Madras High Court
Prof. K. Radha Shanmugasundaram vs The Income Tax Officer on 30 April, 2021
Tax Case Appeal No.164 of 2015
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 30.04.2021
CORAM
THE HON'BLE MR.JUSTICE M. DURAISWAMY
AND
THE HON'BLE MRS.JUSTICE R. HEMALATHA
Tax Case Appeal No.164 of 2015
Prof. K. Radha Shanmugasundaram,
No.9, 2nd Cross Street,
Seethamma Extension,
Teynampet,
Chennai – 600 018. ... Appellant
Vs.
The Income Tax Officer,
Salary Ward – II(3),
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
"A" Bench, dated 04.07.2014 passed in I.T.A.No.1243/Mds/2009.
For Appellant : Mr.M.Kaushik
for Mr.S.Sridhar
For Respondent : Mr.M.Swaminathan
Senior Standing Counsel
and Ms.S.Premalatha
Standing Counsel
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Tax Case Appeal No.164 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 04.07.2014 passed by the Income Tax Appellate Tribunal, Madras
"A" Bench, ('the Tribunal' for brevity) in I.T.A.No.1243/Mds/2009 for
the assessment year 2006-07. The above appeal has been admitted on
30.03.2015 on the following Substantial Questions of Law:
"1.Whether the Tribunal is correct in law in
approving the stand of the respondent in reckoning the
transfer from the joint development agreement dated
28.04.2005 within the scope of the provisions of section
2(47) of the Act for the purpose of computing Long Term
Capital Gains for taxation in the previous year relating to
the assessment year under consideration (2006-07)?
2.Whether the Tribunal is correct in law in
approving the computation of Long Term Capital Gains in
relation to the deemed transfer as per Section 2(47) of the
Act based on the adoption of notional value of the cost of
construction to be met by the developer for the appellant
in lieu of the undivided share of land without taking into
account the provisions in Section 50C of the Act?”
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Tax Case Appeal No.164 of 2015
2. We have heard Mr.M.Kaushik for Mr.S.Sridhar, learned counsel
for the appellant/assessee and Mr.M.Swaminathan, learned Senior
Standing Counsel and Ms.S.Premalatha, 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
12.02.2021 and the learned counsel for the appellant seeks permission of
this Court to withdraw the appeal.
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Tax Case Appeal No.164 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.]
30.04.2021
Index : Yes/No
Internet : Yes
mkn
To
1. Income Tax Appellate Tribunal, Madras "A" Bench
2.The Income Tax Officer,
Salary Ward – II(3),
Chennai – 600 034.
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Tax Case Appeal No.164 of 2015
M. DURAISWAMY, J.
and
R. HEMALATHA, J.
mkn
Tax Case Appeal No.164 of 2015
30.04.2021
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