Shri N Ragothamanprop.ravi Jewelleryno v. The Income Tax Officernon Corporate Ward – 2(3)Chennai

IN THE HIGH COURT OF JUDICATURE AT MADRASDATED : 11.11.2021 THE HON'BLE MR. JUSTICE R.MAHADEVANAND THE HON'BLE MR. JUSTICE MOHAMMED SHAFFIQ Tax Case Appeal No.815 of 2018 Shri N RagothamanProp.Ravi JewelleryNo.1, Prakasham RoadT.Nagar, Chennai – 600 017PAN: AAFPR6790K .. Appellant Versus The Income Tax OfficerNon Corporate Ward – 2(3)Chennai .. Respondent Tax Case Appeal filed under Section 260A of the Income TaxAct, 1961 against the order of the Income Tax AppellateTribunal, “D” Bench, Chennai, dated 03.04.2018 passed inI.T.A.Nos. 220/Chny/2017 against the order of Commissioner ofIncome Tax (Appeals)-2, Chennai-34, dated 31.10.2016 inITA.No.242/CIT(A)-2/2014-15, and arising out of the Assessmentorder of Income Tax Officer, Non Corporate Ward 2(3), Chennai,dated 24.02.2015 in PAN/GIR.No. . (Judgment was delivered by R. MAHADEVAN, J.) This Tax Case Appeal has been filed by theappellant/assessee challenging the order dated 03.04.2018 passedby the Income Tax Appellate Tribunal, "D" Bench, Chennai ('theTribunal' for brevity) in I.T.A.No. 220/Chny/2017 for theassessment year 2012-13. https://hcservices.ecourts.gov.in/hcservices/ 2.The above appeal was admitted on 16.11.2018 on thefollowing substantial questions of law: “1.Whether the provisions of Section 139(5) ofthe Act permit the filing of the revised return ofincome within the stipulated time prescribed inrelation thereto for rectifying the mistakes,omissions and wrong statement in the original returnof income filed u/s. 139(1) of the Act? 2.Whether the Appellate Tribunal is correct inrejecting the valid revised return of income withinthe scope of section 139(5) of the Act while the saidvalid revised return of income effaced/replaced theoriginal return of income? 3.Whether the Appellate Tribunal is justified inmisreading the sworn statement of the Appellantrecorded at the time of survey for making the entiresales quantified in the light of the deficit stockarrived at based on the purchase/stock register whilethe profit element embedded in such sales would standthe test of the principles of real income theory?” 3. When the matter was taken into consideration, the learnedcounsel appearing for the appellant/assessee submitted thatdurting the pendency of this tax case appeal, the assessee hasfiled the requisite Forms 1 and 2 under Section 4(1) of theDirect Tax Vivad Se Vishwas Act, 2020 which were accepted andForm 3 was issued to the assessee on 19.02.2021 by the IncomeTax Department. The learned counsel has also filed a memo dated21.10.2021 to that effect. 4. The aforesaid submission made by the learned counsel forthe appellant/assessee has also been fairly conceded by thelearned senior standing counsel appearing for therespondent/Revenue. 5.This court heard the submissions made by the learnedcounsel on either side, as per which, the assessee has alreadyavailed the benefit conferred under the beneficial legislationviz., the Direct Tax Vivad Se Vishwas Act, 2020 enacted forresolution of disputed tax and for matter connected therewith or https://hcservices.ecourts.gov.in/hcservices/ incidental thereto, which came into force with effect from17.03.2020; and the declarations submitted by the assessee werealso accepted and Form 3 was also issued to them by the IncomeTax Department. In view of such development, it is unncessaryfor this court to decide the substantial question of law arisenin this tax case appeal. 6.Therefore, recording the submissions so made by thelearned counsel on either side, this appeal stands disposed of,directing the department to process the application at theearliest in accordance with the Act and communicate the decisionto the assessee at the earliest. No costs. Sd/- Assistant Registrar(CS IX) //True Copy// Sub Assistant Registrar dhk https://hcservices.ecourts.gov.in/hcservices/ incidental thereto, which came into force with effect from17.03.2020; and the declarations submitted by the assessee werealso accepted and Form 3 was also issued to them by the IncomeTax Department. In view of such development, it is unncessaryfor this court to decide the substantial question of law arisenin this tax case appeal. 6.Therefore, recording the submissions so made by thelearned counsel on either side, this appeal stands disposed of,directing the department to process the application at theearliest in accordance with the Act and communicate the decisionto the assessee at the earliest. No costs. Sd/- Assistant Registrar(CS IX) //True Copy// Sub Assistant Registrar dhk To1. The Income Tax Appellate Tribunal “D” Bench, Chennai2. The Income Tax Officer Non Corporate Ward – 2(3) Chennai – 34.3. The Commissioner of Income Tax (Appeals)-2, Chennai – 600 034. 4. The Assistant Registrar, Income Tax Appellate Tribunal, III Floor, Shastri Bhavan, Besant Nagar, Chennai – 600 090. Tax Case Appeal No.815 of 2018 PL[co]NSK 25/01/2022