Commissioner Of Income Tax vs M/S.Spencer And Company Ltd
2021 Latest Caselaw 5055 Mad

                                                                       Tax Case Appeal No.474 of 2012

                                   IN THE HIGH COURT OF JUDICATURE AT MADRAS

                                                 DATED : 25.02.2021

                                                       CORAM

                                    THE HON'BLE MR.JUSTICE M. DURAISWAMY
                                                     AND
                                   THE HON'BLE MRS.JUSTICE T.V. THAMILSELVI

                                           Tax Case Appeal No.474 of 2012


                     Commissioner of Income Tax,
                     Chennai.                                               ... Appellant

                                                         Vs.


                     M/s.Spencer and Company Ltd.,
                     Spencer Plaza,
                     769, Anna Salai,
                     Chennai – 600 032.                                     ...   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 20.04.2012 passed in I.T.A.No.440/Mds/2011.


                               For Appellant    : Mr.J.Narayanaswamy
                                                  Senior Standing Counsel

                               For Respondent   : Mr.R.Venkata Narayanan
                                                  for M/s.Subbaraya Aiyar



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                                                                             Tax Case Appeal No.474 of 2012




                                                      JUDGMENT

(Delivered by M.DURAISWAMY, J.)

This appeal filed by the Revenue under Section 260A of the

Income Tax Act, 1961 ('the Act' for brevity), is directed against the order

dated 20.04.2012 passed by the Income Tax Appellate Tribunal, Chennai

"B" Bench, ('the Tribunal' for brevity) in I.T.A.No.440/Mds/2011 for the

assessment year 2002-03. The above appeal has been admitted on

04.01.2013 on the following Substantial Questions of Law:

"1.Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the sum of Rs.2899.68 lakhs transferred by the assessee to its general reserve on amalgamation is not taxable under Section 28(iv) of the Income Tax Act, 1961 ?

2. Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in cancelling the order of the Commissioner of Income Tax under Section 263 of the Act ?”

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2. We have heard Mr.J.Narayanaswamy, learned Senior Standing

Counsel for the appellant/Revenue and Mr.R.Venkata Narayanan for

M/s.Subbaraya Aiyar, learned counsel for the respondent/assessee.

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.Learned counsel for the respondent/assessee submitted that the

assessee had availed the Vivad Se Vishwas Scheme and that the

respondent/assessee had already been issued with Form–3 on

09.02.2021.

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5.Since the respondent/assessee had been issued with Form-3,

nothing survives for adjudication in the above appeal. Recording the

submission made by the learned counsel for the respondent/assessee, the

Tax Case Appeal stands disposed of. No costs.

                                                                 [M.D., J.]    [T.V.T.S., J.]
                     Index          : Yes/No                            25.02.2021
                     Internet       : Yes
                     mkn


                     To

1. Income Tax Appellate Tribunal, Chennai "B" Bench

2.The Commissioner of Income Tax, Chennai.

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M. DURAISWAMY, J.

and T.V. THAMILSELVI, J.

mkn

Tax Case Appeal No.474 of 2012

25.02.2021

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