Principal Commissioner Of Income ... vs M/S. The India Cements Ltd
2022 Latest Caselaw 14147 Mad

                                                                     Tax Case Appeal No.619 of 2019

                                  IN THE HIGH COURT OF JUDICATURE AT MADRAS

                                                DATED :08.08.2022

                                                    CORAM :

                                   THE HON'BLE MR. JUSTICE R. MAHADEVAN
                                                      AND
                              THE HON'BLE MR. JUSTICE MOHAMMED SHAFFIQ

                                         Tax Case Appeal No.619 of 2019 &
                                              CMP.No.18135 of 2019


                  Principal Commissioner of Income Tax 2
                  No.121, Mahatma Gandhi Road,
                  Chennai.                                                  ...   Appellant


                                                       Vs.


                  M/s. The India Cements Ltd.,
                  Dhun Buildings,
                  No.827, Anna Salai,
                  Chennai 600 002.                                           ... 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 12.05.2017 passed in I.T.A.No.1340/Mds/2010 relating to
                  Assessment Year 2004-05.



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                                                                          Tax Case Appeal No.619 of 2019



                                  For Appellant        : Mr.Karthik Ranganathan,
                                                         Standing Counsel

                                  For Respondent       : Mr.Venkata Narayanan
                                                         for Mr.Subbaraya Aiyar


                                                   JUDGMENT

(Judgment was delivered by R. MAHADEVAN, J.)

This Tax Case Appeal has been filed by the appellant / Revenue

challenging the order dated 12.05.2017 passed by the Income Tax

Appellate Tribunal Madras 'C' Bench ('the Tribunal', for brevity) in

I.T.A.No.1340/Mds/2010 for the Assessment Year 2004-05 on the following

substantial questions of law :

“1. Whether on the facts and in the circumstances of the case and in law, the ITAT was right in deleting the addition of the amount transferred from deferred income (reserves) to profit and loss account?

2. Whether on the facts and in the circumstances of the case and in law, the ITAT was right in not appreciating the fact that the assessee had taken the benefit of lower customs

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duty after fulfilling the obligations of export not linked to capital asset, hence, benefit of revenue nature is taxable as perquisite under section 28(iv) of the Income Tax Act, 1961?”

3.When the matter was taken up for consideration, the learned counsel

appearing for the respondent / assessee submitted that during the pendency

of this tax case appeal, the assessee has availed the benefit conferred under

the Direct Tax Vivad Se Vishwas Act, 2020 and filed necessary declarations,

which were accepted and Form 5 / order for full and final settlement of tax

arrears, was also issued by the Income tax department, on 30.10.2021. The

learned counsel has also filed Form 5 dated 30.10.2021 to that effect.

4.The aforesaid submission made by the learned counsel for the

respondent/assessee has also been fairly conceded by the learned standing

counsel appearing for the appellant/ Revenue.

5.In view of the subsequent development, this court is of the opinion

that nothing survives for adjudication in this appeal. Recording the

submission so made by the learned counsel on either side, the Tax Case

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R. MAHADEVAN, J.

and MOHAMMED SHAFFIQ, J.

msr

Appeal stands disposed of. No costs. Consequently, the connected

miscellaneous petition is also closed.

                                                                  [R.M.D,J.]     [M.S.Q, J.]
                                                                         08.08.2022

                  msr
                  Internet : Yes
                  Index : Yes / No


                  To

1. Principal Commissioner of Income Tax 2 No.121, Mahatma Gandhi Road, Chennai.

2. The Income Tax Appellate Tribunal Madras 'C' Bench, Chennai.

Tax Case Appeal No.619 of 2019 & CMP.No.18135 of 2019

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