V.SIVAKUMAR vs. INCOME TAX OFFICER

TCA.No.251 of 2019 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED : 18.11.2020 CORAM THE HONOURABLE MR.JUSTICE T.S.SIVAGNANAM and THE HONOURABLE MRS.JUSTICE PUSHPA SATHYANARAYANA Tax Case Appeal No.251 of 2019

V.Sivakumar ...Appellant Vs The Income Tax Officer, International Taxation 2(2), 121, M.G.Road, Chennai-34. ...Respondent APPEAL under Section 260A of the Income Tax Act, 1961 against the order dated 22.5.2015 passed by the Income Tax Appellate Tribunal, Madras 'D' Bench, Chennai made in I.T.A.No.3074/Mds/2014 for the assessment year 2007-08. For Appellant: Mr.R.Sivaraman For Respondent: Mr.Karthik Ranganathan, SC Judgment was delivered by

T.S.SIVAGNANAM

This appeal has been filed by the assessee under Section 260A of the Income Tax Act, 1961 ('the Act' for brevity) challenging the order 1/4 http://www.judis.nic.in TCA.No.251 of 2019 dated 22.5.2015 made in I.T.A.No.3074/Mds/2014 on the file of the Income Tax Appellate Tribunal, Chennai, 'D' Bench ('the Tribunal' for brevity) for the assessment year 2007-08. 2. The assessee preferred this appeal by raising the following substantial question of law: “Whether,

the

facts

and circumstances of the case, the Tribunal was correct in law in restricting the exemption under Section 54F of the Income Tax Act, 1961 to 1/3rd of the total investment made in the purchased property especially when it was proved that the investment to the extent of Rs.65,75,698/- was paid out of the sole funds of the appellant ?” 3. We have heard Mr.R.Sivaraman, learned counsel appearing on behalf of the appellant/assessee and Mr.Karthik Ranganathan, learned Standing Counsel appearing for the respondent/Revenue. 4. The learned counsel on behalf of the appellant/assessee submits that the appellant/assessee already filed the declaration/ undertaking under the Vivad Se Vishwas Scheme on 04.9.2020 and is awaiting orders to be passed in Form No.3. 5. In the light of the subsequent event, the Competent Authority shall process the application/declaration in accordance with the Direct 2/4 http://www.judis.nic.in TCA.No.251 of 2019 Tax Vivad Se Vishwas Act, 2020 (Act 3 of 2020) and pass appropriate orders as expeditiously as possible. The assessee is given liberty to restore this appeal in the event the ultimate decision to be taken on the declaration to be filed by the assessee under Section 4 of the said Act is not in favour of the assessee. If such a prayer is made, the Registry shall entertain the prayer without insisting upon any application to be filed for condonation of delay in restoration of the appeal and on such request made by the assessee by filing a miscellaneous petition for restoration, the Registry shall place such petition before the appropriate Division Bench for orders. 6. The tax case appeal stands disposed of with the aforementioned liberty and Consequently, the substantial question of law is left open. No costs. 18.11.2020 To 1.The Income Tax Appellate Tribunal, 'D' Bench, Chennai. 2.The Income Tax Officer, International Taxation 2(2), Chennai-34. RS 3/4 http://www.judis.nic.in TCA.No.251 of 2019 T.S.SIVAGNANAM,J AND PUSHPA SATHYANARAYANA,J RS TCA.No.251 of 2019 18.11.2020 4/4 http://www.judis.nic.in