M/S PRINCE PIPES & FITTINGS LTD., MUMBAI V. DY. CIT-7(3)((2), MUMBAI

ITA 1632/MUM/2020

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 3319 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 2 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-09-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2012-2013
• Appeal Filed On: 29-06-2020
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: MRUGAKSHI JOSHI AR B B AGCHI
• Section: 115JB; 80IC; 80IC; 13

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES C , MUMBAI BEFORE SHRI SAKTIJIT DEY (JM) & SHRI RAJESH KUMAR (AM) ITA NO. 1632 /MUM/2020 ASSESSMENT Y EAR: 2012 - 13 M/S PRINCE PIPES AND FITTINGS LTD., THE RUBY, 08 TH FLOOR, 29 SE NAPATI BAPAT MARG, TULSI PIPE ROAD, DADAR (W), MUMBAI - 400028 PAN: AAACP2319J VS. DCIT 7(3)(2), ROOM NO. 669A, 6 TH FLOOR, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI - 400020 (APPELLANT) (RESPONDENT) ASSESSEE BY : MRUGAKSHI JOSHI (AR) REVENUE BY : B . B AGCHI (DR ) DATE OF HEARING : 21 /09 /202 1 DATE OF PRONOUNCEMENT: 21 / 09 /202 1 O R D E R PER SAKTIJIT DEY , JM THIS IS AN APPEAL BY THE ASSESSEE AGAINST ORDER DATED 18.02.2020 OF LEARNED COMMISS IONER OF INCOME TAX (APPEALS) - 1 3 , MUM BAI FOR THE ASSESSMENT YEAR 20 12 - 13 . 2. AT THE OUTSET, LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE MAJOR ISSUE CONCERNING DISALLOWANCE OF DEDUCTION UNDER SECTION 80IC OF THE INCOME TAX ACT , 1961 HAS BECOME ACADEMIC AS THE ASSESSING OFFICER (AO) HAS ULTIMATELY COMPUTED THE INCOME O F THE ASSESSEE UNDER SECTION 115JB OF THE ACT. THUS, SHE SUBMITTED , THE ISSUE OF DEDUCTION UNDER SECTION 80IC OF THE ACT HAS BECOME IRRELEVANT IN THE CONTEXT OF COMPUTATI ON OF BOOK PROFIT UNDER SECTION 115JB OF THE ACT. THEREFORE, ON INSTRUCTIONS, SHE MADE A REQUEST FOR 2 ITA NO. 1632 / MUM/2020 ASS ESSMENT YEAR: 20 12 - 1 3 WITHDRAWAL OF THE PRESENT APPEAL. THE LEARNED DEPARTMENTAL REPRESENTATIVE DID NOT EXPRESS ANY OBJECTION TO THE AFORESAID REQUEST OF THE ASSESSEE. 3. HAVING CONSIDERING RIVAL SUBMISSION, WE FIND, THE AO HAS ULTIMATELY COMPUTED THE TAX LIABILITY OF THE ASSESSEE ON THE BOOK PROFIT COMPUTED UNDER SECTION 115JB OF THE ACT. THUS, THE CLAIM OF DEDUCTION UNDER SECTION 80IC OF THE ACT WOULD HAVE NO TAX IMPLICATION IN SO FAR AS COMPUTATION OF BOOK PROFIT UNDER SECTION 115JB OF THE ACT. 4. IN VIEW OF THE AFORESAID, WE PERMIT THE ASSESSEE TO WITHDRAW THE PRESENT APPEAL. ACCORDINGLY, APPEAL IS DISMISSED AS WITHDRAWN. HOWEVER, WE MAKE IT CLEAR, WE HAVE NOT EXPRESSED ANY O PINION ON THE MERITS OF ASSESSEES CLAIM OF DEDUCTION UNDER SECTION 80IC OF THE ACT. 5. IN THE RESULT, APPEAL IS DISMISSED . ORDER PRONOUNCED IN THE OPEN COURT ON 2 1 ST SEPTEMBER , 2021 . SD/ - SD/ - ( RAJESH KUMAR ) ACCOUNTANT MEMBER (SAKTIJIT DEY) JUDICIAL MEMBER MUMBAI ; DATED: 2 1 / 09 /202 1 ALINDRA, PS / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE . 3 ITA NO. 1632 / MUM/2020 ASS ESSMENT YEAR: 20 12 - 1 3 / BY ORDER, //TRUE COPY// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI