M/S.Virgo Properties P. Ltd vs The Assistant Commissioner Of
2021 Latest Caselaw 604 Mad

                                                                                   TCA.No.103 of 2018


                                       IN THE HIGH COURT OF JUDICATURE AT MADRAS

                                                     DATED : 07.1.2021

                                                          CORAM

                                       THE HONOURABLE MR.JUSTICE T.S.SIVAGNANAM

                                                            and

                                         THE HONOURABLE MS.JUSTICE R.N.MANJULA

                                               Tax Case Appeal No.103 of 2018


                     M/s.Virgo Properties P. Ltd.,
                     Chennai-17                                                        ...Appellant
                                                               Vs
                     The Assistant Commissioner of
                     Income Tax, Corporate Circle 3(2),
                     Chennai-34                                                        ...Respondent

APPEAL under Section 260A of the Income Tax Act, 1961 against

the order dated 31.7.2017 passed by the Income Tax Appellate

Tribunal, Madras 'B' Bench, Chennai made in I.T.A.No.741/Mds/2016

for the assessment year 2012-13.

                                             For Appellant:         Mr.A.S.Sriraman
                                             For Respondent:        Ms.V.Pushpa, JSC

Judgment was delivered by T.S.SIVAGNANAM,J

This appeal has been filed by the assessee under Section 260A of

the Income Tax Act, 1961 ('the Act' for brevity) challenging the order

https://www.mhc.tn.gov.in/judis/ TCA.No.103 of 2018

dated 31.7.2017 made in I.T.A.No.741/Mds/2016 on the file of the

Income Tax Appellate Tribunal, Chennai, 'B' Bench ('the Tribunal' for

brevity) for the assessment year 2012-13.

2. The assessee has filed this appeal by raising the following

substantial questions of law :

“i. Whether the interpretation of the provisions of Section 115JB of the Act is correct in so far as the inclusion of capital gains/profits in the quantification of book profits for taxation ? And ii. Whether the interpretation of Section 115JB of the Act so as to exclude the capital gains profit from the book profit computation given by various courts including this Court is validly and correctly followed by the Appellate Tribunal despite the decisions rendered/cited by the appellant were subsequent to the decision followed in the impugned order?”

3. We have heard Mr.A.S.Sriraman, learned counsel for the

appellant/assessee and Ms.V.Pushpa, learned Junior Standing Counsel

appearing for the respondent/Revenue.

4. The learned counsel for the assessee submits that the

assessee already filed the declaration/undertaking under the Vivad Se

Vishwas Scheme and orders were passed on 31.12.2020 in Form No.3.

https://www.mhc.tn.gov.in/judis/ TCA.No.103 of 2018

5. In the light of the subsequent event, the assessee is given

liberty to restore this appeal in the event the ultimate decision 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

appropriate Division Bench for orders.

6. The tax case appeal stands disposed of with the

aforementioned liberty. Consequently, the substantial questions of law

raised are left open. No costs.

07.1.2021 To

1.The Income Tax Appellate Tribunal, 'B' Bench, Chennai.

2.The Assistant Commissioner of Income Tax, Corporate Circle 3(2), Chennai-34 RS

https://www.mhc.tn.gov.in/judis/ TCA.No.103 of 2018

T.S.SIVAGNANAM,J AND R.N.MANJULA,J

RS

TCA.No.103 of 2018

07.1.2021

https://www.mhc.tn.gov.in/judis/