M/S.peacock Chennai Finvest Products Pvt. Ltd v. Income Tax Officer,Company Ward -5(1),121, Uthamar Gandhi Salai,Chennai – 600 034

IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED : 21.04.2021 CORAM THE HON'BLE MR.JUSTICE M. DURAISWAMYANDTHE HON'BLE MR.JUSTICE KRISHNAN RAMASAMY Tax Case Appeal No.263 of 2017 M/s.Peacock Chennai Finvest Products Pvt. Ltd.,No.45, Pandian Street,Sankaran Avenue, Velachery,Chennai – 600 042. ... ...Appellant Vs. Income Tax Officer,Company Ward -5(1),121, Uthamar Gandhi Salai,Chennai – 600 034. ... Respondent Tax Case Appeal filed under Section 260A of the Income TaxAct, 1961 against the order of the Income Tax AppellateTribunal, Madras "C" Bench, dated 25.01.2017 passed inI.T.A.No.2000/Mds/2016, Assessment Year 2007-08, appeal againstthe order of the Commissioner of Income Tax(Appeals)-3, 121,M.G.Road, Nungambakkam, Chennai-34 made in ITA.No.108/14-15/CIT(A)-3, date of order 31/03/2016, Assessment year 2007-08. Appealagainst the order of the Deputy Commissioner of Income Tax,Corporate Circle 5(2), 4[th] Floor, Aayakar Bhawan, 121, M.G.Road,Nungambakkam, Chennai-34, made in PAN: order dated24/12/14, Assessment year 2007-08. For Appellant : Mr.N.Quadir HoseynFor Respondent : Mr.T.Ravikumar Senior Standing Counsel J 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 25.01.2017 passed by the Income Tax https://hcservices.ecourts.gov.in/hcservices/ Appellate Tribunal, Madras "C" Bench, ('the Tribunal' forbrevity) in I.T.A.No.2000/Mds/2016 for the assessment year2007-08. The appellant/assessee has raised the followingSubstantial Questions of Law in the above appeal : "1.Whether on the facts and in the circumstancesof the case, the Tribunal was justified in notquashing the assessment order dated 24.12.2014 u/s.143(3) r/w. 147 based on the show-cause notice dated18.12.2014, requiring the assessee to appear on22.12.2014? 2.Whether on the facts and in the circumstancesof the case, the Tribunal was justified in notquashing the assessment order u/s.143(3) r/w. 147dated 24.12.2014 after the return was acceptedu/s.143(1)(a) on 30.10.2007? 3.Whether on the facts and in the circumstancesof the case, the order of the Tribunal wassustainable in law as well as on the facts,especially in the contact of agreement, in holdingthat the provisions of Sec.2(22)(e) are attracted inthe light of Madras High Court decision in CIT vs.Madurai Chettiyar Karthikeyan's case followed by theCIT(A)?” 2. We have heard Mr.N.Quadir Hoseyn, learned counsel for theappellant/assessee and Mr.T.Ravikumar, learned Senior 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-5on 08.04.2021 and the learned counsel for the appellant seekspermission of this Court to withdraw the appeal. https://hcservices.ecourts.gov.in/hcservices/ 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(CS-VII) //True Copy// Sub Assistant Registrar mkn 4. We are informed by the learned counsel for the appellant/assessee that the assessee had already been issued with Form-5on 08.04.2021 and the learned counsel for the appellant seekspermission of this Court to withdraw the appeal. https://hcservices.ecourts.gov.in/hcservices/ 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(CS-VII) //True Copy// Sub Assistant Registrar mkn To1. Income Tax Appellate Tribunal, Madras "C" Bench 2.The Income Tax Officer, Company Ward -5(1), 121, Uthamar Gandhi Salai, Chennai – 600 034.3.The Commissioner of Income Tax(Appeals)-3 121,M.G.Road, Nungambakkam, Chennai-34.4.The Deputy Commissioner of Income Tax, Corporate Circle 5(2), 4[th] Floor, Aayakar Bhawan, 121, M.G.Road, Nungambakkam, Chennai-34.+1cc to Mr.N.Quadir Hoseyn, Advocate, S.R.No.24422+1cc to Mr.T.Ravikumar, Advocate, S.R.No.24203 Tax Case Appeal No.263 of 2017 SR-II(CO)CB(07/07/2021) https://hcservices.ecourts.gov.in/hcservices/