M/S.national Trust Housing Finance Ltd v. The Assistant Commissioner Of Income Tax, Company Circle – Iv(4), Chennai – 34

IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 25.03.2021 CORAM THE HON'BLE MR.JUSTICE M. DURAISWAMYANDTHE HON'BLE MRS.JUSTICE T.V. THAMILSELVI Tax Case Appeal No.283 of 2012 M/s.National Trust Housing Finance Ltd.,73, Armenian Street,Chennai – 600 001. ... Appellant/AppellantVs. The Assistant Commissioner of Income Tax,Company Circle – IV(4),Chennai – 34. ... Respondent/Respondent Appeal filed under Section 260A of the Income Tax Act, 1961against the order of the Income Tax Appellate Tribunal, Madras"C" Bench,Chennaidated29.09.2011passedinI.T.A.No.493/Mds/2011 against the proceeding of the office ofthe Commissioner of Income Tax (Appeals) V, Chennai-34 in I.T.A.No. 167/2007-2008 dated 25.08.2010 against the AssistantCommissioner of Income Tax Company Circle IV(4) Chennai for theAssessment year 2005-2006 dated 03.12.2007 in PAN/ACK No. . For Appellant : Mr.R.VenkatanarayananFor Respondent : Mr.Karthick Ranganathan, Senior Standing Counsel This appeal filed by the assessee under Section 260A of theIncome Tax Act, 1961 ('the Act' for brevity), is directedagainst the order dated 29.09.2011 passed by the Income TaxAppellate Tribunal, Madras "C" Bench, ('the Tribunal' forbrevity) in I.T.A.No 493/Mds/2011 for the assessment year 2005-06. 2.The above appeal was admitted on the followingSubstantial Question of Law: “Whether on the facts and in the circumstances ofthe case, the Income Tax Appellate Tribunal was right https://hcservices.ecourts.gov.in/hcservices/ in law in holding that the appellant is not entitledto deduction under Section 36(1)(viii) of the IncomeTax Act, 1961 in respect of interest income on shortterm investments in ICD, FDR's with banks, billdiscounting, money market instruments and mutualfunds?” 3.We have heard Mr.R.Venkatanarayanan, learned counsel forthe appellant/assessee and Mr.Karthick Ranganathan, learnedSenior Standing Counsel for the respondent/Revenue. 4.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. 5.We are informed by the learned counsel for the appellant/assessee that the assessee had already been issued with Form – 3on 01.03.2021 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. s/d- Assistant Registrar True Copy Sub-Assistant Registrar vaTo 1. Income Tax Appellate Tribunal, Madras "C" Bench 2.The Assistant Commissioner of Income Tax,Company Circle – IV(4),Chennai – 34. 3. The Assistant Commissioner of Income Tax (Appeals)V, Chennai 34. +1 CC to M/s. Subbaraya Aiyar, Advocate sr 19735. RK(CO)SP(29/06/2021)