The India Cements Educational Society v. The Dy Director Of Income Tax (Exemptions) 1 Chennai – 34

IN THE HIGH COURT OF JUDICATURE AT MADRASDATED : 27.04.2021 THE HON'BLE MR.JUSTICE M. DURAISWAMYANDTHE HON'BLE MRS.JUSTICE R. HEMALATHA The India Cements Educational SocietyNo.827, Anna Salai,Chennai – 600 002. ...Appellant/RespondentVs. The Dy Director of Income Tax (Exemptions) 1Chennai – 34. ...Respondent/Appellant Tax Case Appeal filed under Section 260A of the Income TaxAct, 1961 against the order of the Income Tax AppellateTribunal, Madras "C" Bench, dated 20.01.2016 passed inI.T.A.No.1525/Mds/2010 against the order dated 19.07.2010 on thefile of the Deputy Director of Income Tax (Exemptions)I, Chennai600 034 made in GIR No. 1604-1/2007-2008 and against the orderdated 29.06.2010 on the file of the Commissioner of Income Tax(Appeals)-XII Chennai 600 034 made in I.T.A.No.205/2009-2010 forthe Assessment year 2007-2008. This appeal filed by the assessee under Section 260A of theIncome Tax Act, 1961 ('the Act' for brevity), is directedagainst the order dated 20.01.2016 passed by the Income TaxAppellate Tribunal, Madras "C" Bench, ('the Tribunal' forbrevity) in I.T.A.No.1525/Mds/2010 for the assessment year2007-08. The above appeal has been admitted on 18.01.2017 on thefollowing Substantial Question of Law: https://hcservices.ecourts.gov.in/hcservices/ "Whether the Tribunal ought to have held thatnon investment of sale consideration in an approvedmode is a violation of section 11(1A) and notviolation of Section 13(1)(c) and hence the capitalgains is taxable under Section 112?” 2. We have heard Mr.R.Venkata Narayanan for M/s.SubbarayaAiyar Padmanabhan, learned counsel for the appellant/assesseeand Mr.J.Narayanaswamy, learned Senior Standing Counsel for therespondent/Revenue. 3. It may not be necessary for this Court to decide theSubstantial Question 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 23.02.2021 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 forthe appellant, the Tax Case Appeal stands dismissed aswithdrawn. No costs. Consequently, connected MiscellaneousPetition is closed. s/d- Assistant Registrar True Copy Sub-Assistant Registrar mknTo 1. Income Tax Appellate Tribunal, Madras "C" Bench 2. The Deputy Director of Income Tax (Exemptions)-1 Chennai – 34. 3. The Commissioner of Income Tax (Appeals)XII Nungambakkam, Chennai 600 034. +1 CC to M/s. Subbaraya Aiyar, Advocate sr 25773. Tax Case Appeal No.826 of 2016 SR(CO)SP(29/06/2021)