THE INDIA CEMENTS EDUCATIONAL vs. THE DY. DIRECTOR OF

Tax Case Appeal No.826 of 2016 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED : 27.04.2021 CORAM THE HON'BLE MR.JUSTICE M. DURAISWAMY AND THE HON'BLE MRS.JUSTICE R. HEMALATHA Tax Case Appeal No.826 of 2016 and C.M.P.No.19063 of 2016 The India Cements Educational Society No.827, Anna Salai, Chennai – 600 002.

... Appellant Vs.

The Dy Director of Income Tax (Exemptions) 1 Chennai – 34. ... Respondent

Tax Case Appeal filed under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, Madras "C" Bench, dated 20.01.2016 passed in I.T.A.No.1525/Mds/2010. For Appellant : Mr.R.Venkata Narayanan for M/s.Subbaraya Aiyar Padmanabhan For Respondent : Mr.J.Narayanaswamy

Senior Standing Counsel Page 1/5 https://www.mhc.tn.gov.in/judis/ Tax Case Appeal No.826 of 2016 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 20.01.2016 passed by the Income Tax Appellate Tribunal, Madras "C" Bench, ('the Tribunal' for brevity) in I.T.A.No.1525/Mds/2010 for the assessment year 2007-08. The above appeal has been admitted on 18.01.2017 on the following Substantial Question of Law: "Whether the Tribunal ought to have held that non investment of sale consideration in an approved mode is a violation of section 11(1A) and not violation of Section 13(1)(c) and hence the capital gains is taxable under Section 112?” 2. We have heard Mr.R.Venkata Narayanan for M/s.Subbaraya Aiyar Padmanabhan, learned counsel for the appellant/assessee and Mr.J.Narayanaswamy, learned Senior Standing Counsel for the respondent/Revenue. 3. It may not be necessary for this Court to decide the Substantial Question of Law framed for consideration on account of certain subsequent developments. The Government of India enacted the Direct Page 2/5 https://www.mhc.tn.gov.in/judis/ Tax Case Appeal No.826 of 2016 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. 4. We are informed by the learned counsel for the appellant/ assessee that the assessee had already been issued with Form-3 on 23.02.2021 and the learned counsel for the appellant seeks permission 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 as withdrawn. No costs. Consequently, connected Miscellaneous Petition is closed. [M.D., J.] [R.H., J.] 27.04.2021 mkn

Index : Yes/No

Page 3/5 https://www.mhc.tn.gov.in/judis/ Tax Case Appeal No.826 of 2016 Internet : Yes

To 1. Income Tax Appellate Tribunal, Madras "C" Bench 2.The Deputy Director of Income Tax (Exemptions)-1 Chennai – 34. Page 4/5 https://www.mhc.tn.gov.in/judis/ Tax Case Appeal No.826 of 2016 M. DURAISWAMY, J. and R. HEMALATHA, J. mkn Tax Case Appeal No.826 of 2016

27.04.2021 Page 5/5 https://www.mhc.tn.gov.in/judis/