M/S.laurel Apparels v. The Assistant Commissioner Of Income Tax, Circle – I, Chennai

IN THE HIGH COURT OF JUDICATURE AT MADRASDATED : 05.03.2021 CORAM THE HON'BLE MR.JUSTICE M. DURAISWAMYANDTHE HON'BLE MRS.JUSTICE T.V. THAMILSELVITax Case Appeal No.876 of 2014 M/s.Laurel Apparels,No.10, Anna Nagar, KPN Colony,Tirupur – 641 601. ...Appellant /AppellantVs. The Assistant Commissioner of Income Tax,Circle – I,Chennai. ...Respondent/RespondentTax Case Appeal filed under Section 260A of the Income TaxAct, 1961 against the order of the Income Tax AppellateTribunal, Madras "A" Bench, dated 21.02.2014 passed inI.T.A.No.759/Mds/2008. Against the proceedings of the commissioner of Income Tax-III, coimbatore, dated 11/02/2008 in C.No.320(7)/2007-08/CIT-III/CBE against the Assessment order, dated 31/03/2006 and madein PAN/GIR/No.AABFL085F of the Assistant Commissioner of IncomeTax Circle I, Tiruppur for the Assessment Year 2003-04. For Appellant : Mr.R.Sivaraman For Respondent : Mr.T.R.Senthil Kumar Senior Standing Counsel and Mrs.K.G.Usha Rani Standing CounselJ U D G M E N T(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 21.02.2014 passed by the Income TaxAppellate Tribunal, Madras "A" Bench, ('the Tribunal' forbrevity) in I.T.A.No.759/Mds/2008 for the assessment year 2003- https://hcservices.ecourts.gov.in/hcservices/ 2004. The above appeal has been admitted on 11.11.2014 on thefollowing Substantial Questions of Law: "1.Whether on the facts and circumstances of thecase, the Income Tax Appellate Tribunal was right inlaw in upholding the action of the Commissioner ofIncome Tax under Section 263 of the Income Tax Actwhen there are two views are possible in completingthe assessment ? 2.Whether on the facts and circumstances of thecase, the Income Tax Appellate Tribunal was right inlaw in holding that the order of the Commissioner ofIncome Tax is valid holding that the AssessingOfficer's order was erroneous and prejudicial to theinterest of Revenue and holding that the disallowanceof the claim of deduction under Section 80IB inrespect of duty drawback receipts was right? 3.Whether on the facts and circumstances of thecase, the Income Tax Appellate Tribunal was right inlaw in just confirming the order of the Commissionerof Income Tax under Section 263 without evenadverting the submissions made by the appellant andwithout rendering any finding to the fact whetherduty draw back is entitled to the deduction underSection 80IB of the Act? 4.Whether on the facts and circumstances of thecase, the Income Tax Appellate Tribunal was right inholding that duty draw back receipt cannot beconstrued as profits derived from industrialundertaking eligible for deduction under Section80IB?” 2. We have heard Mr.R.Sivaraman, learned counsel for theappellant/assessee and Mr.T.R.Senthil Kumar, learned SeniorStanding Counsel and Mrs.K.G.Usha Rani, learned StandingCounsel, for the respondent/Revenue. 3. It may not be necessary for this Court to decide theSubstantial Questions 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 17[th] March2020 and published in the Gazette of India on 17[th] March 2020. 4. We are informed by the learned counsel for the appellant/assessee that the assessee had already been issued with Form-3on 16.02.2021 and the learned counsel for the appellant seekspermission of this Court to withdraw the appeal. 5. In view of the submission made by the learned counsel forthe appellant, the Tax Case Appeal stands dismissed aswithdrawn. No costs. 4. We are informed by the learned counsel for the appellant/assessee that the assessee had already been issued with Form-3on 16.02.2021 and the learned counsel for the appellant seekspermission of this Court to withdraw the appeal. 5. In view of the submission made by the learned counsel forthe appellant, the Tax Case Appeal stands dismissed aswithdrawn. No costs. Sd/- Assistant Registrar //True Copy// Sub Assistant RegistrarmknTo1. Income Tax Appellate Tribunal, Madras "A" Bench 2.The Assistant Commissioner of Income Tax, Circle – I, Chennai.3. The Commissioner of Income Tax-III,No.63 Race Course, Coimbatore-641 018.4. The Assistant Commissioner of Income Tax,Circle I, Tiruppur.+1 cc to M/s.T.R.Senthil kumar, Advocate Sr.No. 14118Tax Case Appeal No.876 of 2014GJ(CO)RMP(16/04/2021)