PRASAM TRADING AND FINANCE P.LTD, MUMBAI V. DCIT 8(2), MUMBAI

ITA 1339/MUM/2013

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 84130 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 8 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-11-2014
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 12-11-2014
• Assessment Year: 2008-2009
• Appeal Filed On: 18-02-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: V K BORA
• Assessee Lawyers: ABHISHEK TILAK
• Keywords: Question of law
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, MUM BAI , , BEFORE SHRI SANJAY ARORA, AM AND SHRI AMIT SHUKLA, JM ./ I.T.A. NOS. 1339 & 1340/MUM/2013 ( / ASSESSMENT YEARS: 2008-09 & 2009-10) PRASAM TRADING AND FINANCE PVT. LTD. 103, SPAN LAND MARK BUILDING, ANDHERI KURLA ROAD, CHAKALA, ANDHERI (E), MUMBAI-400 093 / VS. DY. CIT-8(2) ROOM NO. 209, AAYAKAR BHAVAN, MUMBAI-400 020 ! ./' ./PAN/GIR NO. AAACP 2326 B ( !# /APPELLANT ) : ( $%!# / RESPONDENT ) !# & ' / APPELLANT BY : SHRI ABHISHEK TILAK $%!# & ' / RESPONDENT BY : SHRI V. K. BORA () * & + / DATE OF HEARING : 12.11.2014 ,-. & + / DATE OF PRONOUNCEMENT : 12.11.2014 / O R D E R PER BENCH: THESE ARE TWO APPEALS BY THE ASSESSEE, I.E., FOR TW O CONSECUTIVE YEARS, BEING ASSESSMENT YEARS (A.YS.) 2008-09 AND 2009-10, CHALL ENGING THE SEPARATE ORDERS BY THE COMMISSIONER OF INCOME TAX (APPEALS)-17, MUMBAI (C IT(A) FOR SHORT), DISMISSING THE ASSESSEES APPEALS CONTESTING ITS ASSESSMENTS U/S. 143(3) OF THE INCOME TAX ACT, 1961 (THE ACT HEREINAFTER) FOR THE RELEVANT YEARS. 2. THE ASSESSEE HAS NOW, I.E., VIDE ITS LETTER DATE D 10.11.2014 (COPY ON RECORD), SOUGHT LEAVE OF THE TRIBUNAL TO WITHDRAW ITS APPEA LS. IT IS SUBMITTED THAT THE ASSESSEE HAD BROUGHT FORWARD LOSSES. EVEN AFTER THE IMPUGNED DIS ALLOWANCES, THE LOSSES CONTINUE AND, IN FACT, STAND LAPSED POST AN AMALGAMATION VIDE A S CHEME DATED 10.10.2014. ACCORDINGLY, THE APPEALS MAY BE PERMITTED TO BE WITHDRAWN. THE L D. DEPARTMENTAL REPRESENTATIVE 2 ITA NOS.1339 & 1340/M/13 (A.YS.08-09 & 09-10) PRASAM TRADING AND FINANCE PVT. LTD. VS. DY. CIT (DR), ON BEING QUERIED BY THE BENCH IN THE MATTER, WOULD SUBMIT THAT THE REVENUE HAD NO OBJECTION TO THE SAID WITHDRAWAL. 3. WE HAVE HEARD THE PARTIES, AND PERUSED THE MATER IAL ON RECORD. WE FIND THAT THE DISALLOWANCES BEING IMPUGNED BY THE ASSESSEE ARE U/ S.14A R/W R.8D OF THE ACT. NO QUESTION OF LAW OR ANY MATTER HAVING A BEARING ON I TS ASSESSMENTS FOR OTHER YEARS, AS IT WOULD APPEAR TO US, ARISES IN THE SAID APPEALS. THE ASSESSEE HAS ALSO CLARIFIED THE REASON FOR SEEKING THE WITHDRAWAL, I.E., NON-CONSEQUENTIAL ITY, IN VIEW OF THE BROUGHT FORWARD LOSS HAVING LAPSED. WE FIND THE ASSESSEE TO HAVE BEEN AS SESSED AT A LOSS FOR BOTH THE YEARS UNDER REFERENCE, SO THAT THE ASSESSEES CLAIM APPEA RS TO BE CORRECT. THE REVENUE HAS ALSO NOT OBJECTED TO THE WITHDRAWAL. UNDER THE CIRCUMSTA NCES, WE HAVE NO HESITATION IN, ACCEPTING THE ASSESSEES APPLICATION, PERMITTING TH E WITHDRAWAL OF ITS APPEALS BY THE ASSESSEE. WE DECIDE ACCORDINGLY. 4. IN THE RESULT, THE APPEALS ARE DISMISSED AS WITH DRAWN. ORDER PRONOUNCED IN THE OPEN COURT ON NOVEMBER 12, 2014 SD/- SD/- (AMIT SHUKLA) (SANJAY ARORA) / JUDICIAL MEMBER / ACCOUNTANT MEMBER /* MUMBAI; 0( DATED : 12.11.2014 ).(../ ROSHANI , SR. PS !' # $%&' (!'% / COPY OF THE ORDER FORWARDED TO : 1. !# / THE APPELLANT 2. $%!# / THE RESPONDENT 3. ( ) / THE CIT(A) 4. / CIT - CONCERNED 5. 3)4 5 $(67 , + 67. , /* / DR, ITAT, MUMBAI 6. 5 9: ; * / GUARD FILE !' / BY ORDER, )/* + (DY./ASSTT. REGISTRAR) , /* / ITAT, MUMBAI