M/S.ttk Healthcare Ltd6, Cathedral Roadchennai – 600 086 v. The Assistant Commissioner Of Income Taxcompany Circle – Iii (2),Chennai

IN THE HIGH COURT OF JUDICATURE AT MADRAS CORAM THE HON'BLE MR.JUSTICE M. DURAISWAMYANDTHE HON'BLE MRS.JUSTICE R. HEMALATHA Tax Case Appeal No.357 of 2012 M/s.TTK Healthcare Ltd6, Cathedral RoadChennai – 600 086. ...Appellant Vs. The Assistant Commissioner of Income TaxCompany Circle – III (2),Chennai. ... Respondent Tax Case Appeal filed under Section 260A of the IncomeTax Act, 1961 against the order of the Income Tax AppellateTribunal, Madras "C" Bench, dated 13.10.2011 passed inI.T.A.No.1427/Mds/10 against the order of the Commissioner ofIncome Tax (Appeals)-II, Chennai-34 in ITA No.574/09-10 AIIIdated 30.06.2010 for the Assessment Year 2007-08, against theAssessment order of the Deputy Commissioner of Income Tax,Company Circle III(4), Chennai for the Assessment Year 2007-08 dated 29.12.2009. For Appellant : Mr.R.Venkata Narayanan for M/s.Subbaraya Aiyar Padmanabhan For Respondent : Mrs.V.Pushpa Standing Counsel This appeal filed by the assessee under Section 260A ofthe Income Tax Act, 1961 ('the Act' for brevity), is directedagainst the order dated 13.10.2011 passed by the Income TaxAppellate Tribunal, Madras "C" Bench, ('the Tribunal' forbrevity) in I.T.A.No.1427/Mds/10 for the assessment year2007-08. The above appeal has been admitted on 01.02.2013 onthe following Substantial Questions of Law: "1.Whether on the facts and in thecircumstances of the case, the Tribunal washttps://hcservices.ecourts.gov.in/hcservices/right in law in holding that the non- recoverable earnest money deposits which werewritten off is not an allowable deduction ? 2.Whether on the facts and in thecircumstances of the case, the Tribunal wasright in law in holding that appellant is notentitled to set off carried forwardbusiness/capitallossandunabsorbeddepreciation of the amalgamating companies interms of provisions of Sec.72A read with Rule 9C?” 2. We have heard Mr.R.Venkata Narayanan for M/s.SubbarayaAiyar Padmanabhan, learned counsel for the appellant/assesseeand Mrs.V.Pushpa, learned Standing Counsel for therespondent/Revenue. 3. 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]March 2020 and published in the Gazette of India on 17[th] March2020. 4. We are informed by the learned counsel for theappellant/ assessee that the assessee had already been issuedwith Form-3 on 03.05.2021 and the learned counsel for theappellant seeks permission of this Court to withdraw theappeal. 5. In view of the submission made by the learned counselfor the appellant, the Tax Case Appeal stands dismissed aswithdrawn. No costs. Sd/-Assistant Registrar(IX) //True copy// Sub Assistant Registrar To 1.The Registrar, Income Tax Appellate Tribunal, Madras "C" Bench 2. The Assistant Commissioner of Income Tax, Company Circle – III(2) Company Circle – III(2) 3.The Assistant Commissioner of Income Tax Company Circle – III (2), Chennai. Company Circle – III (2), Chennai. Tax Case Appeal No.357 of 2012 PPA(CO)GMY(22/07/2021)