(Delivered by the Acting Chief Justice) The Tax Case Appeal filed by the Revenue calling in question the correctness of the order passed by the Income Tax Appellate Tribunal, Madras 'A' Bench, Chennai, dated 17.10.2005 in ITA No.2485/MDS/2004., has been admitted on 29.6.2009 for consideration of the following substantial question of law:
"Whether the Tribunal was right in allowing the exemption of the sale proceeds under
Section 54 of the Income Tax Act which was neither deposited as required under
Section 54 Sub-clause (2) nor was subjected to purchase of the residential property before filing of return under Section 139(1) of the Income Tax Act?"
2. Circular instruction issued by the Central Board of Direct Taxes No.21/2015, dated 10.12.2015 stipulates that appeals shall not be filed/pursued by the Department before the High Court in cases where the tax effect does not exceed Rs.20 lakhs. In the instant case, the tax effect is less than the monetary limit imposed and therefore, the learned Standing Counsel for the appellant seeks to withdraw this appeal. Hence, this appeal is dismissed as withdrawn. No costs.