Shriram Chits Tamil Nadu v. The Income Tax Officer (Osd)
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 26.2.2019
CORAM
THE HON'BLE DR.JUSTICE VINEET KOTHARI AND THE HON'BLE MR.JUSTICE C.V.KARTHIKEYAN Tax Case No.1098 of 2009 Shriram Chits Tamil Nadu Private Ltd., 149, Greams Road, Mount Road, Chennai 600 006.
Appellant Vs.
The Income Tax Officer (OSD) Company Circle VI(2) Nungambakkam High Road, 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 'C' Bench, Chennai, dated 29.5.2009 made in ITA No.2054/Mds/2008.
Against the order dated 05/03/2008 made in PAN.No. AABCS0167N on the file of the Commissioner of Income Tax (Appeal) -V, Chennai for the assessment Year 2004-2005. against the order of the commissioner of Income Tax (Appeals) V Chennai, dated 22/01/2007 under section 143 (3) of the IT Act in PAN.No. AABCS 0167N.
Against the Order of the Income Tax Officer, Company Circle VI (2) Chennai dated 20/12/2006 made in PAN/GIR.No. AABCS0167N/SK-153.
For Appellant : Mr.R.Sivaraman For respondent : Ms.K.G.Usharani, Mr.T.R.Senthilkumar, Senior Standing Counsel
JUDGMENT
(Delivered by DR.VINEET KOTHARI,J) Learned counsel appearing for the Appellant/Assessee submits that the controversy in the present case is covered by the judgment delivered by a Co-ordinate Bench of this Court in the case of the same Assessee in T.C.(A) No.908 of 2008, dated 9.4.2018. The said judgment is quoted below for ready reference:- "
Heard Mr.R.Sivaraman, learned counsel for the assessee and Mr.S.Rajesh, learned counsel for Mr.T.R.Senthil Kumar, learned counsel for the Revenue.
2. This tax case appeal filed by the assessee has been admitted on the following substantial question of law:
"Whether in law, the dividends received by the appellant as a chit subscriber, is exempt from taxation on grounds of mutuality between all the chit subscribers including the appellant?"
3. Identical question was considered by this Court in a batch of cases in respect of assessee's sister concern engaged in identical business activity in T.C.(A).Nos.141 of 2004 etc., batch dated 30.03.2012 (Shriram Chits & Investments (P) Ltd., and others vs. The Assistant Commissioner of Income Tax and others).
4. The Division Bench of this Court, by the said judgment, rejected the said question on the ground that the assessee has not made any serious argument and thus, given up the said question regarding mutuality.
5. Thus, following the decision of the Hon'ble Division Bench of this Court in the aforementioned judgment in the case of the sister concern of the petitioner rejecting the identical question, we dismiss this appeal and answer the substantial question of law against the assessee. No costs."
2. We respectfully agree with the same and accordingly, the present Appeal is dismissed in the light of the aforesaid judgment.
Sd/- Assistant Registrar (CS-IV) //True Copy// Sub Assistant Registrar
ssk.
1. The Income Tax Officer (OSD) Company Circle VI(2) Nungambakkam High Road, Chennai 600 034.
2. Income Tax Appellate Tribunal, Madras 'C' Bench, Chennai.
3.The Commissioner of Income Tax Appeals V, Chennai.
+1cc to Mr.T.R.Senthil Kumar, Advocate, S.R.No. 17960 Tax Case Nos.1098 of 2009 GP(CO) GN(12/04/2019)