R.lakshminarayanamoorthy9 v. The Commissioner Of Income Tax,Coimbatore

IN THE HIGH COURT OF JUDICATURE AT MADRAS THE HON'BLE MR.JUSTICE M. DURAISWAMYANDTHE HON'BLE MRS.JUSTICE R. HEMALATHA Tax Case Appeal No.628 of 2019 R.Lakshminarayanamoorthy9/66, Gandhi Nagar,G.M. Mills Post, Thudiyalur,Coimbatore – 641 029. ...Appellant Vs. The Commissioner of Income Tax,Coimbatore. ... Respondent Tax Case Appeal filed under Section 260A of the IncomeTax Act, 1961 against the order of the Income Tax AppellateTribunal, Madras "D" Bench, dated 03.07.2019 passed inI.T.A.No.2783/Chny/2018. Against the Order of the Commissioner of Income Tax(Appeals)-1, Coimbatore dated 27/08/2018 passed in Appeal No.155/16-17 against the order of the Deputy Commissioner ofOrder of the Deputy Commissioner of Income Tax, CorporateCircle – 1, Coimbatore dated 29/11/2016 vide P.A.No.G.I.R.No.AATPL4105E for the Assessment Year 2011-12. This appeal filed by the assessee under Section 260A ofthe Income Tax Act, 1961 ('the Act' for brevity), is directedagainst the order dated 03.07.2019 passed by the Income TaxAppellate Tribunal, Madras "D" Bench, ('the Tribunal' forbrevity) in I.T.A.No.2783/Chny/2018 for the assessment year2011-12. The above appeal has been admitted on 28.08.2019 onthe following Substantial Question of Law: "Whether the Appellate Tribunal is right inlaw in holding that the amounts received by theappellant from the company Chroma Print (India)Pvt. Ltd. for whose credit limits from the Bank thehttps://hcservices.ecourts.gov.in/hcservices/ appellant had mortgaged all his properties ascollateral security and furnished a personalguarantee are eligible to tax as “deemed divided”within the meaning of Section 2(22)(e) of the Act?” 2. We have heard Mr.R.Kumar, learned counsel for theappellant/assessee and Mr.T.R.Senthil Kumar, learned SeniorStanding Counsel and Mrs.K.G.Usha Rani, learned StandingCounsel for the respondent/Revenue. 3. It may not be necessary for this Court to decide theSubstantial Question 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 21.12.2020 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 (CS-V)//True Copy// mkn Sub Assistant Registrar To 1. Income Tax Appellate Tribunal, Madras "D" Bench 3.The Commissioner of Income Tax, Appeals-1, Coimbatore. 4.The Deputy Commissioner of Income Tax, Corporate Circle – 1, Coimbatore. NRL(CO)https://hcservices.ecourts.gov.in/hcservices/GN(02/07/2021)