Madras High Court
M/S.S4 Carlisle Publishing ... vs Commissioner Of Income Tax 6 on 2 February, 2021
TCA.No.502 of 2020
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 02.02.2021
CORAM :
The Honourable Mr.Justice T.S.SIVAGNANAM
and
The Honourable Ms.Justice R.N.MANJULA
Tax Case Appeal No.502 of 2020
M/s.S4 Carlisle Publishing Service P Ltd,
Prakash Towers, 1st Floor,
141, Rajiv Gandhi Salai (OMR),
Kottivakkam, Chennai - 600 041. ...Appellant
Vs
Commissioner of Income Tax 6,
Chennai. ...Respondent
APPEAL under Section 260A of the Income Tax Act, 1961 against the
order dated 28.06.2018 made in ITA.No.368/Mds/2018 on the file of the
Income Tax Appellate Tribunal, Madras 'A' Bench, for the assessment year
2008-09.
For Appellant: Mr.N.V.Balaji
For Respondent: Mr.J.Narayanasamy
Senior Standing Counsel
1/6
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TCA.No.502 of 2020
JUDGMENT
(Delivered by T.S.Sivagnanam,J)
This appeal, filed by the assessee under Section 260A of the
Income Tax Act, 1961 (for short, the Act) is directed against the order
28.06.2018 made in ITA.No.368/Mds/2018 on the file of the Income Tax
Appellate Tribunal, Madras 'A' Bench, (for brevity, the Tribunal) for the
assessment year 2008-09.
2. The assessee has raised the following substantial questions of
law for consideration:
"1. Whether under the facts and circumstances of
the case, the Tribunal was right in not holding
that the addition made under Section 68 of the Act
is not sustainable, particularly when the appellant
had explained the credit to the share capital and
share premium account with material evidences?
2. Is the order of the Tribunal in remitting the
case back to assessing officer not perverse,
particularly when all material evidences were
before it?
3. Whether on facts and circumstances of the
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TCA.No.502 of 2020
case, the Tribunal was right in remitting the case
back to the records of the Assessing Officer with a
direction to examine whether the valuation of
shares done by the assessee is accordance with
law or rule and proceed to determine the correct
value of share and income, when the issue before
the Tribunal was not on the value of shares but
whether at all addition could be made under
Section 68, when the credit is fully explained by
the appellant?
4. Is the Tribunal right in remitting the case back
to the assessing officer to examine on valuation of
shares particularly when in the earlier year the
appellant had issued shares to Indian promoters
at price very close to the price at which shares
were issued to the non-residence in the impugned
year and all the records were before the
Tribunal?"
3. We have heard Mr.N.V.Balaji, learned counsel for the
appellant-assessee and Mr.J.Narayanasamy, learned Senior Standing
Counsel appearing for the respondent-Revenue.
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TCA.No.502 of 2020
4. The learned counsel for the appellant submitted that as on date,
the case of the assessee has been accepted by the Assessing Officer and
therefore, they are withdrawing the appeal. The learned counsel has also
sent an e-mail to that effect and the same is taken on record. The learned
counsel further submitted that in the event of any action initiated by the
Commissioner of Income Tax under Section 263 of the Act, the appellant's
right to contest should not be foreclosed.
5. The appellant-assessee need not have any such apprehension,
because as on date, the stand taken by the assessee has been accepted. If
anything has to be done at the higher level, it goes without saying that the
statutory remedy available to the assessee under the Act would be fully
available and cannot be foreclosed.
6. With the above liberty, the tax case appeal stands dismissed as
withdrawn. No costs.
(T.S.S.,J.) (R.N.M.,J.)
02.02.2021
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TCA.No.502 of 2020
To
1. The Income Tax Appellate Tribunal,
'A' Bench, Chennai.
2. The Commissioner of Income Tax 6,
Chennai.
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TCA.No.502 of 2020
T.S.SIVAGNANAM,J
AND
R.N.MANJULA,J
hvk
TCA.No.502 of 2020
02.02.2021
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