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TMI Blog2018 (12) TMI 989X X X X Extracts X X X X X X X X Extracts X X X X ..... prived of collection of appropriate rate of tax. Hence, we may not be required to adjudicate the matter and decide the substantial questions of law raised, as the issues raised in this appeal have become academic. - Tax Case Appeal No.876 of 2018 & CMP.No.21261 of 2018 - - - Dated:- 3-12-2018 - Mr. Justice T.S. Sivagnanam For the Appellant : Mr.Raghavan Ramabadran For the Respondent : Mr.M.Swaminathan, SSC JUDGMENT T.S.SIVAGNANAM,J This appeal by the assessee under Section 260A of the Income Tax Act, 1961 (hereinafter called the Act) is directed against the order passed by the Income Tax Appellate Tribunal (for brevity, the Tribunal), Chennai 'B' Bench in ITA.No.622/Chny/2017 dated 19.7.2018 for the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee offered only an amount of ₹ 16,02,12,500/- to tax. The balance consideration of ₹ 2,28,87,500/- was offered to tax only in the assessment year 2013-14, for which, the return of income was filed on 02.9.2013. The assessment proceedings for the assessment year 2012-13 were concluded under Section 143(3) of the Act and an assessment order dated 26.2.2015 was passed. The Assessing Officer held that irrespective of the date of receipt of the sale consideration, the same should be taxed in the assessment year 2012-13 and reworked the total income at ₹ 19,25,24,140/-; the tax payable together with surcharge and cess was arrived at ₹ 4,30,07,388/-; and interest under Sections 234B and 234C of the Act. 5. As against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led by the Revenue were dismissed. The relevant portion of the said judgment reads as follows : Thirdly, the real question concerning us is the year in which the assessee is required to pay tax. There is no dispute that in the subsequent accounting year, the assessee did make imports and did derive benefits under the advance licence and the duty entitlement pass book and paid tax thereon. Therefore, it is not as if the Revenue has been deprived of any tax. We are told that the rate of tax remained the same in the present assessment year as well as in the subsequent assessment year. Therefore, the dispute raised by the Revenue is entirely academic or at best may have a minor tax effect. There was, therefore, no need for the Revenue to c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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