Ashok Leyland Ltd., v. The Joint Commr. Of I.T.

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED: 25.01.2021

CORAM

THE HON'BLE MR.JUSTICE M. DURAISWAMY AND THE HON'BLE MRS.JUSTICE T.V. THAMILSELVI M/s.Ashok Leyland Ltd., 19, Rajaji Salai, Chennai - 600 002.

...

Appellant Vs.

The Joint Commissioner of Income Tax, Special Range - II, Chennai - 600 034.

... Respondent Tax Case Appeal filed under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, Madras "A" Bench, dated 31.08.2007 passed in I.T.A.No.793/Mds/2001. For Appellant : Mr.R.Venkatanarayanan, for M/s.Subbaraya Aiyar For Respondent : Mr.T.Ravi Kumar, Senior Standing Counsel Page 1/4

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 31.08.2007 passed by the Income Tax Appellate Tribunal, Madras "A" Bench, ('the Tribunal' for brevity) in I.T.A.No.793/Mds/2001 for the assessment year 1993-94. The appeal was admitted on 21.08.2008 on the following Substantial Question of Law:

"Whether on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the appellant is not entitled to exemption u/s 10(15)(iv)(h) of the Act in respect of interest income from the tax free securities/bonds?"

2. We have heard Mr.R.Venkatanarayanan, learned counsel for the appellant/assessee and Mr.T.Ravi Kumar, 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 Page 2/4

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.

4. We are informed by the learned counsel for the appellant/ assessee that the assessee has already been issued with Form - 3 on 31.12.2020 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 In view of the submission made by the learned counsel for the appellant, the Tax Case Appeal stands dismissed as withdrawn.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. [M.D., J.] [T.V.T.S., J.] Index : Yes/No 25.01.2021 Internet : Yes (2/3) va Page 3/4

M. DURAISWAMY, J.

and T.V. THAMILSELVI, J.

va To

1. Income Tax Appellate Tribunal, Madras "A" Bench 2.The Joint Commissioner of Income Tax, Special Range - II, Chennai - 600 034.

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