VIRGO PROPERTIES PVT. LTD Vs. ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI
LAWS(MAD)-2020-12-223
HIGH COURT OF MADRAS
Decided on December 16,2020

Virgo Properties Pvt. Ltd Appellant
VERSUS
ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI Respondents

JUDGEMENT

T.S.Sivagnanam,J. - (1.) This appeal has been filed by the Appellant/Assessee under Section 260 A of the Income Tax Act, 1961 ('the Act' for brevity), is directed against the order dated 13.07.2017 passed by the Income Tax Appellate Tribunal, Madras 'A' Bench, Chennai ('the Tribunal' for brevity) in I.T.A.No.1208/Mds/2017 for the Assessment Year 2011-2012. This appeal was admitted on 06.06.2018 on the following Substantial Questions of Law: "Whether the Income Tax Authorities substantially erred in law in interpretation of the scope of Section 115 JB of the Income Tax Act in enhancing book profits for taxation in rectification proceedings initiated and completed under Section 154 of the Income Tax Act, 1961?"
(2.) We have heard Mr.A.S.Sriraman, learned counsel appearing for the Appellant/assessee and Mrs.V.Pushpa, learned counsel for the respondent / revenue.
(3.) 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 17 th March 2020 and published in the Gazette of India on 17 th March 2020.;


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