Madras High Court
M/S. Sri Devi Karumari Spinners ... vs The Deputy Commissioner Of Income ... on 4 February, 2021
Tax Case Appeal No.1231 of 2008
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 04.02.2021
CORAM
THE HON'BLE MR.JUSTICE M. DURAISWAMY
AND
THE HON'BLE MRS.JUSTICE T.V. THAMILSELVI
Tax Case Appeal No.1231 of 2008
M/s. Sri Devi Karumari Spinners (P) Ltd.,
# 267 - F, Kamarajanar Road,
Attur - 636 102,
Salem District. ... Appellant
v.
The Deputy Commissioner of Income Tax,
Special Investigation Circle,
Salem - 636 007. ... Respondent
Tax Case Appeal filed under Section 260A of the Income Tax
Act, 1961 filed against I.T.(SS)A. No.88/Mds/2001 for the Block
Assessment Year 01.04.1988 to 30.07.1998 in the common order of the
Income Tax Appellate Tribunal, “C” Bench, Chennai dated 30.11.2005
in appeals filed by the Department in I.T.(SS)A Nos. 82 to 84 & 86 to
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Tax Case Appeal No.1231 of 2008
89/Mds/2001 for the Block Assessment Year 01.04.1988 to 30.07.1998
and in Cross Objections filed by the Assessees in C.O. Nos. 66, 68. to
73/Mds/2001 for the Block Assessment Year 01.04.1988 to 30.07.1988..
For Appellant : Mr. M.P. Senthil Kumar
For Respondent : Mr.T.R.Senthil Kumar
Senior Standing Counsel
Asst. by Ms. K.g. Usha Rani
JUDGMENT
(Judgment was 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
I.T.(SS)A. No.88/Mds/2001 for the Block Assessment Year 01.04.1988
to 30.07.1998 in the common order of the Income Tax Appellate
Tribunal, “C” Bench, Chennai dated 30.11.2005 in appeals filed by the
Department in I.T.(SS)A Nos. 82 to 84 & 86 to 89/Mds/2001 for the
Block Assessment Year 01.04.1988 to 30.07.1998 and in the Cross
Objections filed by the Assessees in C.O. Nos. 66, 68. to 73/Mds/2001
for the Block Assessment Year 01.04.1988 to 30.07.1988..
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Tax Case Appeal No.1231 of 2008
2. The appeal was admitted on 18.08.2008 on the following
Substantial Question of Law:
“ Whether on the facts and in the circumstances of
the case, the Income Tax Appellate Tribunal was right in
law in holding that shares subscribed by the shareholders
in the assessee company should be treated as undisclosed
income of the assessee u/s. 68 of the Income Tax Act,
1961 ?”
.3. We have heard Mr. M.P. Senthil Kumar, learned counsel for the
appellant and Mr.T.R.Senthil Kumar, learned Senior Standing Counsel
for the respondent.
4. 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
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Tax Case Appeal No.1231 of 2008
President on 17th March 2020 and published in the Gazette of India on
17th March 2020.
5. We are informed by the learned counsel for the
appellant that the assessee has already been issued with Form – 3 on
22.01.2020 and the learned counsel for the appellant seeks permission of
this Court to withdraw the appeal.
6. 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.]
04.02.2021
Index : Yes/No
Internet : Yes
Rj
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Tax Case Appeal No.1231 of 2008
To
1. The Income Tax Appellate Tribunal,
Chennai “C” Bench .
2. The Deputy Commissioner of Income Tax,
Special Investigation Circle,
Salem - 636 007.
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Tax Case Appeal No.1231 of 2008
M. DURAISWAMY, J.
and
T.V. THAMILSELVI, J.
Rj
Tax Case Appeal No.1231 of 2008
04.02.2021
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