PCIT Vs Redington (India) Limited (Madras High Court)

IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 10.12.2020
CORAM
THE HONOURABLE MR.JUSTICE T.S.SIVAGNANAM
and
THE HONOURABLE MRS.JUSTICE V.BHAVANI SUBBAROYAN

Judgment Reserved On 01.10.2020
Judgment Pronounced On 10.12.2020

T.C.A.Nos.590 & 591 of 2019

Principal Commissioner of Income Tax 5,
No.121, Mahatma Gandhi Road,
Chennai-600 034. .. Appellant in both Appeals

-vs-

M/s.Redington (India) Limited,
“Redington House”, Centre Point,
Plot Nos.8 & 11,
Thiru.Vi.Ka. Industrial Estate,
Guindy, Chennai-600 032.
PAN: AAB CR 0347 P .. Respondent in both Appeals

Appeal under Section 260-A of the Income Tax Act, 1961, against the common order dated 07.07.2014 made in I.T.A.No.513/Mds/2014 andI.T.A.No.619/Mds/2014 on the file of the Income Tax Appellate Tribunal 'D' Bench, Chennai for the assessment year 2009-10.

For Appellant : Ms.R.Hemalatha,
(In both Appeals) Senior Standing Counsel &
Mr.T.Ravi Kumar,
Senior Standing Counsel

For Respondent : Mr.Percy Pardiwalla, Sr. Counsel
(In both Appeals) for Mr.N.V.Balaji

COMMON JUDGMENT

T.S.Sivagnanam, J.

These appeals have been filed by the Revenue under Section260A of the Income Tax Act, 1961 (hereinafter referred to as “the Act”)challenging the common order dated 07.07.2014 passed by the Income TaxAppellate Tribunal 'D' Bench, Chennai (for brevity “the Tribunal”) in I.T.A.No.513/Mds/2014 (filed by the assessee) and I.T.A.No.619/Mds/2014 (filed by the Revenue) for the assessment year 2009-10.

2.The appeals were admitted on 26.08.2019, to consider the following substantial questions of law:-

“1.Whether the ITAT was right in applying the General provision Law ignoring the specific provisions of sub Section 47(iv) and holding that the transfer of shares by the assessee to its wholly owned subsidiary is to be considered as a Gift?

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