Price Waterhouse & Co., Chennai-6 v. The Principal Commissioner Of Income Tax

IN THE HIGH COURT OF JUDICATURE AT MADRASDATED : 17.12.2020 CORAM THE HONOURABLE MR.JUSTICE T.S.SIVAGNANAMand THE HONOURABLE MRS.JUSTICE V.BHAVANI SUBBAROYANTax Case Appeal No.511 of 2018 Price Waterhouse & Co.,Chennai-6 ...AppellantVs The Principal Commissioner of Income Tax-5, 121,Mahathma Gandhi Road,Chennai ...Respondent APPEAL under Section 260A of the Income Tax Act, 1961against the order dated 21.9.2017 passed by the Income TaxAppellate Tribunal, Madras 'C' Bench, Chennai made inI.T.A.No.229/Mds/2017 for the assessment year 2010-11 appealagainst the order by the office of the Commissioner of IncomeTax Appeals 4,Chennai 34 dated 31.10.2016 made inITA.NO.88/2015-2016/ Assessment Year 2010-11/CIT(A)-41 for theAssessment Year 2010-2011. For Appellant: Mr.N.V.BalajiFor Respondent: Mr.T.Ravikumar, SSC Judgment was delivered by T.S.SIVAGNANAM,JThis appeal has been filed by the assessee under Section260A of the Income Tax Act, 1961 ('the Act' for brevity)challengingtheorderdated21.9.2017madeinI.T.A.No.229/Mds/2017 on the file of the Income Tax AppellateTribunal, Chennai, 'C' Bench ('the Tribunal' for brevity) forthe assessment year 2010-11. 2. The appeal was admitted on 16.8.2018 on the followingsubstantial questions of law :“1. Whether,underfactsandcircumstances of the case, the Tribunal wasright in holding that the reopening of theassessment is valid?2. Is the finding of the Tribunal thatthere was no change of opinion not perverseparticularly when the reopening was madebased on the material available before theAssessing Officer, which were examined inthe course of original assessment?” 3. We have heard Mr.N.V.Balaji, learned counsel for theappellant/assessee and Mr.T.Ravikumar, learned Senior StandingCounsel appearing for the respondent/Revenue. 4. The learned counsel on behalf of the assessee submitsthat the assessee already filed the declaration/undertakingunder the Vivad Se Vishwas Scheme on 04.12.2020 and orders werepassed on 15.12.2020 in Form No.3. 5. In the light of the subsequent event, the assessee isgiven liberty to restore this appeal in the event the ultimatedecision taken on the declaration filed by the assessee underSection 4 of the said Act is not in favour of the assessee. Ifsuch a prayer is made, the Registry shall entertain the prayerwithout insisting upon any application to be filed forcondonation of delay in restoration of the appeal and on suchrequest made by the assessee by filing a miscellaneous petitionfor restoration, the Registry shall place such petition beforethe appropriate Division Bench for orders.6. The tax case appeal stands disposed of with theaforementioned liberty. Consequently, the substantial questionsof law framed are left open. No costs. //True Copy// Sd/- Assistant Registrar(CS) Sub Assistant Registrar To 1.The Income Tax Appellate Tribunal, 'C' Bench, Chennai. 2.The Principal Commissioner of Income Tax-5, 121,Mahathma Gandhi Road,Chennai 3.The Commissioner of Income Tax Appeals 4,121,Mahathma Gandhi Road,Chennai. +1cc to Mr.T.Ravi Kumar , Advocate SR.No. 42461TCA.No.511 of 2018A.SK(17.02.2021).