Madras High Court
K.A.Manshoor vs The Assistant Commissioner Of ... on 15 December, 2021
Tax Case Appeal No.842 of 2016
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 15.12.2021
CORAM :
THE HON'BLE MR. JUSTICE R. MAHADEVAN
AND
THE HON'BLE MR. JUSTICE MOHAMMED SHAFFIQ
Tax Case Appeal No.842 of 2016
K.A.Manshoor ... Appellant
Vs.
The Assistant Commissioner of Income Tax
Company Circle -I (3)
Chennai – 600 034. ... Respondent
Tax Case Appeal filed under Section 260-A of the Income Tax Act,
1961 against the order of the Income Tax Appellate Tribunal, Madras “B”
Bench, Chennai dated 31.05.2016 passed in I.T.A.No.1412/Mds/2013.
For Appellant : Mr. K.Prasad
For Respondent : Mr. T.Ravikumar
Senior Standing Counsel
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Tax Case Appeal No.842 of 2016
JUDGMENT
(Judgment was delivered by R. MAHADEVAN, J.)
This Tax Case Appeal has been filed by the appellant / Assessee
challenging the order dated 31.05.2016 passed by the Income Tax Appellate
Tribunal, Bench 'B', Chennai ('the Tribunal', for brevity) in
I.T.A.No.1412/Mds/2013 for the Assessment Year 2009-10.
2.The assessee has raised the following substantial questions of law in
the above tax case appeal:
“1.Whether on the facts and circumstances of the case,
the Tribunal was right in set aside the order of the Hon'ble
Commissioner of Income Tax (Appeals) in respect of the
addition made towards 'Treating Long Term Capital Gains as
Business Profits' when Section 2(47) clause iii of the Income
Tax Act, 1961 stipulates that transfer'' in relation to a capital
asset, includes (i) the sale, exchange or relinquishment of the
asset; or (ii) the extinguishment of any rights therein; or (iii)
the compulsory acquisition thereof under any law etc.,?
2. Whether on the facts and circumstances of the case,
the Tribunal was right in setting aside the addition made
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Tax Case Appeal No.842 of 2016
towards ''Treating the Long Term Capital Gains as Business
Profits'' by treating the same as ''Business Prfits'' when the
Appellant /Assessee had duly disclosed the same as ''Fixed
Assets in the Balance Scheet''?”
3.When the matter was taken up for consideration, the learned counsel
appearing for the appellant / assessee submitted that during the pendency of
this tax case appeal, the assessee has filed the requisite Forms 1 and 2 under
Section 4 of the Direct Tax Vivad Se Vishwas Act, 2020, which were
accepted and Form 3 was issued to the assessee on 27.01.2021 by the Income
Tax Department. The learned counsel has also filed a memo to that effect.
4.The aforesaid submission made by the learned counsel for the
appellant / assessee has also been fairly conceded by the learned senior
standing counsel appearing for the respondent / Revenue.
5.This court heard the submissions made by the learned counsel on
either side, as per which, the assessee has already availed the benefit
conferred under the beneficial legislation viz., the Direct Tax Vivad Se
Vishwas Act, 2020, enacted for resolution of disputed tax and for matters
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Tax Case Appeal No.842 of 2016
connected therewith or incidental thereto, which came into force with effect
from 17.03.2020; and the declarations submitted by the assessee were also
accepted and Form 3 was also issued to them by the Income Tax Department.
In view of such development, it is unnecessary for this court to decide the
substantial questions of law arisen in this tax case appeal.
6.Therefore, recording the submissions so made by the learned counsel
on either side, this appeal stands disposed of, directing the department to
process the application in accordance with the Act and communicate the
decision to the assessee at the earliest. No costs.
[R.M.D,J.] [M.S.Q, J.]
15.12.2021
Internet : Yes
Index : Yes / No
Maya
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Tax Case Appeal No.842 of 2016
R. MAHADEVAN, J.
and
MOHAMMED SHAFFIQ, J.
Maya
To
1.The Income Tax Appellate Tribunal
Madras “B” Bench.
2.The Assistant Commissioner of Income Tax
Company Circle -I (3)
Chennai – 600 034.
Tax Case Appeal No.842 of 2016
Dated : 15.12.2021
(2/2)
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