Tax Case Appeal dismissed on account of low tax effect falling below the threshold limit specified in Circular No. 17/2019, though substantial questions of law regarding cost of acquisition were framed and left open.
Tax case appeal dismissed on account of low tax effect; substantial question of law left open.
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IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 08.12.2020
CORAM
THE HON'BLE MR.JUSTICE T.S.SIVAGNANAM
&
THE HON'BLE MRS.JUSTICE V.BHAVANI SUBBAROYAN
Tax Case Appeal No.153 of 2019
Principal Commissioner of Income Tax 6 No.121, Mahatma Gandhi Road, Chennai ... Appellant/Respondent Vs. Shri A. Lalichan ... Respondent/Appellant
Tax Case Appeal is filed under Section 260A of the Income Tax Act 1961 against the order dated 12.07.2018 made in I.T.A.No.1880/Chny/2016 on the file of the Income Tax Appellate Tribunal, Madras “B” Bench, for the assessment year 2010 – 2011, and against the order of the Commissioner of Income Tax(Appeals)-15, Nungambakkam, Chennai-34, dated 18-032016, made in ITA.No.181/CIT(A)-15/14-15 and against the order of the Income Tax Officer ward-IV(1), Chennai made in PAN/GIR No.AABPL7067R, dated 26.03.2014.
(Judgment of the Court was delivered by T.S.SIVAGNANAM.J)
We have heard Mr.J.Narayanasamy, learned counsel appearing for the appellant and Mr.M.P.Senthilkumar, learned counsel appearing for the respondent.
“1. Whether the ITAT is correct in law in
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adopting Rs.9,32,80,000/- as the cost of acquisition of the land at Kerala by virtue of the agreement dated 24.01.2007 when the assessee in its computation of capital gains has claimed Rs.4,49,33,080/- only as the total cost of land in the computation statement filed on 02.07.2012 during the post survey proceedings?
Sd/Assistant Registrar(CS-III)
//True Copy//
Sub Assistant Registrar
ssd
To
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Tax Case Appeal No.153 of 2019
BR(CO)
CB(03/02/2021)
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1 provisions across 1 enactments
Principal Commissioner of Income Tax 6
Shri A. Lalichan
T.S. Sivagnanam
V. Bhavani Subbaroyan
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
