R.Lakshminarayanamoorthy vs The Commissioner Of Income Tax
2021 Latest Caselaw 11089 Mad

                                                                       Tax Case Appeal No.628 of 2019

                                   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 No.628 of 2019


                     R.Lakshminarayanamoorthy
                     9/66, Gandhi Nagar,
                     G.M. Mills Post, Thudiyalur,
                     Coimbatore – 641 029.                                ...   Appellant

                                                         Vs.


                     The Commissioner of Income Tax,
                     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 03.07.2019 passed in I.T.A.No.2783/Chny/2018.


                               For Appellant    : Mr.R.Kumar

                               For Respondent   : Mr.T.R.Senthil Kumar
                                                  Senior Standing Counsel
                                                  and Mrs.K.G.Usha Rani
                                                  Standing Counsel



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                                                                              Tax Case Appeal No.628 of 2019



                                                        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 03.07.2019 passed by the Income Tax Appellate Tribunal, Madras

"D" Bench, ('the Tribunal' for brevity) in I.T.A.No.2783/Chny/2018 for

the assessment year 2011-12. The above appeal has been admitted on

28.08.2019 on the following Substantial Question of Law:

"Whether the Appellate Tribunal is right in law in holding that the amounts received by the appellant from the company Chroma Print (India) Pvt. Ltd. for whose credit limits from the Bank the appellant had mortgaged all his properties as collateral security and furnished a personal guarantee are eligible to tax as “deemed divided” within the meaning of Section 2(22)(e) of the Act?”

2. We have heard Mr.R.Kumar, learned counsel for the

appellant/assessee and Mr.T.R.Senthil Kumar, learned Senior Standing

Counsel and Mrs.K.G.Usha Rani, learned Standing Counsel for the

respondent/Revenue.

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

Question 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

21.12.2020 and the learned counsel for the appellant seeks permission of

this Court to withdraw the appeal.

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.]
                                                                           29.04.2021
                     mkn

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Index : Yes/No Internet : Yes

To

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

2.The Commissioner of Income Tax, Coimbatore.

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M. DURAISWAMY, J.

and R. HEMALATHA, J.

mkn

Tax Case Appeal No.628 of 2019

29.04.2021

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