Madras High Court
M/S.Addison & Co Limited vs The Deputy Commissioner Of Income ... on 1 February, 2021
Tax Case Appeal No.716 of 2016
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 01.02.2021
CORAM
THE HON'BLE MR.JUSTICE M. DURAISWAMY
AND
THE HON'BLE MRS.JUSTICE T.V. THAMILSELVI
Tax Case Appeal No.716 of 2016
M/s.Addison & Co Limited,
803, Anna Salai, Chennai – 600 002. ... Appellant
Vs.
The Deputy Commissioner of Income Tax,
Corporate Circle – 1(1),
Chennai. ... 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 04.03.2016 passed in I.T.A.No.2198/
Mds/2015.
For Appellant : Mr.R.Venkatanarayanan,
for M/s.Subbaraya Aiyar
For Respondent : Mr.T.Ravi Kumar,
Senior Standing Counsel
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Tax Case Appeal No.716 of 2016
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 04.03.2016 passed by the Income Tax Appellate Tribunal, Madras
"A" Bench, ('the Tribunal' for brevity) in I.T.A.No.2198/Mds/2015 for
the assessment year 2010-11. The assessee has raised the following
Substantial Questions of Law:
“1)Whether the Tribunal was right in law in holding
that long term capital gains should be assessed in the
assessment year 2010-11 based on Joint Development
Agreement and not in assessment year r2013-14 in which
the possession was handed over, after the Developer has
obtained all the necessary approval for the construction of
project?
2)Whether the Tribunal was right in law in holding
that pursuant the Joint Development Agreement and Power
of Attorney there was a transfer within the meaning of
Sec.2 (47) of the Act and hence long term capital gains u/s
45(1) shall be assessed in the assessment year 2010-11?
3)Whether under the Joint Development Agreement
dated 07.09.2009 capital gains can be said to have arisen in
the subject assessment year?”
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Tax Case Appeal No.716 of 2016
2. We have heard Mr.R.Venkatanarayanan, learned counsel for the
appellant/assessee and Mr.T.Ravi Kumar, learned Senior Standing
Counsel for the respondent/Revenue.
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 has already been issued with Form – 3 on
06.01.2021 and the learned counsel for the appellant seeks permission of
this Court to withdraw the appeal.
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Tax Case Appeal No.716 of 2016
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.] [T.V.T.S., J.]
Index : Yes/No 01.02.2021
Internet : Yes
va
To
1. Income Tax Appellate Tribunal, Madras "A" Bench
2.The Deputy Commissioner of Income Tax,
Corporate Circle – 1(1),
Chennai.
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Tax Case Appeal No.716 of 2016
M. DURAISWAMY, J.
and
T.V. THAMILSELVI, J.
va
Tax Case Appeal No.716 of 2016
01.02.2021
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