M/S. International Flavours & Fragrances India P. Ltd v. The Deputy Commissioner Of Income Tax,Large Taxpayer Unit,Chennai – 600 101

IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 03.02.2021 CORAM THE HON'BLE MR.JUSTICE M. DURAISWAMY ANDTHE HON'BLE MRS.JUSTICE T.V. THAMILSELVI Tax Case Appeal No. 70 of 2017 M/s. International Flavours & Fragrances India P. Ltd.,No.1-5, Seven Wells Street,St. Thomas Mount,Chennai – 600 016.... Appellant/Appellant v. The Deputy Commissioner of Income Tax,Large Taxpayer Unit,Chennai – 600 101. ... Respondent/Respondent Tax Case Appeal filed under Section 260A of the Income TaxAct, 1961 against the order of the Income Tax AppellateTribunal, “B” Bench, Chennai dated 15.02.2016 passed inI.T.A.No.1387/Mds/2014 for the Assessment Year 2006-07, againstthe order of the Commissioner of Income Tax (Appeals) Large TaxPayer Unit, Chennai, dated 24/01/2014 and made in ITA No.6/10-11/LTU (A) against the order of the Deputy Commissioner ofIncome Tax, Large Tax Payer Unit, Chennai dated 25/05/2010 andmade in PAN: against the Assessment order, dated13/11/2009 of the Assistant Commissioner of Income Tax Large TaxPayer Unit, Chennai. For Appellant : Mr. Sandeep Bagmar for Mr. S.P.Chidambaram For 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 assessee under Section 260A of theIncome Tax Act, 1961 ('the Act' for brevity), is directedagainst the order dated 15.02.2016 passed by the Income TaxAppellate Tribunal, “B” Bench, Chennai ('the Tribunal' forbrevity) in I.T.A.No.1387/Mds/2014 for the Assessment Year2006-07. 2. The appeal was admitted on 14.02.2007 on the followingSubstantial Questions of Law: “(i) Whether in the facts and in thecircumstances of the case and in law, the Tribunalwas justified in confirming the levy of penaltyunder section 271(1)(c) of the Act? (ii) Whether in the facts and circumstances ofthe case and in law, claim of deduction on accountof payment of gratuity in the computation of totalincome could tantamount to “furnishing of inaccurateparticulars of income”so as to attract levy ofpenalty under section 271(1) of the Act especiallyin a case where said item was mentioned in the taxaudit report?” .3. We have heard Mr. Sandeep Bagmar, learned counsel forthe appellant and Mr. T.Ravikumar, learned Standing Counselfor the respondent. 4. It may not be necessary for this Court to decide theSubstantial Questions of Law framed for consideration onaccount of certain subsequent developments. The Government ofIndia enacted the Direct Tax Vivad Se Vishwas Act, 2020 (Act 3of 2020) to provide for resolution of disputed tax and formatters connected therewith or incidental thereto. The Act ofthe Parliament received the assent of the President on 17[th] March2020 and published in the Gazette of India on 17[th] March 2020. 5. We are informed by the learned counsel for theappellant/assessee that the assessee has already filed therequisite Forms 1 and 2 on 30.12.2020 under Section 4 of theAct and the Department had also issued Form – 3 on https://hcservices.ecourts.gov.in/hcservices/ 06.01.2021. Hence, the learned counsel for the appellant seekspermission of this Court to withdraw the appeal. 6. In view of the submission made by the learned counselfor the appellant, the Tax Case Appeal is dismissed aswithdrawn. No costs. Sd/- Assistant Registrar(CS V) //True Copy// Sub Assistant RegistrarRjTo 1. The Income Tax Appellate Tribunal, Chennai, ''B'' Bench.2. The Commissioner of Income Tax (appeals), Large Tax Payer Unit, IInd Floor, 1775 Jawaharlal Nehru Inner Ring Road, Anna Nagar, Western Extension, Chennai.-600 101.3. The Deputy Commissioner of Income Tax, Large Taxpayer Unit, Chennai – 600 101. 4. The Assistant Commissioner of Income Tax, Large Tax Payer Unit, Chennai-600 101. +1cc to Mr.T.Ravikumar, Advocate Sr.12017 T.C.A.No.70 of 2017 gj[co]srg 22/03/2021 https://hcservices.ecourts.gov.in/hcservices/