Kewal Real Estate Developers Private Ltd., Pune V. Pr. Commissioner of Income-tax : 6, Pune

ITA 1047/PUN/2017

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 9539 (ITAT-PUNE)
• Duration Of Justice: 8 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-01-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 25-09-2017
• Assessment Year: 2012-2013
• Appeal Filed On: 26-04-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 143(3); 263

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A, PUNE . , , BEFORE SHRI D.KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM . / ITA NO. 1047/PUN/2017 / ASSESSMENT YEAR : 2012-13 KEWAL REAL ESTATE DEVELOPERS PRIVATE LIMITED, KUMAR CAPITAL, IST FLOOR, 2413, EAST STREET, PUNE 411001 PAN : AAACK7491G . /APPELLANT VS. PRINCIPAL COMMISSIONER OF INCOME TAX-6, PUNE . / RESPONDENT ASSESSEE BY : SHRI RAJAN VORA REVENUE BY : SHRI RAJEEV KUMAR, CIT-DR / DATE OF HEARING : 05.01.2018 / DATE OF PRONOUNCEMENT: 05.01.2018 / ORDER PER D. KARUNAKARA RAO, AM : THIS APPEAL IS FILED BY THE ASSESSEE AGAINST THE OR DER OF PRL. CIT-6, PUNE DATED 30-03-2017 U/S.263 OF THE ACT FOR THE ASSESSMENT YEAR 2012-13. 2. ASSESSEE RAISED 14 GROUNDS QUESTIONING THE CORRECTN ESS OF THE SAID ORDER OF THE PRL.CIT-6, PUNE U/S.263 OF THE ACT. 3. DURING THE PROCEEDINGS BEFORE US, AT THE OUTSET, LD . AR FOR THE ASSESSEE FILED A LETTER DATED 05-01-2018 AND MENTIONED T HAT THE ASSESSEE PROPOSES TO WITHDRAW THE APPEAL FOR THE REASONS MENT IONED IN THIS LETTER. ASSESSEE SEEKS PERMISSION OF THE TRIBUNAL IN T HE MATTER. FOR THE SAKE OF COMPLETENESS OF THIS ORDER, WE PROCEED TO EXTRACT THE SUBMISSIONS OF THE ASSESSEE HERE AS UNDER : ITA NO.1047/PUN/2017 KEWAL REAL ESTATE DEVELOPERS PVT. LTD., 2 NOW, THE APPELLANT WISHES TO INFORM YOUR HONOUR S THAT PURSUANT TO THE ORDER PASSED UNDER SECTION 263 OF THE ACT BY THE LD . PR. CIT-6, PUNE, THE JURISDICTIONAL ASSESSING OFFICER HAS CONCLUDED THE REVISIONARY ASSESSMENT PROCEEDINGS AND HAS PASSED THE ORDER UNDER SECTION 143(3) R.W.S 263 OF THE ACT ON 22 DECEMBER 2017. A COPY OF THE ORDER PASSED BY THE AO IS ENCLOSED HEREWITH AT PAGE NO. 781 TO 783.THE AO HAS PASSED T HE ORDER ACCEPTING THE INCOME ASSESSED IN THE ORIGINAL ASSESSMENT PROCEEDI NGS (IE THE ORIGINAL ORDER PASSED UNDER SECTION 143(3) OF THE A CT ON 27 MARCH 2015), AFTER PERUSING THE FOLLOWING SUBMISSION ON MERITS O F THE CASE: A. SUBMISSION DATED 27 DECEMBER 2017 WHEREIN COMPLE TION CERTIFICATES OF KUMAR PRIMAVERA PROJECT WAS FILED (REFER PAGE NO . 784 TO 791); B. SUBMISSION DATED 20 DECEMBER 2017 WHEREIN THE SU BMISSION MADE BEFORE THE LD. PR CIT-6 IN RESPONSE THE NOTICE ISSU ED UNDER SECTION 263 OF THE ACT WAS FILED (REFER PAGE NO. 792 TO 793) AND SAME POINTS WERE REITERATED BEFORE THE AO TO BUTTRESS THE PLEA THAT ORIGINAL IN COME ASSESSED MAY KINDLY NOT BE DISTURBED. IN VIEW OF THE ABOVE, THE APPELLANT WISHES TO SUBMI T THAT AS THE AO HAS ACCEPTED THE INCOME ASSESSED ORIGINALLY DURING THE COURSE OF REGULAR ASSESSMENT PROCEEDINGS, THEREFORE, THE CAPTIONED APPEAL BEFORE YOUR HONOURS HAS BECOME ACADEMIC AND MAY KINDLY BE DISPOSED OF ACCORDINGLY. 4. BRINGING OUR ATTENTION TO THE FRESH ASSESSMENT ORDE R OF THE AO DT. 22-12-17 PASSED U/S.143(3) R.W.S.263 OF THE ACT, LD. A R FOR THE ASSESSEE DEMONSTRATED THE FACT OF ACCEPTING THE INCOME ORIGINALLY ASSESSED IN ASSESSMENT ORDER DATED 27-03-2015 IN THE SAID FRESH ASSESSMENT. ON PERUSAL OF THE SAID FRESH ASSESSMENT O RDER DATED 22-12-2017, WE HAVE NOTICED THAT NO ADDITIONAL INCOME IS B ROUGHT TO TAX IN THIS ORDER OF THE AO AFTER GIVING EFFECT TO THE ORD ER OF PRL.CIT-6 U/S.263 OF THE ACT. FOR THE SAKE OF COMPLETENESS, RELEV ANT OPERATIONAL PARA NO.6 IS REPRODUCED HEREUNDER : 6. SUBJECT TO THE ABOVE, THE TOTAL INCOME OF THE A SSESSEE IS RE-COMPUTED AS UNDER : INCOME FROM BUSINESS OR PROFESSION AMOUNT RS. ASSESSED INCOME AS PER ORDER U/S.143(3) OF THE INCOME TAX ACT, 1961 WAS PASSED ON 27-03-2015 3,90,63,080/ - TOTAL TAXABLE INCOME U/S.143(3) RWS 263 OF THE ORDER 3,90,63,080/ - 5. ON HEARING BOTH THE PARTIES ON THIS ISSUE AND CONSIDE RING THE FACT THAT NO ADDITIONAL INCOME IS BROUGHT TO TAX U/S.143(3) R.W.S. 263 ITA NO.1047/PUN/2017 KEWAL REAL ESTATE DEVELOPERS PVT. LTD., 3 OF THE ACT, WE ARE OF THE VIEW THAT IT IS THE CASE WHERE THE ORIGINAL O RDER OF THE AO IS NOT PREJUDICIAL TO THE INTEREST OF THE REVEN UE AS ERRONEOUSLY HELD BY THE PRL.CIT IN THE REVISION ORDER PAS SED U/S.263 OF THE ACT. FURTHER, IT IS A SETTLED LEGAL PROPOSITION THAT WH EN THERE IS NO LOSS OF REVENUE TO THE DEPARTMENT, THE ORIGINAL ASSESSMEN T ORDER OF THE AO CANNOT BE HELD TO BE ERRONEOUS IN SO FAR AS IT IS PRE JUDICIAL TO THE INTEREST OF THE REVENUE. BEFORE US, LD. AR FOR THE ASSE SSEE SUBMITTED THAT ASSESSEE SEEKS TO WITHDRAW THE APPEAL AS THE SA ME CONSTITUTES AN ACADEMIC EXERCISE ONLY. ON HEARING THE LD. DR FOR THE RE VENUE, WE FIND NO REASON TO OBJECT THE REQUEST FOR DISMISSAL OF THE APPEAL AS WITHDRAWN. ACCORDINGLY, THE APPEAL OF THE ASSESSEE IS DISM ISSED AS WITHDRAWN. 6. IN THE RESULT, APPEAL OF THE ASSESSEE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 05 TH DAY OF JANUARY, 2018. SD/- SD/- (VIKAS AWASTHY) (D. KARUNAKARA RAO) /JUDICIAL MEMBER / ACCOUNTANT MEMBER PUNE; DATED : 05 TH JANUARY, 2018. / COPY OF THE ORDER FORWARDED TO : BY ORDER // TRUE COPY // //TRUE COPY// SENIOR PRIVATE SECRETARY , / ITAT, PUNE THE APPELLANT THE RESPONDENT THE PR.CIT - 6, PUNE % , , A BENCH PUNE; / GUARD FILE.