Madras High Court
Shriram Chits Tamilnadu (P) Ltd vs The Income Tax Officer (Osd) on 22 February, 2022
T.C.A.No.262 of 2011
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 22.02.2022
CORAM
THE HONOURABLE MR.JUSTICE R.MAHADEVAN
and
THE HONOURABLE MR. JUSTICE J.SATHYA NARAYANA PRASAD
T.C.A.No.262 of 2011
Shriram Chits Tamilnadu (P) Ltd.,
No.149, Greams Road,
Mount Road,
Chennai 600 006. .. Appellant
Vs.
The Income Tax Officer (OSD)
Company Circle VI(2),
No.121, Nungambakkam High Road,
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 'A' Bench,
Chennai dated 03.12.2010 in ITA No.517/Mds/2010 for the assessment year
2006-07
For Appellant : Mr.R.Sivaraman
For Respondent : Mr. J.Narayanasamy
Senior Standing Counsel
1/4
https://www.mhc.tn.gov.in/judis
T.C.A.No.262 of 2011
JUDGMENT
(Judgment of the court was delivered by R.MAHADEVAN, J.)
This tax case appeal has been filed by the appellant / Assessee,
challenging the order of the Income Tax Appellate Tribunal, 'A' Bench,
Chennai, in I.T.A.No.517/Mds/2010 for the assessment year 2006-07.
2.By order dated 02.08.2011, this court admitted the aforesaid tax
case appeal on the following substantial question of law:
“Whether in law, the dividends received by the
appellant as a chit subscriber, is exempt from taxation on
grounds of mutuality between all the chit subscribers
including the appellant?”
3.When the matter was taken up for consideration, the learned
counsel appearing for the appellant fairly submitted that the issue involved
herein is covered by a decision of this court in T.C.A. Nos.641 and 642 of
2008, relating to the assessee's own case, in which, the very same
substantial question of law raised therein, was decided against the assessee,
by judgment dated 16.09.2015. For better appreciation, the relevant
paragraph of the said decision is extracted below:
https://www.mhc.tn.gov.in/judis
T.C.A.No.262 of 2011
“3.At the outset, it should be pointed out that the
assessee is the Foreman in terms of the provisions of the Tamil
Nadu Chit Funds Act, 1971. Keeping this in mind, if we have a
look at the judgment of this Court in Shriram Chits and
Investments (P) Limited Vs. the Assistant Commissioner of
Income Tax (T.C.A.Nos.141 and 213 of 2004 and batch),
decided on 30.08.2012, it can be seen that the very same
question was raised as the third question of law in the said
case. In paragraphs 33 and 34 of the judgment dated
30.08.2012, the very same question of law was answered
against the assessee. Therefore, on that basis, these appeals are
also dismissed. No costs.”
4.Following the aforesaid decision, we answer the substantial
question of law against the appellant / assessee and accordingly, dismiss this
Tax case Appeal. No costs.
[R.M.D., J.] [J.S.N.P., J.]
22.02.2022
Index : Yes/No
Speaking/Non-Speaking Order
vkr
https://www.mhc.tn.gov.in/judis
T.C.A.No.262 of 2011
R. MAHADEVAN, J.
and
J.SATHYA NARAYANA PRASAD, J.
vkr
To
1.The Income Tax Officer (OSD)
Company Circle VI(2),
No.121, Nungambakkam High Road,
Chennai 600 034.
2.The Income Tax Appellate Tribunal 'A' Bench, Chennai
T.C.A.No.262 of 2011
22.02.2022
https://www.mhc.tn.gov.in/judis
