M/s. Eurofins Advinus Limited (Formerly Advinus Therapeutics Limited), Bangalore V. Income Tax Officer, Ward- 2(1)(4), Bangalore

ITA 181/BANG/2020

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 0867 (ITAT-BANGALORE)
• Duration Of Justice: 4 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-06-2020
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2011-2012
• Appeal Filed On: 06-02-2020
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: H N KHINCHA
• Section: 40(a)(ia); 201

Judgement Text

1 ITA NOS.181 - 184(B)/2020 IN THE INCOME TAX APPELLATE TRIBUNAL, BANGALORE BENCH C BEFORE SHRI N.V.VASUDEVAN, VICE PRESIDENT AND SHRI B.R.BASKARAN, ACCOUNTANT MEMBER ITA NOS.181 TO 184/BANG/2020 (ASSESSMENT YEARS : 2011 - 12 TO 2014 - 15) M/S EUROFINS ADVINUS LTD., (FORMERLY ADVINUS THERAPENTICS LTD) NO.21 & 22, PHASE - II, P E ENYA INDUSTRIAL AREA, BANGALORE - 56 0 058 PAN NO.AA FCA2502B APPELLANT VS THE INCOME TAX OFFICER, WARD - 2(1)(4), B ANGALORE RESPONDENT ASSESSEE BY : SHRI H.N.KHINCHA, CA REVENUE BY : SHRI PRADEEP KUMAR, CIT DATE OF HEARING : 08 - 0 6 - 2020 DATE OF PRONOUNCEMENT : O R D E R PER BE NCH: - THE ASSESSEE HAS FILED THES E APPEALS CHALLENGING THE ORDER S PASSED BY LD CIT(A) - 2 , BENGALURU AND THEY REL ATE TO THE ASSESSMENT YEARS 201 1 - 1 2 TO 201 4 - 15 . THE ASSESSEE IS AGGRIEVED BY THE DECISION OF LD CIT(A) IN PARTIALLY CONFIRMING THE ADDITIONS MADE BY THE AO IN THE ABOVE SAID YEARS. THE ADDITIONS CHALLENGED BEFORE THE TRIBUNAL ARE : (A) A DDITIONS MADE U/S 40(A)(IA) OF THE ACT FOR NON - DEDUCTION OF TAX AT SOURCE FROM VARIOUS PAYMENTS IN AY 2011 - 12 TO 2014 - 15; 2 ITA NOS.181 - 184(B)/2020 (B) D ISALLOWANCE OF AMORTIZATION OF DEBENTURE REDEMPTION PREMIUM IN ALL THE FOUR YEARS; (C) DISALLOWANCE OF LOSS ARISING FROM SETTLEMENT OF DERIVATIVE CONTRACT IN AY 2011 - 12. 2 . T HE ASSESSEE HAS FURNISHED A LETTER DATED NIL AND IN THAT LETTER, INTER ALIA, IT IS STATED AS UNDER: - 2. W E HAVE FILED THE DECLARATION IN FORM 1 AND UNDERTAKING IN FORM 2 AS PER SECTION 4(5) OF THE DIRECT TAX VIVAD SE VISHWAS ACT , 2020 IN RESPECT TO ABOVE APPEALS ON 29.4.2020 3. VIDE LETTER DATED 9.5.2020, EMAILED ON THE SAME DAY TO [e-mail] , WE HAVE SUBMITTED THE AFORESAID FORMS AND HAVE REQUESTED THAT THE HEARING OF APPEALS BE KINDLY KEPT IN ABEYANCE UNTIL COMPLETION OF PROCEEDINGS UNDER THE ABOVE ACT. 4. THE PR. CIT IS YET TO ACCEPT OUR FINDINGS UNDER THE VIVAD SE VISHWAS ACT, 2020 AND WE ARE YET TO RECEIVE THE CERTIFICATE IN FORM 3 FROM THE SAID AUTHORITY FOR THE ABOVE YEARS. 5. UND ER THESE CIRCUMSTANCES, WE ONCE AGAIN REQUEST YOUR HONOUR TO KINDLY ADJOURN THE HEARING OF THE ABOVE APPALS. 6. ALTERNATIVELY AND WITHOUT PREJUDICE, IF THE HONBLE BENCH DECIDES TO DISMISS THE APPEALS, LIBERTY MAY BE GRANTED TO FILE NECESSARY PETITION/APPLICATION FOR REINSTATEMENT OF APPEALS IN THE EVENT OF REJECTION OF OUR FILING UNDER THE VIVAD SE VISHWAS ACT, 2020 BY THE PR. CIT..... ACCORDINGLY THE ASSESSEE HAS PRAYED FOR ADJOURNMENT OF THESE APPEALS. 3 . THE LD D.R, HOWEVER, SUBMITTED THAT THE ASSESSEE HAS TO WITHDRAW THE PENDING APPEAL S AFTER FILING FORM VSV1 AS PER VIVAD SE VISHWAS ACT, 2020. THEREAFTER, THE ASSESSEE IS REQUIRED TO FURNISH A COPY OF THE SAME ALONG WITH THE PROOF OF PAYMENT OF TAX AS DETERMINED BY THE TAX OFFICIAL TO THE DEPARTMENT. SHE SUBMITTED THAT THE FORM NO.3 SHALL BE ISSUED TO THE ASSESS EE IN DUE COURSE AND A CCORDINGLY SHE SUBMITTED THAT THE SE APPEALS 3 ITA NOS.181 - 184(B)/2020 OF THE ASSESSEE MAY BE DISMISSED AS WITHDRAWN , AS THE ASSESSEE, IN ANY WAY, IS REQUIRED TO WITHDRAW THE APPEAL . 4 . WE HEARD THE PARTIES AND PERUSED THE RECORD. SINCE THE ASSESSEE HAS OP TED FOR VIVAD SE VISHWAS SCHEME, 2020, THE APPELLANT WOULD BE MOVING APPLICATION FOR WITHDRAW ING THE PRESENT APPEAL S FILED BEFORE THE TRIBUNAL IN DUE COURSE . SINCE THE ASSESSEE HAS ALREADY FILED THE NECESSARY APPLICATIONS BEFORE THE TAX AUTHORITIES UNDER THE ABOVE SAID SCHEME, WE ARE OF THE VIEW THAT NO PURPOSE WILL BE SERVED IN KEEPING THESE APPEALS PENDING. ACCORDINGLY WE DISMISS ALL THESE APPEALS OF THE ASSESSEE AS WITHDRAW N. 5. THE LD AR REITERATED THE SUBMISSIONS MADE IN THE LETTER FILED BY THE ASSESSEE SEEKING ADJOURNMENT. WE NOTICE THAT THE ASSESSEE HAS STATED THAT HE HAS NOT RECEIVED FORM NO.3, IN WHICH THE TAX AMOUNT TO BE PAID BY THE ASSESSEE SHALL BE INTIMATED BY THE DEPARTMENT. HENCE THE ASSESSEE HAS SOUGHT ADJOURNMENT TILL THE TIME FORM NO.3 IS RECEIVED FROM THE DEPARTMENT, MEANING THEREBY, THE ASSESSEE WANTS TO MAKE SURE THAT THE TAX LIABILITY MENTIONED BY HIM IN FORM NO.1 SHOULD GET CONFIRMED BY THE REVENUE . UNDER THESE SET OF FACTS, SINCE WE HAVE DISMISSED THE APPEALS, THE ASSESSEE IS GIVEN LIBERTY TO MOVE APPROPRIATE APPLICATION FOR RECALL OF THE PRESENT ORDER IN ACCORDANCE WITH THE LAW , IF THE ASSESSEE INTENDS TO DO SO . 6. IN THE RESULT, ALL THE SE APPEAL S OF THE ASSESSEE ARE DISMISSED AS WITHDRAWN. PRONOUNCED IN THE OPEN COU RT ON (N.V.VASUDEVAN ) (B.R.BASKARAN) VICE PRESIDENT ACCOUNTANT MEMBER BANGALORE DATED : *AM 4 ITA NOS.181 - 184(B)/2020 COPY TO : 1. THE ASSESSEE 2. THE REVENUE 3. THE CIT CONCERNED. 4. THE CIT(A) CONCERNED. 5. DR 6. GF BY ORDER ASST. REGISTRAR 5 ITA NOS.181 - 184(B0/2020