Shriram Chits Tamilnadu (P) Ltd v. The Acit, Income Tax Officer,Company Circle Vi(2)

THE HON'BLE MR. JUSTICE T.S.SIVAGNANAMand THE HON'BLE MR. JUSTICE N.SATHISH KUMAR Shriram Chits Tamilnadu (P) Ltd.,No.149, Greams Road,Mount Road, Chennai – 6. ...Appellant Vs The ACIT, Income Tax Officer,Company Circle VI(2),No.121, Nungambakkam High Road,Chennai – 600 034. ...Respondent Tax Case Appeal is filed under Section 260-A of the IncomeTax Act, 1961 (for brevity 'the Act') against the order of theIncome Tax Appellate Tribunal, Chennai 'C' Bench, dated15.03.2011 in ITA No.1661/Mds/2010. And against the Commissioner of Income Tax(Appeals)-V,Chennai 34 and made in I.T.A.No.358/2009-10 dated 18.08.2010 andagainst Income Tax Department PAN No. , Circle CompanyCircle-VI(2) in the Assessment year 2007-08. This Tax Case Appeal is filed by the assessee underSection 260-A of the Income Tax Act, 1961 (for brevity 'theAct') against the order of the Income Tax Appellate Tribunal,Chennai 'C' Bench, dated 15.03.2011 in ITA No.1661/Mds/2010. https://hcservices.ecourts.gov.in/hcservices/ 2.Heard Mr.R.Sivaraman, learned counsel for theappellant and Mr.T.R.Senthil Kumar, learned Senior StandingCounsel for the respondents. 3. This tax case appeal filed by the assessee has beenadmitted on the following substantial question of law:“Whether in law, the dividends received by theappellant as a chit subscriber, is exempt fromtaxation on grounds of mutuality between all thechit subscribers including the appellant?” 4. Identical question was considered by this Court in abatch of cases in respect of assessee's sister concern engaged inidentical business activity in T.C.(A).Nos.141 of 2004 etc.,batch dated 30.03.2012 (Shriram Chits & Investments (P) Ltd., andothers vs. The Assistant Commissioner of Income Tax and others). 5. The Division Bench of this Court, by the said judgment,rejected the said question on the ground that the assessee hasnot made any serious argument and thus, given up the saidquestion regarding mutuality. 6. Thus, following the decision of the Hon'ble DivisionBench of this Court in the aforementioned judgement in the caseof the sister concern of the petitioner rejecting the identicalquestion, we dismiss this appeal and answer the SubstantialQuestion of Law against the assessee. No costs. Sd/- Assistant Registrar(CO) //True Copy// Sub Assistant Registrar 1. The Income Tax Appellate Tribunal, 'C' Bench, Chennai. 2. The Commissioner of Income Tax (Appeals)-V, Chennai 34. +1 cc to Mr.T.R.Senthilkumar, Advocate Sr.No.81298 RR9CO)CSL/26.12.2018 T.C.(A).No.233 of 2011