Madras High Court
M/S.Eid Parry (India) Limited vs The Assistant Commissioner Of ... on 24 February, 2021
Tax Case Appeal No.209 of 2012
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 24.02.2021
CORAM
THE HON'BLE MR.JUSTICE M. DURAISWAMY
AND
THE HON'BLE MRS.JUSTICE T.V. THAMILSELVI
Tax Case Appeal No.209 of 2012
M/s.EID Parry (India) Limited,
'Dare House',
#234, NSC Bose Road,
Chennai – 600 001. ... Appellant
Vs.
The Assistant Commissioner of Income Tax,
Large Taxpayer Unit,
Chennai. ... Respondent
Tax Case Appeal filed under Section 260A of the Income Tax Act,
1961 against the order of the Income Tax Appellate Tribunal, Chennai
"B" Bench, dated 02.08.2011 passed in I.T.A.No.705/Mds/2010.
For Appellant : Mr.M.P.Senthil Kumar
For Respondent : Mr.T.Ravikumar
Senior Standing Counsel
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Tax Case Appeal No.209 of 2012
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 02.08.2011 passed by the Income Tax Appellate Tribunal, Chennai
"B" Bench, ('the Tribunal' for brevity) in I.T.A.No.705/Mds/2010 for the
assessment year 2004-2005. The above appeal has been admitted on
13.08.2012 on the following Substantial Questions of Law:
“1.Whether on the facts and in the circumstances of
the case, the Appellate Tribunal was right in law in
observing that the issue of computation of Long Term
Capital Gains in respect of Mettupalayam property was
restored to the file of Assessing Officer with the similar
directions while deciding the issue in respect of Boat Club
property in the assessee's appeal?
2.Whether on the facts and in the circumstances of
the case, the Appellate Tribunal was right in law in
impliedly upholding the computation of Long Term Capital
Gains by replacing the Fair Market Value as on 1.4.1981
adopted by the appellant based on the report of an
independent valuer with the guideline value provided by the
Sub Registrar?
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Tax Case Appeal No.209 of 2012
3.Whether on the facts and in the circumstances of
the case, the Appellate Tribunal was right in law in
observing that the issue of disallowance of potential factor
of 10% of the value of the Boat Club property as on
01.04.1981 was restored to the file of Assessing Officer with
the similar directions, while deciding the issue in respect of
computation of Long Term Capital Gains on sale of Boat
Club property in the assessee's appeal?
4.Whether on the facts and in the circumstances of
the case, the Appellate Tribunal was right in law in
impliedly reversing the decision of the CIT (A) to allow
potential factor of 10% to arrive at the value of the Boat
Club property as on 1.4.1981, since the decision of the
Tribunal is based on its decision raised in assessee's
appeal?
2. We have heard Mr.M.P.Senthil Kumar, learned counsel for the
appellant/assessee and Mr.T.Ravikumar, learned Senior 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
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Tax Case Appeal No.209 of 2012
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
03.02.2021 and the learned counsel for the appellant seeks permission of
this Court to withdraw the appeal.
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 24.02.2021
Internet : Yes (2/2)
mkn
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Tax Case Appeal No.209 of 2012
To
1. Income Tax Appellate Tribunal, Chennai "B" Bench
2.The Assistant Commissioner of Income Tax,
Large Taxpayer Unit,
Chennai.
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Tax Case Appeal No.209 of 2012
M. DURAISWAMY, J.
and
T.V. THAMILSELVI, J.
mkn
Tax Case Appeal No.209 of 2012
24.02.2021
(2/2)
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