Madras High Court
M/S.Gupta Automobiles vs The Income Tax Officer on 23 February, 2021
Tax Case Appeal No.500 of 2014
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 23.02.2021
CORAM
THE HON'BLE MR.JUSTICE M. DURAISWAMY
AND
THE HON'BLE MRS.JUSTICE T.V. THAMILSELVI
Tax Case Appeal No.500 of 2014
M/s.Gupta Automobiles,
No.112/8, G.P.Road,
Lakshmi Arcade, Anna Salai,
Chennai – 600 002. ... Appellant
Vs.
The Income Tax Officer,
Business Ward – VI (2),
Income Tax Department,
121, Nungambakkam High Road,
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, Chennai
"C" Bench, dated 05.03.2014 passed in I.T.A.No.70/Mds/2013.
For Appellant : Mr.M.Kaushik
for Mr.S.Sridhar
For Respondent : Mr.Karthik Ranganathan
Standing Counsel
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Tax Case Appeal No.500 of 2014
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 05.03.2014 passed by the Income Tax Appellate Tribunal, Chennai
"C" Bench, ('the Tribunal' for brevity) in I.T.A.No.70/Mds/2013 for the
assessment year 2009-2010. The above appeal was admitted on
17.09.2014 on the following substantial questions of law :
“1.Whether the Appellate Tribunal is correct in law
in not accepting as well as not considering the petition
filed for admission of additional evidence under Rule 29 of
the Income Tax Appellate Tribunal Rules, 1963 on
24.06.2013 for establishing and for reckoning the date of
transfer/surrender of tenancy rights on the subject
property under Section 2(47)(i)/(ii) of the Income Tax Act,
1961 for considering the claim of tax exemption under
Section 54EC of the Act being reinvestment of the
compensation received in relation to the said
transfer/surrender of tenancy rights on the subject
property?
2.Whether the Appellate Tribunal is correct in law in
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Tax Case Appeal No.500 of 2014
sustaining the action of the Respondent/Assessing Officer
in rejecting the claim of tax exemption under Section 54EC
of the Act by overlooking/brushing aside the explanation
offered by the purchaser of the said property namely M/s.
Taj GVK Hotels and Resorts Ltd. dated 21.12.2011 in the
assessment proceedings during cross verification as self
serving evidence so as to compute the period of six months
from the date of transfer/surrender of tenancy rights on the
subject property as on 13.05.2008 instead of November,
2008 for the eligibility of the re-investment made in the
approved instruments/REC bonds on 24.03.2009 being the
compensation received in relation thereto?
3.Whether the Appellate Tribunal is correct in
ignoring the evidence filed in support of the claim of
continuance of possession of the subject property while
doing active business even after the first agreement dated
13.05.2008 as well as the evidence filed to establish the
surrender of the vacant possession in the month of
November, 2008 so as to reckon the date of transfer under
Section 2(47)(i)(ii) of the Act for computing the period of
six months to justify the claim of tax exemption under
Section 54EC of the Act for the re-investment made in the
approved instruments on 24.03.2009?”
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Tax Case Appeal No.500 of 2014
2. We have heard Mr.M.Kaushik for Mr.S.Sridhar, learned counsel
for the appellant/ assessee and Mr.Karthik Ranganathan, 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
27.01.2021 and the learned counsel for the appellant seeks permission of
this Court to withdraw the appeal.
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Tax Case Appeal No.500 of 2014
5. In view of the submission made by the learned counsel for the
appellant/assessee, the Tax Case Appeal stands dismissed as withdrawn.
No costs.
[M.D., J.] [T.V.T.S., J.]
Index : Yes/No 23.02.2021
Internet : Yes
mkn
To
1. Income Tax Appellate Tribunal, Chennai "C" Bench
2.The Income Tax Officer,
Business Ward – VI (2),
Income Tax Department,
121, Nungambakkam High Road,
Chennai – 600 034.
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Tax Case Appeal No.500 of 2014
M. DURAISWAMY, J.
and
T.V. THAMILSELVI, J.
mkn
Tax Case Appeal No.500 of 2014
23.02.2021
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