Madras High Court
M/S.Rajkumar Impex Pvt. Ltd vs The Deputy Commissioner Of Income ... on 29 April, 2021
Tax Case Appeal Nos.1259 to 1261 of 2008
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 29.04.2021
CORAM
THE HON'BLE MR.JUSTICE M. DURAISWAMY
AND
THE HON'BLE MRS.JUSTICE R. HEMALATHA
Tax Case Appeal Nos.1259 to 1261 of 2008
M/s.RajKumar Impex Pvt. Ltd.,
B 603, Keshav Durga Apartments,
No.1, East Avenue,
Keshav Perumal Puram, R.A.Puram,
Chennai – 600 028. ... Appellant
in all appeals
Vs.
The Deputy Commissioner of Income Tax,
Company Circle V (3),
Chennai – 600 034. ... Respondent
in all appeals
Tax Case Appeals in T.C.A.Nos.1259 to 1261 of 2008 filed under
Section 260A of the Income Tax Act, 1961 against the order of the
Income Tax Appellate Tribunal, Chennai "B" Bench, dated 27.09.2007
passed in I.T.A.Nos.1159/Mds/2004, 1160/Mds/2004 and
1161/Mds/2004 respectively.
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Tax Case Appeal Nos.1259 to 1261 of 2008
For Appellant : Mr.R.Venkata Narayanan
for M/s.Subbaraya Aiyar Padmanabhan
in all appeals
For Respondent : Mr.T.Ravikumar
Senior Standing Counsel
in all appeals
COMMON JUDGMENT
(Delivered by M.DURAISWAMY, J.)
The above appeals filed by the assessee under Section 260A of the
Income Tax Act, 1961 ('the Act' for brevity), are directed against the
order dated 27.09.2007 passed by the Income Tax Appellate Tribunal,
Chennai "B" Bench, ('the Tribunal' for brevity) in
I.T.A.Nos.1159/Mds/2004, 1160/Mds/2004 and 1161/Mds/2004 for the
assessment years 1999-2000, 2000-01 and 2001-02 respectively. The
above appeals were admitted on 18.08.2008 on the following substantial
questions of law :
T.C.A.Nos.1259 to 1261 of 2008 :
“1.Whether on the facts and in the circumstances of
the case, the Tribunal was right in law in holding that the
relief u/s.80IA should be deduced from profits and gains of
business before computing relief u/s.80HHC?
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Tax Case Appeal Nos.1259 to 1261 of 2008
2.Whether on the facts and in the circumstances of
the case, the Tribunal was right in law in holding that
interest on Margin Money deposits for opening Letter of
Credit should be assessed as income from other sources
and hence not entitled to deduction u/s.80HHC of the
Act?”
T.C.A.No.1261 of 2008:
“3.Whether on the facts and in the circumstances of
the case, the Tribunal was right in law in upholding that
the order of Commissioner of Income Tax in directing the
assessing officer to exclude the interest on Margin Money
deposits for opening Letter of Credit and DEPB Proceeds
as not eligible for deduction u/s.80IA of the Act?”
2. We have heard Mr.R.Venkata Narayanan for M/s.Subbaraya
Aiyar Padmanabhan, 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
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Tax Case Appeal Nos.1259 to 1261 of 2008
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-5 on
21.04.2021 and the learned counsel for the appellant seeks permission of
this Court to withdraw the above appeals.
5. In view of the submission made by the learned counsel for the
appellant/assessee, the above Tax Case Appeals stand dismissed as
withdrawn. No costs.
[M.D., J.] [R.H., J.]
29.04.2021
Index : Yes/No
Internet : Yes
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Tax Case Appeal Nos.1259 to 1261 of 2008
mkn
To
1. Income Tax Appellate Tribunal, Chennai "B" Bench
2.The Deputy Commissioner of Income Tax,
Company Circle V (3),
Chennai – 600 034.
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Tax Case Appeal Nos.1259 to 1261 of 2008
M. DURAISWAMY, J.
and
R. HEMALATHA, J.
mkn
T.C.A. Nos.1259 to 1261 of 2008
29.04.2021
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