balaji
(Delivered by DR.VINEET KOTHARI,J)
This Tax Case Appeal has been filed by the Revenue calling in question the correctness of the order passed by the Income
Tax Appellate Tribunal, Madras 'B' Bench, dated 12.09.2014 in ITA No.268/Mds/2014, by raising the following substantial questions of law:
"1. Whether on the facts and circumstances of the case, the Tribunal was right in holding that the proceeds realized by the assessee on sale of Certified Emission Reduction Credit, which the assessee had earned on the Clean Development Mechanism in its wind energy operations, is a capital receipt and not taxable?
2.Whether, in the facts and circumstance of the case and in law, the Appellate Tribunal is correct in holding that sale of Carbon Credits is to be considered as Capital Receipt and not liable for tax under any head of income under Income Tax Act, 1961?
//True Copy//
Sub Assistant Registrar
kj
To
1.Income Tax Appellate Tribunal
Madras 'B' Bench, Chennai.
2.The Commissioner of Income Tax (Appeals-II),
Coimbatore.
3.The Assistant of Income Tax Company Circle,
Tiruppur.
+1cc to Mr.N.V.Balaji, Advocate Sr.78195
+1cc to Mr.T.R.Senthilkumar, Advocate Sr.78050
TCA No.160 of 2015
spd[co]
srg 23/10/2019
2 issues framed by the court
Whether the High Court should entertain the appeal given the tax effect limit.
Whether the appeal pressed by the Revenue exceeds the monetary limit for filing before the High Court.
1 provisions across 1 enactments
Commissioner of Income Tax No.63, Race Course Road Coimbatore
M/s. Arun Textiles Pvt. Ltd.
Vineet Kothari
C. Saravanan
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
