Subash Subramanian v. The Principal Commissioner Of Income Tax-1, Chennai

IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED : 23.12.2020 CORAM THE HONOURABLE MR.JUSTICE T.S.SIVAGNANAMandTHE HONOURABLE MRS.JUSTICE V.BHAVANI SUBBAROYAN Tax Case Appeal No.304 of 2018 Subash Subramanian ...Appellant/Appellant Vs The Principal Commissioner of Income Tax-1, Chennai ...Respondent/Respondent APPEAL under Section 260A of the Income Tax Act, 1961against the order dated 31.3.2017 passed by the Income TaxAppellate Tribunal, Madras 'A' (SMC) Bench, Chennai made inI.T.A.No.3406/ Mds/2016 and against the order passed by theCommissioner of Income Tax (Appeals)-2 Chennai 34 dated18.10.2016 made in I.T.A.No.88/CIT(A)-2/2015-2016 and as against the Assessment order passed by Income TaxOfficer, Non Corporate Ward2(4) Chennai dated 31.03.2015 made inPAN/GIR No. EZJPS7395C for the Assessment year 2007-2008.For Appellant: Mr.T.VasudevanFor Respondent: Mr.T.Ravikumar, SSC Judgment was delivered by T.S.SIVAGNANAM,J This appeal has been filed by the assessee under Section260A of the Income Tax Act, 1961 ('the Act' for brevity)challengingtheorderdated31.3.2017madeinI.T.A.No.3406/Mds/2016 on the file of the Income Tax AppellateTribunal, Chennai, 'A' (SMC) Bench ('the Tribunal' for brevity)for the assessment year 2007-08. 2. The appeal was admitted on 11.6.2019 on the followingsubstantial questions of law :“(i) Whether the Tribunal was was rightin law in upholding the estimate of thevalue of the property as on 01.04.1981 underSection 55A by the CIT(A) by enhancement,while there was no mandate under theprovisions prior to the amendment? and https://hcservices.ecourts.gov.in/hcservices/ (ii) Whether the Tribunal was correct inupholding the estimate of value as on01.04.1981, on its premise that the restriction under Section 55A was only onthe AO and not on the powers of CIT(A)?” 3. We have heard Mr.T.Vasudevan, learned counsel appearingfor the appellant/assessee and Mr.T.Ravikumar, 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 19.12.2020 and is awaitingorders to be passed in Form No.3. 5. In the light of the subsequent event, the CompetentAuthority shall process the application/declaration inaccordance with the Direct Tax Vivad Se Vishwas Act, 2020 (Act 3of 2020) and pass appropriate orders as expeditiously aspossible. The assessee is given liberty to restore this appealin the event the ultimate decision to be taken on thedeclaration filed by the assessee under Section 4 of the saidAct is not in favour of the assessee. If such a prayer is made,the Registry shall entertain the prayer without insisting uponany application to be filed for condonation of delay inrestoration of the appeal and on such request made by theassessee by filing a miscellaneous petition for restoration, theRegistry shall place such petition before the appropriateDivision 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. -s/d- Assistant Registrar(CS-II) True Copy Sub-Assistant Registrar To 1.The Income Tax Appellate Tribunal, 'A' (SMC) Bench, Chennai. 2.The Principal Commissioner of Income Tax-1, Chennai 3.The Commissioner of Income Tax (Appeals)-2Chennai 34.Chennai 34. 4.The Income Tax OfficerNon Corporate Ward 2(4) Chennai Copy toThe Assistant RegistrarAE MainHigh Court, Madras 104. +1 CC to Mr.T.Ravikumar, Advocate sr 42835. RP(CO)SP(29/01/2021) TCA.No.304 of 2018