Madras High Court
Saroj Vinod Kumar Jain vs The Principal Commissioner Of ... on 20 January, 2021
Tax Case Appeal No.826 of 2017
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 20.01.2021
CORAM
THE HON'BLE MR.JUSTICE M. DURAISWAMY
AND
THE HON'BLE MRS.JUSTICE T.V. THAMILSELVI
Tax Case Appeal No.826 of 2017
Saroj Vinod Kumar Jain ... Appellant
v.
The Principal Commissioner of Income Tax 9,
121, Mahatma Gandhi Road,
Nungambakkam, Chennai. ... Respondent
Tax Case Appeal filed under Section 260A of the Income Tax Act,
1961 against the order of the Income Tax Appellate Tribunal, Madras 'B'
Bench, Chennai, dated 08.03.2017 passed in I.T.A.No.2348/Mds/2016.
For Appellant : Ms. N.V.Lakshmi
for Mr. N.V. Balaji
For Respondent : Mr.T. Ravikumar
Standing Counsel
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Tax Case Appeal No.826 of 2017
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
08.03.2017 passed by the Income Tax Appellate Tribunal, Madras 'B'
Bench, Chennai ('the Tribunal' for brevity) in I.T.A.No.2348/Mds/2016 for
the Assessment Year 2008-09.
2. The appeal was admitted on 06.03.2018 on the following
substantial questions of law:-
" (i) Whether the Tribunal erred in law in treating the
gains on sale of shares as short term capital gains instead of
long term capital gains by taking into account the date of
dematerializaton of shares and not the date of purchase
there of?
(ii) Whether the the finding of the Tribunal on the sale
transaction entered into by the appellant not being genuine,
is vitiated by perversity ?"
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Tax Case Appeal No.826 of 2017
3.. We have heard Ms. N.V.Lakshmi, learned counsel for the
appellant/assessee and Mr.T. Ravikumar, learned Standing Counsel for
the respondent/Revenue.
4. 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.
5. We are informed by the learned counsel for the appellant/assessee
that the assessee has already filed the declaration on 22.12.2020 under
Section 4 of the Act.
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Tax Case Appeal No.826 of 2017
6. In the light of the fact that the assessee has already availed the
benefit under the Act, no useful purpose would be served in keeping this
appeal pending. At the same time, safeguarding the interest of the assessee
in the event the order to be passed by the Department under the Act is not
in favour of the assessee. Accordingly, the Tax Case Appeal stands
disposed of on the ground that the assessee has already filed a declaration
and the Department shall process the application at the earliest in
accordance with the said Act and communicate the decision to the assessee
at the earliest. As observed, the assessee is given liberty to restore this
appeal in the event the ultimate decision to be taken on the declaration
filed by the assessee under Section 4 of the said Act is not in favour of the
assessee. If such a prayer is made, the Registry shall entertain the prayer
without insisting upon any application to be filed for condonation of delay
in restoration of the appeal and on such request made by the assessee by
filing a Miscellaneous Petition for Restoration, the Registry shall place
such petition before the Division Bench for orders.
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Tax Case Appeal No.826 of 2017
7. With this observation, the Tax Case Appeal stands disposed of
with the aforementioned liberty and Consequently, the Substantial
Questions of Law are left open. No costs.
(M.D.,J.) (T.V.T.S.,J.)
20.01.2021
Index : Yes/No
Internet : Yes
Rj
To
1. The Principal Commissioner of Income Tax 9,
121, Mahatma Gandhi Road,
Nungambakkam, Chennai.
2. The Income Tax Appellate Tribunal,
Madras 'B' Bench,
Chennai
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Tax Case Appeal No.826 of 2017
M. DURAISWAMY, J.
and
T.V. THAMILSELVI, J.
Rj
Tax Case Appeal No.826 of 2017
20.01.2021
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