Commissioner Of Income Tax, Chennai v. M/S. Goldmine Investments

IN THE HIGH COURT OF JUDICATURE AT MADRAS CORAM THE HON'BLE MR.JUSTICE M. DURAISWAMYANDTHE HON'BLE MRS.JUSTICE T.V. THAMILSELVI Tax Case Appeal No.322 of 2011 Commissioner of Income Tax,Chennai. ...Appellantv. M/s. Goldmine Investments,No.3, Duraisamy Road,T.Nagar,Chennai - 600 017. ... Respondent Tax Case Appeal filed under Section 260A of the Income TaxAct, 1961 against the order of the Income Tax AppellateTribunal, 'A' Bench, Chennai dated 19.01.2011 passed inITA.No.2040/Mds/2007 for the Assessment Year 1996-97, againstthe order of the Commissioner of Income Tax(Appeals)-VI,Chennai, dated 25/4/2007 made in ITA.No.70/2006-2007, againstthe order of the Joint Commissioner of Income-Tax(OSD), CircleI, Chennai, dated 28/03/2006 made in GIR/PAN.no.21336-G/ U/Sec.271(1)(C) of the Income Tax Act for theassessment year 1996-97, against the order of the DeputyCommissioner of Income Tax Circle-I, Chennai, dated 30-03-2004U/Sec 143(3) r/w sec.254 of the Income Tax Act. For Appellant : Ms. Sriniranjani SrinivasanFor Respondent : Mr.T. Ravikumar Standing Counsel J U D G M E N T(Judgment was Delivered by M.DURAISWAMY, J) This appeal filed by the Revenue under Section 260A of theIncome Tax Act, 1961 ('the Act' for brevity), is directedagainst the order dated 19.01.2011 passed by the Income TaxAppellate Tribunal, 'A' Bench, Chennai ('the Tribunal' forbrevity) in I..TA.No.2040/Mds/2007 for the Assessment Year1996-97. https://hcservices.ecourts.gov.in/hcservices/ 2. The appeal was admitted on 30.08.2011 on the followingSubstantial Question of Law: ' Whether on the facts and in thecircumstances of the case, the Tribunal wasright in law in deleting the penalty leviedunder section 271(1)(c) with respect toaddition of project income from thetransactionwithBalajiIndustrialCorporation when the assessee had notreturned the actual project receipt ofRs.29.35 Cr. and had only shown projectreceipt of Rs.10.37 Cr. in the balance sheet'' 3. We have heard Ms.Sriniranjani Srinivasan, learned counselfor the appellant and Mr.T. Ravikumar, learned StandingCounsel for the respondent. 4. It may not be necessary for this Court to decide theSubstantial Question of Law framed for consideration on accountof certain subsequent developments. The Government of Indiaenacted the Direct Tax Vivad Se Vishwas Act, 2020 (Act 3 of2020) to provide for resolution of disputed tax and for mattersconnected therewith or incidental thereto. The Act of theParliament received the assent of the President on 17th March2020 and published in the Gazette of India on 17th March 2020. 5. We are informed by the learned counsel for theappellant that the assessee has already been issued with Form -3 on 20.10.2020 and the learned counsel for the appellant seekspermission of this Court to withdraw the appeal. 6. In view of the submission made by the learned counsel forthe appellant, the Tax Case Appeal stands dismissed aswithdrawn. No costs. Sd/- Assistant Registrar(CS-III) Sub Assistant Registrar Rj To 1.The Income Tax Appellate Tribunal, Chennai 'A' Bench https://hcservices.ecourts.gov.in/hcservices/ 2.The Commissioner of Income Tax(Appeals)VI, Chennai. Chennai. 3.The Joint Commissioner of Income Tax(OSD), Circle-I, Chennai 4.The Deputy Commissioner of Income Tax Cricle-I, Chennai. Chennai. +1cc to M/s.G.Baskar, Advocate SR.3866 Tax Case Appeal No.322 of 2011GP(CO)CB(15/03/2021)