Madras High Court
Commissioner Of Income Tax vs M/S.Sundaram Clayton Ltd on 22 September, 2021
Tax Case Appeal No.61 of 2016
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 22.09.2021
CORAM :
THE HON'BLE MR. JUSTICE T.S. SIVAGNANAM
AND
THE HON'BLE MR. JUSTICE SATHI KUMAR SUKUMARA KURUP
Tax Case Appeal No.61 of 2016
Commissioner of Income Tax,
Chennai. ... Appellant
Vs.
M/s.Sundaram Clayton Ltd.,
No.24, (Old No.8), Haddows Road,
Chennai – 600 006. ... 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, dated 08.11.2004 in I.T.A.No.2326/Mds/1997.
For Appellant : Mr.J.Narayanaswamy
Senior Standing Counsel
For Respondent : Mr.R.Venkata Narayanan
for M/s.Subbara Aiyar Padmanabhan
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Tax Case Appeal No.61 of 2016
JUDGMENT
(Judgment was delivered by T.S. SIVAGNANAM, 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
08.11.2004 passed by the Income Tax Appellate Tribunal, Madras "B"
Bench, ('the Tribunal' for brevity) in I.T.A.No.2326/Mds/1997 for the
assessment year 1993-94. The appellant/Revenue has raised the following
Substantial Question of Law for consideration :
"Whether on the facts and in the circumstances of the
case, the Tribunal was right in holding that the transaction is
not hit by the provision of sec.50, even though the assessee had
clearly demarcated the depreciable assets sold during the year,
as part of the sale of the undertaking, and the transfer price
was also fixed after taking into account the value of the
depreciable assets, and the immovable assets of the assessee
company?"
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Tax Case Appeal No.61 of 2016
2. We have heard Mr.J.Narayanaswamy, learned Senior Standing
Counsel for the appellant/Revenue and Mr.R.Venkata Narayanan, learned
counsel for the respondent/assessee.
3. 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.
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 29.04.2021.
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Tax Case Appeal No.61 of 2016
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.
(T.S.S., J.) (S.S.K., J.)
22.09.2021
jeni/mkn
Internet : Yes
Index : Yes / No
To
1. Income Tax Appellate Tribunal, Madras "B" Bench
2.The Commissioner of Income Tax,
Chennai.
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Tax Case Appeal No.61 of 2016
T.S. SIVAGNANAM, J.
and
SATHI KUMAR SUKUMARA KURUP, J.
jeni/mkn
Tax Case Appeal No.61 of 2016
22.09.2021
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