Commissioner Of Income Tax vs M/S. A.V.Thomas Leathers And ...
2022 Latest Caselaw 14365 Mad

                                                                                 T.C.A.Nos.755 of 2016




                                  IN THE HIGH COURT OF JUDICATURE AT MADRAS

                                                DATED : 11.08.2022

                                                     CORAM :

                        THE HONOURABLE MR. JUSTICE R. MAHADEVAN
                                          and
                  THE HONOURABLE MR. JUSTICE J.SATHYA NARAYANA PRASAD

                                                T.C.A.Nos.755 of 2016


                  Commissioner of Income Tax,
                  Chennai.                                                                        ...
                  Appellant

                                                       Versus

                  M/s. A.V.Thomas Leathers and allied Products Ltd.,
                  22, Marshalls Road, Egmore,
                  Chennai - 600 008.
                  PAN: AAACA 6246K                                               ...
                  Respondent



                            Appeal preferred under Section 260A of the Income Tax Act, 1961,
                  against the order dated 05.02.2016 passed by the       Income Tax Appellate
                  Tribunal, “A” Bench, Chennai, in I.T.A.No.2067/Mds/2015.


                  For Appellant             :      Mr.T.Ravikumar
                                                   Senior Standing Counsel

                  For Respondent            :      R.Sivaraman
https://www.mhc.tn.gov.in/judis
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                                                                                        T.C.A.Nos.755 of 2016




                                                       JUDGMENT

(Judgment of this Court was delivered by R.MAHADEVAN, J.)

This tax case appeal has been filed by the appellant / Revenue,

challenging the order dated 05.02.2016 passed by the Income Tax Appellate

Tribunal, Chennai 'A' Bench, in I.T.A.No.2067/Mds/2015, relating to the

assessment year 2012-2013.

2.By order dated 26.10.2016, this court admitted the aforesaid tax case

appeal on the following substantial question of law:

"Whether on the facts and in the circumstances of the case, the Tribunal was correct in holding that the receipts on sale of agricultural land has to be reduced from the book profits for the purpose of computing income under section 115JB of the Income tax Act?"

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,

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was also issued by the Income tax department, on 16.03.2021.

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 Appeal stands

disposed of. No costs.

                                                                     [R.M.D., J.]     [J.S.N.P., J.]
                                                                              11.08.2022

                  Internet : Yes
                  Index : Yes / No
                  av

                  To

1. The Income Tax Appellate Tribunal, “A” Bench, Chennai.

2. The Commissioner of Income Tax, Chennai.

3. The Deputy Commissioner of Income Tax, Corporate Circle 1(1), Chennai-34.

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4. The Commissioner of Income Tax (Appeals)-1, Chennai.

R. MAHADEVAN, J.

and J.SATHYA NARAYANA PRASAD, J.

av

T.C.A.No.775 of 2016

11.08.2022

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