Madras High Court
M/S.Vishnu Lakshmi Mills Pvt. Ltd vs The Deputy Commissioner Of ... on 26 April, 2021
Tax Case Appeal No.983 of 2015
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 26.04.2021
CORAM
THE HON'BLE MR.JUSTICE M. DURAISWAMY
AND
THE HON'BLE MRS.JUSTICE R. HEMALATHA
Tax Case Appeal No.983 of 2015
M/s.Vishnu Lakshmi Mills Pvt. Ltd.,
1C, Gleneden Place,
310, Poonamallee High Road,
Kilpauk,
Chennai – 600 010. ... Appellant
Vs.
The Deputy Commissioner of Income-Tax,
Company Circle-III (4),
121, Nungambakkam High Road,
Chennai – 600 034. ... Respondent
Tax Case Appeal filed under Section 260A of the Income Tax Act,
1961 against the order of the Income Tax Appellate Tribunal, Madras "B"
Bench, dated 19.08.2015 passed in I.T.A.No.2205/Mds/2014.
For Appellant : Mr.G.Baskar
For Respondent : Mr.M.Swaminthan
Senior Standing Counsel
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Tax Case Appeal No.983 of 2015
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 19.08.2015 passed by the Income Tax Appellate Tribunal, Madras
"B" Bench, ('the Tribunal' for brevity) in I.T.A.No.2205/Mds/2014 for
the assessment year 2007-08. The above appeal has been admitted on
16.10.2015 on the following Substantial Questions of Law:
"1.Whether, on the facts and in the circumstances
of the case, the Income Tax Appellate Tribunal is right in
law in holding that the expenditure incurred by the
appellant of an amount of Rs.1,24,11,640/- is capital in
nature and liable to be disallowed?
2.Whether, on the facts and in the circumstances of
the case, the Income Tax Appellate Tribunal is right in
law in noting that the expenditure incurred by the
appellant on replacement of components for carding and
roving machines and ring frames is revenue in nature
and liable to be allowed in its computation of income?”
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Tax Case Appeal No.983 of 2015
2. We have heard Mr.G.Baskar, learned counsel for the
appellant/assessee and Mr.M.Swaminathan, learned 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
25.01.2021 and the learned counsel for the appellant seeks permission of
this Court to withdraw the appeal.
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Tax Case Appeal No.983 of 2015
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.] [R.H., J.]
26.04.2021
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mkn
Index : Yes/No
Internet : Yes
To
1. Income Tax Appellate Tribunal, Madras "B" Bench
2.The Deputy Commissioner of Income Tax,
Company Circle-III (4),
121, Nungambakkam High Road,
Chennai – 600 034.
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Tax Case Appeal No.983 of 2015
M. DURAISWAMY, J.
and
R. HEMALATHA, J.
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Tax Case Appeal No.983 of 2015
26.04.2021
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