High Court dismissed the Revenue's tax case appeal under Section 260A of the Income Tax Act due to low tax effect falling below the threshold limit specified in Circular No.17/2019. Substantial questions of law were left open.
The tax case appeal was dismissed; substantial questions of law left open with liberty to restore.
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: 05.01.2021
CORAM :
The Honourable Mr.Justice T.S.SIVAGNANAM
and The Honourable Ms.Justice R.N.MANJULA
Tax Case Appeal No.482 of 2020
Principal Commissioner of Income Tax, Non-Corporate Circle 9, Nungambakkam, Chennai - 600 034. ...Appellant Vs
M/s.Shri.Ankit A.Jain, No.3/2, Latangs Road, Vepery, Chennai - 600 007. PAN NO:APVPJ4320G ...Respondent
APPEAL under Section 260A of the Income Tax Act, 1961 against the order dated 29.11.2019 made in ITA.No.1471/CHNY/2019 on the file of the Income Tax Appellate Tribunal, Madras 'A' Bench for the assessment year 2015-16 preferred against the order of the Commissioner of Income Tax(Appeals)-10, Chennai-600 034 dated 30.03.2019 made in ITA NO.11/18-19/CIT(A)-10 against the order of the Deputy Commissioner of Income Tax, Non-corporate circle-9 (1), Chennai-34 dated 30.12.2017 for the assessment year 2015-16.
For Appellant : Mr.R.Karthik Ranganathan Senior Standing Counsel For Respondent: Mr.Ashok Pathy for M/s.Pass Associates
JUDGMENT
We have heard Mr.R.Karthik Ranganathan, learned Senior Standing Counsel for the Appellant – Revenue and Mr.Ashok Pathy, learned counsel appearing for the respondent.
“1.Whether on the facts and circumstances of the case and in law, the Hon'ble Tribunal was right and justified in setting aside the order passed by the Assessing Officer to reexamine the matter when the Assessing Officer has already duly examined the matter before passing the assessment order?
2.Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT was right and justified in not dismissing the appeal of the assessee as done by the ITAT "A" Bench, Chennai in ITA.No.827/Chny/2019 dt.11.06.2019 in the case of Smt.Rekha Jain, and by ITAT "C" Bench, Chennai in ITA.No.3009/Chny/2018 in the case of Harish Kumar HUF, when the facts and circumstances of those cases are exactly similar to the present case?
3.Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT was right and justified in remitting the issue back to the file of Assessing Officer and shifting the onus to the Revenue with a direction that the Assessing Officer shall bring on record the role of the assessee in promoting the company and the relationship of the assessee, if any with the promoters, role of the assessee in inflating the prices of shares etc?"
Sd/Assistant Registrar //True Copy// Sub Assistant Registrar
To
pm(CO) rv(03/02/2021)
Principal Commissioner of Income Tax
M/s.Shri.Ankit A.Jain
T.S.SIVAGNANAM
R.N.MANJULA
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
