The High Court dismissed the Tax Case Appeal by the Revenue due to the low tax effect falling below the threshold limit specified in CBDT Circular No.17/2019.
The tax case appeal was dismissed; liberty granted to Revenue if tax effect exceeds the threshold.
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 : 16.6.2020
Coram :
The Honourable Mr.Justice T.S.SIVAGNANAM
and
The Honourable Mrs.Justice PUSHPA SATHYANARAYANA
Tax Case Appeal No.1326 of 2009
The Commissioner of Income Tax, Coimbatore ...Appellant Vs Talent Paper & Boards Pvt.Ltd., Coimbatore-9 ...Respondent
APPEAL under Section 260A of the Income Tax Act, 1961 against the order dated 19.12.2007 made in IT(SS)A.No.80/Mds/2006 on the file of the Income Tax Appellate Tribunal, Chennai 'D' Bench for the block period 01.4.1986 to 13.2.1996 against the Block Assessment order dated 23.03.2006 made in PAN No.AACFT4562C on the file of the Income Tax Department Assistant Commissioner of Income Tax Company Circle(2) Coimbatore, Block Assessment from 01.04.1986 to 13.02.1996 – 1987-88 to 96-97.
For Appellant: Mr.T.R.Senthilkumar, SSC assisted by Ms.K.G.Usharani, SC
For Respondent: Mr.Niranjan Rajagopalan
Judgment was delivered by T.S.Sivagnanam,J
We have heard Mr.T.R.Senthilkumar learned Senior Standing Counsel assisted by Ms.K.G.Usharani, learned Standing Counsel appearing for the appellant – Revenue and Mr.Niranjan Rajagopalan, learned counsel appearing for the respondent – assessee.
block period 01.4.1986 to 13.2.1996.
“ Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the share capital/advance money can never be treated as unexplained investment in the hands of the assessee company ?"
Sd/Assistant Registrar(CS-IV) //True copy// Sub Assistant Registrar RS To
1.The Income Tax Appellate Tribunal, Chennai 'D' Bench.
TCA.No.1326 of 2009
RLD(CO) GMY(22/10/2020)
Commissioner of Income Tax, Coimbatore
Talent Paper & Boards Pvt.Ltd., Coimbatore-9
T.S.Sivagnanam
Pushpa Sathyannarayana
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
