MYSORE FERTILZERS CO.P.LTD vs. THE INCOME TAX OFFICER

Tax Case Appeal No.297 of 2021 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED : 30.04.2021 CORAM THE HON'BLE MR.JUSTICE M. DURAISWAMY AND THE HON'BLE MRS.JUSTICE R. HEMALATHA Tax Case Appeal No.297 of 2021 M/s. Mysore Fertilizers Co.P. Ltd., (Formerly MFC Industgries P. Ltd.) 338, Thambu Chetty Street, Chennai - 600 001.

... Appellant v.

The Income Tax Officer, Company Circle IV(2),. ... Respondent Chennai - 34.

Tax Case Appeal filed under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, Madras "B"Bench, dated 20.10.2008 passed in I.T.A.No.1125/Mds/2008. For Appellant : Mr.Venkatanarayanan For Respondent : Mr.Karthik Ranganathan

Senior Standing Counsel Page 1/5 Tax Case Appeal No.297 of 2021 J U D G M E N T (Delivered by M.DURAISWAMY, J.) This appeal filed by the assessee under Section 260A of the Income Tax Act, 1961 ('the Act' for brevity), is directed against the order dated 20.10.2008 passed by the Income Tax Appellate Tribunal, Madras "B"Bench, ('the Tribunal' for brevity) in I.T.A.No.1125/Mds/2008 for the assessment year 2008-09. 2. In the above appeal, the assessee has raised the following Substantial Questions of Law for consideration: " (i) Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the amount waived by the bank represents the interest portion only and hence the Principal amount cannot be excluded from the purview of section41(1) of the Act? (ii) Whether on the facts and in the circumstances of the case, the Tribunal failed to appreciate that the amount of Rs.1,25,000/- waived by the bank represnets the principal portion and ;hence it would not come within the purview of section 41() of the Act?" Page 2/5 Tax Case Appeal No.297 of 2021 3. We have heard Mr.Venkatanarayanan, learned counsel for the appellant/assessee and Mr.Karthik Ranganathan, learned Senior Standing Counsel for the respondent/Revenue. 4. It may not be necessary for this Court to decide the Substantial Questions of Law framed for consideration on account of certain subsequent developments. The Government of India enacted the Direct Tax Vivad Se Vishwas Act, 2020 (Act 3 of 2020) to provide for resolution of disputed tax and for matters connected therewith or incidental thereto. The Act of the Parliament received the assent of the President on 17th March 2020 and published in the Gazette of India on 17th March 2020. 5. . We are informed by the learned counsel for the appellant/ assessee that the assessee had already been issued with Form-3 on 20.04.2021 and the learned counsel for the appellant seeks permission of this Court to withdraw the appeal. Page 3/5 Tax Case Appeal No.297 of 2021 6. In view of the submission made by the learned counsel for the appellant, the Tax Case Appeal stands dismissed as withdrawn. No costs. Consequently, connected miscellaneous petitions are closed. [M.D., J.] [R.H., J.] 30.04.2021

Index : Yes/No

Internet : Yes

Rj To 1.The Income Tax Appellate Tribunal, Madras "B"Bench 2.The Income Tax Officer, Company Circle IV(2)

Chennai - 34. Page 4/5 Tax Case Appeal No.297 of 2021 M. DURAISWAMY, J. and R.HEMALATHA, J. Rj

Tax Case Appeal No.297 of 2021

30.04.2021

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