Madras High Court
M/S.Simpson & General Finance Co. ... vs The Assistant Commissioner Of ... on 1 March, 2021
Tax Case Appeal No.496 of 2015
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 01.03.2021
CORAM
THE HON'BLE MR.JUSTICE M. DURAISWAMY
AND
THE HON'BLE MRS.JUSTICE T.V. THAMILSELVI
Tax Case Appeal No.496 of 2015
M/s.Simpson & General Finance Co. Ltd.,
861/862, Anna Salai,
Chennai – 600 002. ... Appellant
Vs.
The Assistant Commissioner of Income Tax,
Company Circle – VI(3),
Chennai – 600 034. ... Respondent
Tax Case Appeal filed under Section 260A of the Income Tax Act,
1961 against the order of the Income Tax Appellate Tribunal, Madras
"C" Bench, dated 22.08.2013 passed in I.T.A.No.344/Mds/2013.
For Appellant : Mr.R.Venkata Narayanan
for M/s.Subbaraya Aiyar
For Respondent : Mr.J.Narayanaswamy
Senior Standing Counsel
https://www.mhc.tn.gov.in/judis/
Page 1/5
Tax Case Appeal No.496 of 2015
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 22.08.2013 passed by the Income Tax Appellate Tribunal, Madras
"C" Bench, ('the Tribunal' for brevity) in I.T.A.No.344/Mds/2013 for the
assessment year 2009-10. The above appeal has been admitted on
23.07.2015 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
holding that in the case of “Finance Lease” transaction
the entire lease rental should be offered as income
contrary to the Accounting Standard – 19 dealing with
accounting of leases issued by the Institute of Chartered
Acountants of India?
2.Whether on the facts and in the circumstances of
the case, the Tribunal was justified in not directing the
Assessing Officer to consider that in the case of Financial
Lease only the interest income accrued to assessee should
be taxed and not the entire lease rental as assessed by him
and consequentially withdraw the claim of depreciation on
leased assets?”
https://www.mhc.tn.gov.in/judis/
Page 2/5
Tax Case Appeal No.496 of 2015
2. We have heard Mr.R.Venkata Narayanan for M/s.Subbaraya
Aiyar, learned counsel for the appellant/assessee and
Mr.J.Narayanaswamy, 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
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
23.12.2020 and the learned counsel for the appellant seeks permission of
this Court to withdraw the appeal.
https://www.mhc.tn.gov.in/judis/
Page 3/5
Tax Case Appeal No.496 of 2015
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 01.03.2021
Internet : Yes
mkn
To
1. Income Tax Appellate Tribunal, Madras "C" Bench
2.The Assistant Commissioner of Income Tax,
Company Circle – VI(3),
Chennai – 600 034.
https://www.mhc.tn.gov.in/judis/
Page 4/5
Tax Case Appeal No.496 of 2015
M. DURAISWAMY, J.
and
T.V. THAMILSELVI, J.
mkn
Tax Case Appeal No.496 of 2015
01.03.2021
https://www.mhc.tn.gov.in/judis/
Page 5/5
