M/S.Neyveli Lignite Corporation ... vs The Assistant Commissioner Of ...
2021 Latest Caselaw 10266 Mad

                                                                       Tax Case Appeal No.416 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.416 of 2016


                     M/s.Neyveli Lignite Corporation Ltd.,
                     (F&AB) Income Tax Section,
                     Corporate Office, Neyveli – 607 801.                   ...   Appellant

                                                         Vs.


                     The Assistant Commissioner of Income Tax,
                     Company Circle IV(4),
                     Chennai.                                               ... Respondent

                               Tax Case Appeal filed under Section 260A of the Income Tax Act,
                     1961 against the order of the Income Tax Appellate Tribunal, Madras
                     "A" Bench, dated 26.06.2015 passed in I.T.A.No.177/Mds/2009,
                     Assessment Year 2001-02.


                               For Appellant    : Ms.G.Janane
                                                  for M/s.Lakshmi Kumaran

                               For Respondent   : Mr.T.Ravikumar
                                                  Senior Standing Counsel


https://www.mhc.tn.gov.in/judis/
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                                                                            Tax Case Appeal No.416 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 26.06.2015 passed by the Income Tax Appellate Tribunal, Madras

"A" Bench, ('the Tribunal' for brevity) in I.T.A.No.177/Mds/2009 for the

assessment year 2001-02. The above appeal has been admitted on

02.08.2016 on the following Substantial Questions of Law:

"1.Whether on the facts and in circumstances of the case, the Hon'ble ITAT was right in holding that reopening of assessment under Section 147 of the Income Tax Act, 1961, is valid?

2.Whether on the facts and in circumstances of the case, the Hon'ble ITAT was right in holding that loose tools which does not provide enduring benefit should be classified as capital expenditure and not as revenue expenditure?”

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2. We have heard Ms.G.Janane for M/s.Lakshmi Kumaran, learned

counsel for the appellant/assessee and Mr.T.Ravikumar, 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

09.03.2021 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 "A" Bench

2.The Assistant Commissioner of Income Tax, Company Circle IV(4), Chennai.

https://www.mhc.tn.gov.in/judis/ Page 4/5 Tax Case Appeal No.416 of 2016

M. DURAISWAMY, J.

and KRISHNAN RAMASAMY, J.

mkn

Tax Case Appeal No.416 of 2016

21.04.2021

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