D.JAYARAMAN vs. THE ASSISTANT COMMISSIONER O

TCA.No.252 of 2021 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 29.03.2021 CORAM : The Honourable Mr.Justice T.S.SIVAGNANAM and The Honourable Ms.Justice R.N.MANJULA Tax Case Appeal No.252 of 2021 Mr.D.Jayaraman ...Appellant Vs The Assistant Commissioner of Income Tax, Circle - 1, Chennai - 34. ...Respondent APPEAL under Section 260A of the Income Tax Act, 1961 against the order dated 02.07.2019 made in ITA.No.3338/Chny/2018 on the file of the Income Tax Appellate Tribunal, Chennai 'D' Bench for the assessment year 2009-10. For Appellant: Mr.R.Sivaraman For Respondent: Mr.T.Ravikumar, SSC JUDGMENT (Delivered by

T.S.Sivagnanam,J

) This appeal has been filed by the assessee under Section 260A of the Income Tax Act, 1961 ('the Act' for brevity) challenging the order dated 1/4 https://www.mhc.tn.gov.in/judis/ TCA.No.252 of 2021 02.07.2019 made in ITA.No.3338/Chny/2018 on the file of the Income Tax Appellate Tribunal, Chennai 'D' Bench ('the Tribunal' for brevity) for the assessment year 2009-10. 2. The appellant-assessee has raised the following substantial questions of law: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in denying the exemption available to the Appellant u/s.54F of the Income Tax Act, especially when the Appellant was able to prove that he was in possession of only one residential property at the time of purchasing the impugned property for which the exemption is sought for? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in observing that properties referred as Property No.4 and 5 in Table No.1 is residential in nature especially when the Appellant have disposed of the same and has offered it for tax under the head "Income from Profits and gains of business?" 2/4 https://www.mhc.tn.gov.in/judis/ TCA.No.252 of 2021 3. We have heard Mr.R.Sivaraman, learned counsel for the appellant-assessee and Mr.T.Ravikumar, learned Senior Standing Counsel appearing for the respondent-Revenue. 4. The learned counsel for the appellant-assessee submits that the assessee has already filed the declaration/undertaking under the Vivad Se Vishwas Scheme 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 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 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. 3/4 https://www.mhc.tn.gov.in/judis/ TCA.No.252 of 2021 T.S.SIVAGNANAM,J AND R.N.MANJULA,J hvk 6. The tax case appeal stands disposed of with the aforementioned liberty and consequently, the substantial questions of law framed are left open. No costs. (T.S.S.,J.) (R.N.M.,J.) 29.03.2021 Index:Yes/No Internet:Yes/No hvk To 1. The Income Tax Appellate Tribunal, 'D' Bench, Chennai. 2. The Assistant Commissioner of Income Tax, Circle - 1, Chennai - 34. TCA.No.252 of 2021 4/4 https://www.mhc.tn.gov.in/judis/