Shri M.R. Durai Raj vs The Deputy Commissioner Of Income ...
2021 Latest Caselaw 10257 Mad

                                                                       Tax Case Appeal No.709 of 2016

                                   IN THE HIGH COURT OF JUDICATURE AT MADRAS

                                                 DATED : 21.04.2021

                                                       CORAM

                                THE HON'BLE MR.JUSTICE M. DURAISWAMY
                                                 AND
                              THE HON'BLE MR.JUSTICE KRISHNAN RAMASAMY

                                           Tax Case Appeal No.709 of 2016


                     Shri M.R. Durai Raj
                     222, Dr. Radhakrishnan Road,
                     Coimbatore – 641 012.                                  ...   Appellant

                                                         Vs.


                     The Deputy Commissioner of Income Tax,
                     Company Circle – 1(3),
                     Coimbatore.                                            ... Respondent

                               Tax Case Appeal filed under Section 260A of the Income Tax Act,
                     1961 against the order of the Income Tax Appellate Tribunal, Madras
                     "D" Bench, dated 26.04.2016 passed in I.T.A.No.2510/Mds/2014,
                     Assessment Year 2007-08.


                               For Appellant    : Mr.R.Venkata Narayanan
                                                  for M/s.Subbaraya Aiyar Padmanabhan

                               For Respondent   : Mr.T.R.Senthil Kumar
                                                  Senior Standing Counsel


https://www.mhc.tn.gov.in/judis/
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                                                                                Tax Case Appeal No.709 of 2016




                                                      JUDGMENT

(Delivered by M.DURAISWAMY, J.)

This appeal filed by the assessee under Section 260A of the

Income Tax Act, 1961 ('the Act' for brevity), is directed against the order

dated 26.04.2016 passed by the Income Tax Appellate Tribunal, Madras

"D" Bench, ('the Tribunal' for brevity) in I.T.A.No.2510/Mds/2014 for

the assessment year 2007-08. The above appeal has been admitted on

03.10.2016 on the following Substantial Questions of Law:

"1.Whether the Tribunal was right in not holding that the value of property allotted to the Assessee in the course of settlement with his brothers should be the fair market value of property given up by the Assessee in exchange for the property allotted to him?

2.Whether the Tribunal was right in holding that the provisions of Section 49 of the Act should be invoked for determination of the cost of acquisition in the exchange of properties between the co-owners?”

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2. We have heard Mr.R.Venkata Narayanan for M/s.Subbaraya

Aiyar Padmanabhan, learned counsel for the appellant/assessee and

Mr.T.R.Senthil Kumar, learned Senior Standing Counsel for the

respondent/Revenue.

3. It may not be necessary for this Court to decide the Substantial

Questions of Law framed for consideration on account of certain

subsequent developments. The Government of India enacted the Direct

Tax Vivad Se Vishwas Act, 2020 (Act 3 of 2020) to provide for

resolution of disputed tax and for matters connected therewith or

incidental thereto. The Act of the Parliament received the assent of the

President on 17th March 2020 and published in the Gazette of India on

17th March 2020.

4. We are informed by the learned counsel for the appellant/

assessee that the assessee had already been issued with Form-3 on

08.04.2021 and the learned counsel for the appellant seeks permission of

this Court to withdraw the appeal.

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5. In view of the submission made by the learned counsel for the

appellant, the Tax Case Appeal stands dismissed as withdrawn. No costs.

                                                                     [M.D., J.]      [K.R., J.]
                                                                           21.04.2021



                     Index           : Yes/No
                     Internet        : Yes
                     mkn


                     To

1. Income Tax Appellate Tribunal, Madras "D" Bench

2.The Deputy Commissioner of Income Tax, Company Circle – 1(3), Coimbatore.

https://www.mhc.tn.gov.in/judis/ Page 4/5 Tax Case Appeal No.709 of 2016

M. DURAISWAMY, J.

and KRISHNAN RAMASAMY, J.

mkn

Tax Case Appeal No.709 of 2016

21.04.2021

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