M/S.tamil Nadu Petroproducts Ltd v. The Assistant Commissioner Of Income Tax,Large Taxpayer Unit,Chennai – 600 101

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.104 of 2017andC.M.P.No.2020 of 2017 M/s.Tamil Nadu Petroproducts Ltd.,9, Manali Express Road,Manali,Chennai – 600 068. ...Appellant Vs. The Assistant Commissioner of Income Tax,Large Taxpayer Unit,Chennai – 600 101. ... 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 22.01.2016 passed inI.T.A.No.904/Mds/2011, Assessment Year 2001-02, against theorder dt 28/02/11 made in ITA 17/10-11/LTU(A) on the file of theCommissioner Income Tax(Appeals) Large Taxpayer Unit, Chennaiand against the order dt 11/11/10 made in GINOPANO AAACT1295M inthe file of the Deputy Commissioner of Income Tax Large TaxpayerUnit Chennai for the Assessment year 2001-02. For Appellant : Mr.R.Venkata Narayanan for M/s.Subbaraya Aiyar Padmanabhan This appeal filed by the assessee under Section 260A of theIncome Tax Act, 1961 ('the Act' for brevity), is directedagainst the order dated 22.01.2016 passed by the Income TaxAppellate Tribunal, Madras "C" Bench, ('the Tribunal' forbrevity) in I.T.A.No.904/Mds/2011 for the assessment year 2001- https://hcservices.ecourts.gov.in/hcservices/ 02. The appellant/assessee has raised the following SubstantialQuestions of Law in the above appeal: "1.Whether on the facts and circumstances of thecase and in law the Tribunal was right in holdingthat reassessment proceedings is valid withoutconsidering the findings given by the CIR (Appeals)? 2.Whether on facts and circumstances of the caseand in law, an assessment can be reopened on thebasis of 'borrowed satisfaction' in the absence ofindependent belief by the assessing officer havingjurisdiction over the assessee? 3.Whether on the facts and circumstances of thecase, the Income Tax authorities at Bombay whoallowed deduction of revenue expenditure in the handsof payer i.e. CIBA India Ltd., can direct theAssessing Officer having jurisdiction over Assesseeto tax the receipt as income? 4.Whether the reopening of assessment to tax thecompensation received as revenue receipt would notamount to change of opinion when there is a fulldisclosure in the return of income?” 2. We have heard Mr.R.Venkata Narayanan for M/s.SubbarayaAiyar Padmanabhan, learned counsel for the appellant/assesseeand Mr.T.Ravikumar, learned Senior Standing Counsel for therespondent/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 11.01.2021 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. Consequently, connected miscellaneouspetition is closed. Sd/- Assistant Registrar(CCC) //True Copy// Sub Assistant Registrar mknTo 1.Income Tax Appellate Tribunal, Madras "C" Bench.2.The Commissioner of Income Tax,(Appeals) Large Taxpayer Unit, Chennai-600 101. 4. We are informed by the learned counsel for the appellant/assessee that the assessee had already been issued with Form-3on 11.01.2021 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. Consequently, connected miscellaneouspetition is closed. Sd/- Assistant Registrar(CCC) //True Copy// Sub Assistant Registrar mknTo 1.Income Tax Appellate Tribunal, Madras "C" Bench.2.The Commissioner of Income Tax,(Appeals) Large Taxpayer Unit, Chennai-600 101. 3.The Deputy Commissioner of Income Tax, Large Tax Payer Unit, Chennai.4.The Assistant Commissioner of Income Tax, Large Taxpayer Unit, Chennai – 600 101.+1cc to Mr.Subbaraya Aiyar, Advocate, S.R.No.24191+1cc to Mr.T.Ravi Kumar, Advocate, S.R.No.24202 Tax Case Appeal No.104 of 2017RSV(CO)CB(25/06/2021) https://hcservices.ecourts.gov.in/hcservices/