ACIT, Circle-1, Kurnool, Kurnool V. Panyam Cements & Mineral Industries Ltd., Nandyal, Kurnool, Nandyal

ITA 1207/HYD/2015

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 98709 (ITAT-HYDERABAD)
• Duration Of Justice: 1 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-11-2015
• Appeal Filed By: Department
• Bench Allotted: B
• Assessment Year: 2008-2009
• Appeal Filed On: 15-10-2015
• Court: TRIBUNAL
• Department Lawyers: P SOMASEKHAR REDDY
• Assessee Lawyers: D V ANJANEYULU; P PRAVALLIKA A
• Section: 143(3); 115JB; 263

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES B, HYDERABAD BEFORE SHRI D. MANMOHAN, VICE PRESIDENT AND SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER I.T.A. NO. 1207/HYD/2015 ASSESSMENT YEAR : 2008-09 THE ASST. C OMMISSIONER OF INCOME TAX, CIRCLE-1, KURNOOL VS M/S. PANYAM CEMENTS & MINERAL INDUSTRIES LIMITED, NANDYAL, KURNOOL DISTRICT [PAN: AABCP2298M] (APPELLANT) (RESPONDENT) FOR REVENUE : SHRI P. SOMASEKHAR REDDY , CIT - DR FOR ASSESSEE : SHRI D.V. ANJANEYULU & MISS. P. PRAVALLIKA, AR DATE OF HEARING : 17 - 1 1 - 201 5 DATE OF PRONOUNCEMENT : 27 - 1 1 - 2015 O R D E R PER B. RAMAKOTAIAH, A.M. : THIS IS A REVENUES APPEAL AGAINST THE ORDER OF TH E COMMISSIONER OF INCOME TAX (APPEALS)-VI, HYDERABAD DATED 29-07-2015 ON THE ISSUE OF SETTING ASIDE THE CONSEQ UENTIAL ORDER PASSED BY THE ASSESSING OFFICER (AO) CONSEQUENT TO THE PROCEEDINGS U/S. 263 OF THE INCOME TAX ACT [ACT]. 2. ORIGINALLY, AN ORDER U/S. 143(3) WAS PASSED WHIC H WAS SUBJECT MATTER OF PROCEEDINGS U/S. 263, IN WHICH, L D. CIT DIRECTED I.T.A. NO. 1207/HYD/2015 M/S. PANYAM CEMENTS & MINERAL INDUSTRIES LTD :- 2 -: THE AO TO RE-ASSESS THE INCOME BY COMPUTING THE PRO FIT U/S. 115JB OF THE ACT. AO PASSED THE CONSEQUENTIAL ORDER WHIC H WAS THE SUBJECT MATTER OF APPEAL BEFORE THE CIT(A). IN THE MEAN TIME, ITAT IN ITA NO. 706/HYD/2013 DT. 25-03-2015 HAS SET ASID E THE ORDER U/S. 263 WITH A FINDING THAT THERE IS NO PREJUDICE CAUSED AND THE EXERCISE OF POWER U/S. 263 WAS NOT VALID. IN VIEW OF THE FACT THAT ORDER U/S. 263 HAS BEEN SET ASIDE, THE LD. CIT(A) C ANCELLED THE ASSESSMENT ORDER PASSED IN PURSUANCE OF ORDER U/S. 263. 3. AFTER HEARING THE RIVAL CONTENTIONS AND PERUSING THE GROUNDS AS RAISED BY REVENUE, WE DO NOT FIND ANY MERIT IN T HE GROUNDS RAISED. IN CASE THE ORDER PASSED BY THE ITAT, WHIC H IS STATED TO HAVE BEEN CONTESTED BEFORE THE HON'BLE HIGH COURT W AS REVERSED, THEN ONLY THE CONSEQUENTIAL ORDERS WILL GET LIFE. TILL SUCH TIME, THE ORDER PASSED BY THE AO HAS TO BE CONSIDERED AS BAD IN LAW. CONSEQUENTLY, ORDER OF CIT(A) IS UPHELD. 4. IN THE RESULT, REVENUES APPEAL IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 27 TH NOVEMBER, 2015 SD/- SD/- (D. MANMOHAN) (B. RAMAKOTAIAH) VICE PRESIDENT ACCOUNTANT MEMB ER HYDERABAD, DATED 27 TH NOVEMBER, 2015 TNMM I.T.A. NO. 1207/HYD/2015 M/S. PANYAM CEMENTS & MINERAL INDUSTRIES LTD :- 3 -: COPY TO : 1. THE ASST. COMMISSIONER OF INCOME TAX, CIRCLE-1, 2 ND FLOOR, AAYAKAR BHAVAN, N.R. PET, OPP: CHILDRENS PA RK, KURNOOL. 2. M/S. PANYAM CEMENTS & MINERAL INDUSTRIES LIMITED , C-1, INDUSTRIAL ESTATE, BOMMALASATRAM, NANDYAL, KUR NOOL DISTRICT. 3 . CIT ( APPEAL S ) - VI , HYDE RABAD. 4. THE PR. CIT-6, HYDERABAD. 5. D.R. ITAT, HYDERABAD. 6. GUARD FILE.