Commissioner Of Income Tax vs M/S.Sundaram Finance Limited
2021 Latest Caselaw 10946 Mad

                                                                      Tax Case Appeal No.2001 of 2008

                                   IN THE HIGH COURT OF JUDICATURE AT MADRAS

                                                 DATED : 28.04.2021

                                                       CORAM

                                    THE HON'BLE MR.JUSTICE M. DURAISWAMY
                                                     AND
                                    THE HON'BLE MRS.JUSTICE R. HEMALATHA

                                           Tax Case Appeal No.2001 of 2008


                     Commissioner of Income Tax,
                     Chennai.                                               ... Appellant

                                                         Vs.


                     M/s.Sundaram Finance Limited,
                     21, Patullos Road,
                     Chennai – 600 002.                                     ...   Respondent



                               Tax Case Appeal filed under Section 260A of the Income Tax Act,
                     1961 against the order of the Income Tax Appellate Tribunal, Chennai
                     "C" Bench, dated 17.04.2007 passed in I.T.A.No.1075/Mds/2006.


                               For Appellant    : Mr.T.Ravikumar
                                                  Senior Standing Counsel

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




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                                                                             Tax Case Appeal No.2001 of 2008




                                                     JUDGMENT

(Delivered by M.DURAISWAMY, J.)

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

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

dated 17.04.2007 passed by the Income Tax Appellate Tribunal, Chennai

"C" Bench, ('the Tribunal' for brevity) in I.T.A.No.1075/Mds/2006 for

the assessment year 2002-03. The above appeal has been admitted on

04.12.2008 on the following Substantial Questions of Law:

"1.Whether on the facts and circumstances of the case, the Tribunal was right in holding that the income from sale of Indra Vikas Patras prior to date of maturity is to be taxed as capital gains?

2.Whether on the facts and circumstances of the case, the Tribunal was right in holding that the interest element of the Indra Vikas Patras sold prior to maturity is not to be taxed as income from other sources?”

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2. We have heard Mr.T.Ravikumar, learned Senior Standing

Counsel for the appellant/Revenue and Mr.R.Venkata Narayanan for

M/s.Subbaraya Aiyar Padmanabhan, learned counsel for the

respondent/assessee.

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.Learned counsel for the respondent/assessee submitted that the

assessee had availed the Vivad Se Vishwas Scheme and that the

respondent/assessee had already been issued with Form–3 on

20.01.2021.

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5.Since the respondent/assessee had been issued with Form-3,

nothing survives for adjudication in the above appeal. Recording the

submission made by the learned counsel for the respondent/assessee, the

Tax Case Appeal stands disposed of. No costs.

                                                                  [M.D., J.]      [R.H., J.]
                                                                        28.04.2021
                                                                          (2/2)

                     Index          : Yes/No
                     Internet       : Yes
                     mkn


                     To

1. Income Tax Appellate Tribunal, Chennai "C" Bench

2.The Commissioner of Income Tax, Chennai.

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M. DURAISWAMY, J.

and R. HEMALATHA, J.

mkn

Tax Case Appeal No.2001 of 2008

28.04.2021 (2/2)

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