Shriram Investments Limited, (Since amalgamated with, CHENNAI V. ACIT, CHENNAI

ITA 1373/CHNY/2012

• Counselvise Citation: [2012] 140 COUNSELVISE.COM (IT) 64142 (ITAT-CHENNAI)
• Duration Of Justice: 2 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-08-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2005-2006
• Appeal Filed On: 19-06-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: R SIVARAMAN
• Section: 143(3); 263

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH : CHENNAI [BEFORE SHRI N.S. SAINI , ACCOUNTANT MEMBER AND SHRI SATBEER SINGH GODARA , JUDICIAL MEMBER ] I.T.A.NO. 1373/MDS/2012 ASSESSMENT YEAR : 2005 - 06 M/S S HRIRAM INVESTMENTS LTD [PAN AAECS4041G] [SINCE AMALGAMATED WITH SHRIRAM TRANSPORT FINANCE CO. LTD.] [PAN AAACS7018R] MOOKAMBIKA COMPLEX NO.4, LADY DESIKA ROAD MYLAPORE CHENNAI 600 004 VS THE ACIT COMPANY CIRCLE VI(2) CHENNAI ( APPELLANT) (RESPO NDENT) APPELLANT BY : SHRI R. SIVARAMAN, ADVOCATE RESPONDENT BY : SHRI SHAJI P. JACOB, ADDL. CIT DATE OF HEARING : 21 - 08 - 2012 DATE OF PRONOUNCEMENT : 22 - 08 - 2012 O R D E R PER N.S. SAINI, ACCOUNTANT MEMBER THIS IS AN APPEAL F ILED BY THE ASSESSEE AGAINST THE ORDER OF THE CIT(A) - V, CHENNAI, DATED 17.4.2012, BY TAKING FOLLOWING GROUNDS OF APPEAL: I.T.A.NO. 1373/2012 : - 2 - : 1. THE ORDER OF LEARNED C I T(A) IS AGAINST LAW AND FACTS OF THE CASE . 2 . THE LEARNED CIT(A) ERRED IN DISMISS I NG THE APPEAL . 3 . TH E LEARNED CIT(A) ERRED IN NOT APPRECIATING THE FACT THAT AGAINST THE ORDER OF THE ITAT , CHENNAI ' C' BENCH , CHENNAI IN I . T . A NO.791/MDS/2010 DATED 03.03.2011 , QUASHING THE ORDER OF CIT U/S 263 DATED 24 . 03 . 2010 AND RESTOR I NG THE ASSESSMENT ORDER U/S . 143(3) D ATED 31.12 . 2007 , THE INCOME TAX DEPARTMENT HAS FILED APPEAL U/S 260 A BEFORE THE HON ' BLE HIGH COURT, MADRAS, AND THAT APPEAL IS PENDING . FOR THESES GROUNDS AND OTHER GROUNDS THAT MAY BE ADDUCED BEFORE OR DURING THE COURSE OF HEARIN G IT IS PRAYED THAT THE A PPEAL MAY BE ALLOWED . 2 . AFTER HEARING THE RIVAL SUBMISSIONS AND PERUSING THE MATERIALS AVAILABLE ON RECORD, WE FIND THAT THE PRESENT APPEAL IS AN OFFSHOOT OF ORDER PASSED BY THE CIT U/S 263 ON 24.3.2010. TO GIVE EFFECT TO THE ABOVE ORDER OF THE CIT, TH E ASSESSING OFFICER PASSED THE CONSEQUENTIAL ORDER ON 3.12.2010. THE ASSESSEE PREFERRED APPEAL BEFORE THE CIT(A) AGAINST THE SAID ORDER AND THE CIT(A) VIDE THE IMPUGNED ORDER DISMISSED THE APPEAL OF THE ASSESSEE AGAINST WHICH THE ASSESSEE IS IN APPEAL BEFORE US. 3 . THE A.R OF THE ASSESSEE POINTED OUT THAT THE ORDER OF THE CIT DATED 24.3.2010 PASSED U/S 263 WAS SET ASIDE BY THE TRIBUNAL VIDE ITS ORDER DATED 30.3.2011 IN I.T.A.NO. 791/ M DS/2010, A COPY OF WHICH HAS BEEN PLACED O N RECORD. THUS, IT IS OBSERVED THAT THE VERY BASIS ON WHICH THE ASSESSING OFFICER PASSED THE ORDER HAS BECOME NON - EXISTENT AND CONSEQUENTLY, THE ORDER HAS BECOME WITHOUT I.T.A.NO. 1373/2012 : - 3 - : JURISDICTION. WE, THEREFORE, CANCEL THE ORDER OF THE ASSESSING OFFICER AND ALLOW THE APPEAL OF THE ASSESSE E. 4 . IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED ON WEDNESDAY, THE 22 ND OF AUGUST , 2012, AT CHENNAI. SD/ - SD/ - ( SATBEER SINGH GODARA ) JUDICIAL MEMBER ( N.S.SAINI ) ACCOUNTANT MEMBER DATED: 22 ND AUGUST , 2012 RD COPY TO: APPELLANT / RESPONDENT / CIT(A) /CIT/ DR