Tca/798/2010 Of Smt.s.usha v. The Income Tax Officer

IN THE HIGH COURT OF JUDICATURE AT MADRASDATED: 24.02.2021 CORAM THE HON'BLE MR.JUSTICE M. DURAISWAMYANDTHE HON'BLE MRS.JUSTICE T.V. THAMILSELVI TAX CASE APPEAL NO.798 OF 2010 The Income Tax Officer,Ward – II(1),Kovai – 641 018. ...Respondent Tax Case Appeal filed under Section 260A of the Income TaxAct, 1961 against the order of the Income Tax AppellateTribunal, Chennai "B" Bench, dated 24.09.2009 passed inI.T.A.No.197/Mds/2009 preferred against the order of theCommissioner of Income Tax (Appeals)-I, Coimbatore order dated12.12.2008 made in Appeal No.234/2007-08 preferred against theorder of the Income Tax Officer, Ward II(1), Coimbatore, orderdated 04/01/2008 made in PAN No. for the AssessmentYear 2005-06. This appeal filed by the assessee under Section 260A of theIncome Tax Act, 1961 ('the Act' for brevity), is directedagainst the order dated 24.09.2009 passed by the Income TaxAppellate Tribunal, Chennai "B" Bench, ('the Tribunal' forbrevity) in I.T.A.No.197/Mds/2009 for the assessment year 2005-2006. The above appeal has been admitted on 10.08.2010 on thefollowing Substantial Questions of Law: “(1)Whether on the facts and in the circumstancesof the case, the Income Tax Appellate Tribunal wasright in law in upholding the jurisdiction of theAssessing Officer to reopen the assessment underSection 147? https://hcservices.ecourts.gov.in/hcservices/ (2)Whether on the facts and in the circumstancesof the case, the Income Tax Appellate Tribunal wasright in law in holding that Long Term Capital Gainshad arisen in the Assessment Year 2005-2006, inrespect of transfer of the property under the SaleDeed dated 7.5.2004 without considering theapplicability of Section 2(47)(v) of the Income TaxAct, 1961, read with Section 53A of Transfer ofProperty Act, 1882 with reference to the agreementdated 21.01.2000 read with supplementary agreementdated 7.12.2001? (3)Whether on the facts and in the circumstancesof the case the income Tax Appellate Tribunal wasright in law in holding that Section 50C of Income TaxAct, 1961 is applicable in respect of transfer of theproperty under the Sale Deed dated 7.5.2004 withoutconsidering the Sale Deed applicability of Section 2(47)(v) of Income Tax Act, 1961. read with Section 53Aof Transfer of Property Act, 1882 with reference tothe agreement dated 21.1.2000 read with Sale deeddated 7.5.2004 without considering the applicabilityof Section 2(47)(v) of Income Tax Act, 1961 read withSection 53A of Transfer of Property Act, 1882 withreference to the agreement dated 21.1.2000 read withsupplementary agreement dated 7.12.2001? (4)Whether on the facts and in the circumstancesof the case and in view of the applicability of theobligations cast upon the parties, under the IndianContract Act and Specific Relief Act, the saleconsideration agreed to on 21.1.2000 could beartificially deemed on an enhanced amount underSection 50C, especially when the provisions of Section50C were not existing as on the date of Sale Agreementdated 21.1.2000 when it was entered into between theparties? (5)Whether on the facts and in the circumstancesof the case the Income Tax appellate Tribunal wasright in law in holding that Fair Market Value as on1.4.1981 has to be adopted as per the guideline value?” 2. We have heard Mr.M.P.Senthil Kumar, learned counsel forthe appellant/assessee and Mr.T.R.Senthil Kumar, learned SeniorStanding Counsel for the respondent/Revenue. (5)Whether on the facts and in the circumstancesof the case the Income Tax appellate Tribunal wasright in law in holding that Fair Market Value as on1.4.1981 has to be adopted as per the guideline value?” 2. We have heard Mr.M.P.Senthil Kumar, learned counsel forthe appellant/assessee and Mr.T.R.Senthil Kumar, learned SeniorStanding Counsel for the respondent/Revenue. 3. It may not be necessary for this Court to decide theSubstantial Questions of Law framed for consideration on accountof certain subsequent developments. The Government of Indiaenacted the Direct Tax Vivad Se Vishwas Act, 2020 (Act 3 of2020) to provide for resolution of disputed tax and for mattersconnected therewith or incidental thereto. The Act of theParliament received the assent of the President on 17[th] March2020 and published in the Gazette of India on 17[th] March 2020. 4. We are informed by the learned counsel for the appellant/assessee that the assessee had already been issued with Form-3on 29.01.2021 and the learned counsel for the appellant seekspermission of this Court to withdraw the appeal. 5. In view of the submission made by the learned counsel for the appellant, the Tax Case Appeal stands dismissed aswithdrawn. No costs. Sd/- Assistant Registrar(CS IV)//True Copy// mkn Sub Assistant Registrar To 1.Income Tax Appellate Tribunal, Chennai "B" Bench 2.The Income Tax Officer, Ward – II(1), Kovai – 641 018. 3.The Commissioner of Income Tax(Appeals)-I, Coimbatore. +1cc to Mr.M.P.SenthilKumar, Advocate, S.R.No.11303 +1cc to Mr.T.R.Senthil Kumar, Advocate, S.R.No.11078 CP(CO)KKV/19/03/2021