AXIS BANK FOUNDATION,MUMBAI V. DEPUTY COMMISIONER OF INCOME TAX (EXEMPTION)-1(1), MUMBAI

ITA 429/MUM/2025

AI Insights

The case involves Axis Bank Foundation appealing against the orders of the Commissioner of Income-tax (Appeals) - National Faceless Appeal Centre, which were based on the revision orders under section 263 of the Income Tax Act passed by the PCIT. The Tribunal had previously quashed these revision orders for the relevant assessment years 2015-16 and 2016-17. As a result, the Tribunal set aside the CIT(A)'s orders, rendering the subsequent assessment orders infructuous. The appeals were heard together due to the similarity of the issues involved.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 38070 (ITAT-MUMBAI)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-03-2025
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2016-2017
• Other Referred Cases: ITA No. 892/Mum/2021, ITA No. 1285/Mum/2021
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: K.R. SUBHASH
• Assessee Lawyers: NITIN AGARWAL; ANAGHA GANGURDE
• Keywords: Revision of order
• Section: 263

Judgement Text

"IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) ITA Nos. 428 & 429/MUM/2025 Assessment Years: 2015-16 & 2016-17 Axis Bank Foundation, 2nd floor, Axis House, Pandurang Budhkar Marg, Worli, Mumbai-400025. Vs. Dy. CIT (Exemption)-1(1), 6th floor, MTNL TE Building, Cumballa Hill, Pedder Road, Mumbai-400026. PAN NO. AAATU 2526 R Appellant Respondent Assessee by : Mr. Nitin Agarwal & Ms. Anagha Gangurde Revenue by : Dr. K.R. Subhash, CIT-DR Date of Hearing : 06/03/2025 Date of pronouncement : 07/03/2025 ORDER PER OM PRAKASH KANT, AM The present appeals by the assessee are directed against two separate orders, both dated 28.11.2024, passed by the Ld. Commissioner of Income-tax (Appeals) – National Faceless Appeal centre, Delhi [in short ‘the Ld. CIT(A)’] for AY 2015-16 and 2016-17 respectively. Identical grounds have been raised in both these appeals, therefore, same way of this consolidated order. 2. In both the appeals, the assessee is aggrieved with the order of ld CIT(A) in relation to assessment orders passed consequent to revision order u/s 263 passed by the PCIT. 3. We have heard rival submission and perused the relevant material on record. submitted that the revision orders u/s 263 of the Act passed by the PCIT were challenged by the assessee before the Tribunal and the coordinate bench of Tribunal 2015-16 and ITA No. 1285/Mum/2021 quashed those revision orders orders of the Ld. PCIT for assessment year stand quashed by the assessment orders cannot survive. Accordingly, the order of the Ld. CIT(A) on the issue in dispute in both the assessment years are accordingly set-aside as the impugned assessment order can’t survive and same are rendere of the assessee in both the appeals stand Axis Bank Foundation ITA Nos. 428 & 429/MUM/2025 appeals, therefore, same were heard together and disposed off by way of this consolidated order. In both the appeals, the assessee is aggrieved with the order of ld CIT(A) in relation to assessment orders passed consequent to order u/s 263 passed by the PCIT. ave heard rival submission and perused the relevant material on record. Before us, the Ld. counsel for the assessee the revision orders u/s 263 of the Act passed by the PCIT were challenged by the assessee before the Tribunal and the ate bench of Tribunal in ITA No. 892/Mum/2021 and ITA No. 1285/Mum/2021 for AY 2016 quashed those revision orders . Since both the relevant orders of the Ld. PCIT for assessment years 2015-16 and 2016 quashed by the Tribunal, the consequent impugned cannot survive. Accordingly, the order of the Ld. CIT(A) on the issue in dispute in both the assessment years are aside as the impugned assessment order can’t survive and same are rendered infructuous . The grounds of appeal in both the appeals stand allowed. Axis Bank Foundation 2 ITA Nos. 428 & 429/MUM/2025 were heard together and disposed off by In both the appeals, the assessee is aggrieved with the order of ld CIT(A) in relation to assessment orders passed consequent to ave heard rival submission and perused the relevant Before us, the Ld. counsel for the assessee the revision orders u/s 263 of the Act passed by the PCIT were challenged by the assessee before the Tribunal and the in ITA No. 892/Mum/2021 for AY for AY 2016-17 have . Since both the relevant revision 16 and 2016-17 Tribunal, the consequent impugned cannot survive. Accordingly, the order of the Ld. CIT(A) on the issue in dispute in both the assessment years are aside as the impugned assessment order can’t . The grounds of appeal 4. In the result, both the appeals of the assessee are allowed. Order pronounced in the open Court on Sd/- (KAVITHA RAJAGOPAL JUDICIAL MEMBER Mumbai; Dated: 07/03/2025 Rahul Sharma, Sr. P.S. Copy of the Order forwarded to 1. The Appellant 2. The Respondent. 3. CIT 4. DR, ITAT, Mumbai 5. Guard file. //True Copy// Axis Bank Foundation ITA Nos. 428 & 429/MUM/2025 In the result, both the appeals of the assessee are allowed. nounced in the open Court on 07/03/2025. - Sd/ (KAVITHA RAJAGOPAL) (OM PRAKASH KANT JUDICIAL MEMBER ACCOUNTANT MEMBER Copy of the Order forwarded to : BY ORDER, (Assistant Registrar) ITAT, Mumbai Axis Bank Foundation 3 ITA Nos. 428 & 429/MUM/2025 In the result, both the appeals of the assessee are allowed. /03/2025. Sd/- OM PRAKASH KANT) ACCOUNTANT MEMBER BY ORDER, (Assistant Registrar) ITAT, Mumbai "