Madras High Court
Commissioner Of Income Tax vs M/S. Goldmine Investments on 25 January, 2021
Tax Case Appeal No.322 of 2011
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 25.01.2021
CORAM
THE HON'BLE MR.JUSTICE M. DURAISWAMY
AND
THE HON'BLE MRS.JUSTICE T.V. THAMILSELVI
Tax Case Appeal No.322 of 2011
Commissioner of Income Tax,
Chennai. ... Appellant
v.
M/s. Goldmine Investments,
No.3, Duraisamy Road,
T.Nagar,
Chennai - 600 017. ... Respondent
Tax Case Appeal filed under Section 260A of the Income Tax
Act, 1961 against the order of the Income Tax Appellate Tribunal, “A”
Bench, Chennai dated 19.01.2011 passed in ITA.No.2040/Mds/2007 for
the Assessment Year 1996-97.
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Tax Case Appeal No.322 of 2011
For Appellant : Mr.T. Ravikumar
Standing Counsel
For Respondent : Ms. Sriniranjani Srinivasan
JUDGMENT
(Judgment was 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 19.01.2011 passed by the Income Tax Appellate Tribunal, “A”
Bench, Chennai ('the Tribunal' for brevity) in I..TA.No.2040/Mds/2007
for the Assessment Year 1996-97.
2. The appeal was admitted on 30.08.2011 on the following
Substantial Question of Law:
“ Whether on the facts and in the circumstances of
the case, the Tribunal was right in law in deleting the
penalty levied under section 271(1)(c) with respect to
addition of project income from the transaction with
Balaji Industrial Corporation when the assessee had not
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Tax Case Appeal No.322 of 2011
returned the actual project receipt of Rs.29.35 Cr. and had
only shown project receipt of Rs.10.37 Cr. in the balance
sheet ?”
.3. We have heard Ms.Sriniranjani Srinivasan, learned counsel for
the appellant and Mr.T. Ravikumar, learned 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
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
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Tax Case Appeal No.322 of 2011
20.10.2020 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.]
25.01.2021
Index : Yes/No
Internet : Yes
Rj
To
The Income Tax Appellate Tribunal,
Chennai “A” Bench
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Tax Case Appeal No.322 of 2011
M. DURAISWAMY, J.
and
T.V. THAMILSELVI, J.
Rj
Tax Case Appeal No.322 of 2011
25.01.2021
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