YES BANK LTD, MUMBAI V. DCIT 7(3), MUMBAI

ITA 1100/MUM/2014

• Counselvise Citation: [2015] 134 COUNSELVISE.COM (IT) 3187 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 7 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 28-09-2015
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: G
• Next Hearing Date: 28-09-2015
• Assessment Year: 2007-2008
• Appeal Filed On: 18-02-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: H M WANARE
• Section: 143(3); 263

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES G, MUMBAI . . , . , , . . BEFORE SHRI N K BILLAIYA, AM & SHRI SANJAY GARG, JM ./ ITA NO.1100/MUM/2014 / ASSESSMENT YEAR 2007-08 YES BANK LTD. 9 TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA BLDG., DR. A B ROAD, WORLI, MUMBAI- 400 018 PAN AAACY2068D VS. THE DY. CIT 7(3) MUMBAI ( /APPELLANT) ( !' /RESPONDENT) APPELLANT BY : SHRI DEEPAK JAIN RESPONDENT BY : SHRI H M WANARE # $% / DATE OF HEARING :28.09.2015. # $% / DATE OF PRONOUNCEMENT : 28.09.2015 O R D E R PER N K BILLAIYA, ACCOUNTANT MEMBER THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER OF THE CIT(A)-13, MUMBAI, DATED 23.12.2013, PERTAINING TO A Y 2007-08 . THE IMPUGNED ASSESSMENT ORDER IS MADE U/S. 143(3) R. W. S. 263 OF THE ACT. 2. THE SECTION AND THE SUBSECTION UNDER WHICH THE A SSESSMENT IS MADE MAKES IT CLEAR THAT THE ORIGINAL ASSESSMENT ORDER WAS SET AS IDE BY THE CIT INVOKING THE POWERS CONFERRED UPON HIM BY THE PROVISIONS OF SECT ION 263 OF THE ACT. WE FIND ITA 1100/MUM/2014 YES BANK LTD. 2 THAT THE ORDER OF THE CIT MADE U/S. 263 OF THE ACT WAS APPEALED BY THE ASSESSEE BEFORE THE TRIBUNAL AND THE TRIBUNAL IN ITA NO.23/M UM/2012, QUA PARA 27 AND 28 OF ITS ORDER HAS HELD THE REVISION PROCEEDINGS INFI RM AND ILLEGAL AND CONSEQUENTIALLY RESTORED THE REGULAR ASSESSMENT DATED 31.10.2009. 3. SUBLATO FUNDAMENTO CADIT OPUS MEANING THEREBY THAT IN CASE THE FOUNDATION IS REMOVED,SUPER STRUCTURE FALLS. IN TH E PRESENT CASE ALSO THE FOUNDATION I.E. ORDER MADE U/S. 263 HAS BEEN REMOVED BY THE TR IBUNAL IN ITA NO.23/MUM/2012, HENCE THE STRUCTURE I.E. THE ASSESS MENT MADE U/S. 143(3) R.W.S 263 OF THE ACT FALLS. HENCE, THE APPEAL FILED BY T HE ASSESSEE BECOMES OTIOSE. ORDER PRONOUNCED IN THE OPEN COURT ON THIS DAY OF 2 8 TH SEPTEMBER 2015. SD/- SD/- (SANJAY GARG) (N K BILLAIYA) JUDICIAL MEMBER ACCOUNTANT MEM BER MUMBAI; () DATED : 28 TH SEPTEMBER, 2015. SA ) # !$+, -,$ /COPY OF THE ORDER FORWARDED TO : 1. /THE APPELLANT. 2. !' / THE RESPONDENT. 3. .$ ( ) / THE CIT(A), MUMBAI. 4. .$ / CIT 5. ,/0 !$ , , / DR, G BENCH, ITAT, MUMBAI ) / BY ORDER, ',$ !$ //TRUE COPY// (ASSTT. REGISTRAR) , / ITAT, MUMBAI