ARVIND MAFATLAL FOUNDATON , MUMBAI V. THE ASSTT. DIR. OF INCOME TAX, CPC, BANGALORE

ITA 1888/MUM/2020

• Counselvise Citation: [2021] 104 COUNSELVISE.COM (IT) 5485 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 1 month(s) 25 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-12-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2018-2019
• Appeal Filed On: 01-11-2020
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

आयकर अपीलीय अिधकरण मुंबई पीठ “एस एम सी”, मुंबई ᮰ी िवकास अव᭭थी, ᭠याियक सद᭭य के समᭃ IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “SMC”, MUMBAI BEFORE SHRI VIKAS AWASTHY, JUDICIAL MEMBER आ.अ.सं.1888/मुं/2020(िन.व.2018-19) ITA NO.1888/MUM/2020 (A.Y.2018-19) Arvind Mafatlal Foundation, Mafatlal Centre, 1 st Floor, Nariman Point, Mumbai-400021. PAN: AADTA4535F ...... अपीलाथᱮ /Appellant बनाम Vs. The Asst. DCIT, CPC, Bangalore-560500. ..... ᮧितवादी/Respondent अपीलाथᱮ ᳇ारा/ Appellant by : Sh. Aamod Prabhudesai ᮧितवादी ᳇ारा/Respondent by : Sh. Anil Gupta सुनवाई कᳱ ितिथ/ Date of hearing : 28/12/2021 घोषणा कᳱ ितिथ/ Date of pronouncement : 28/12/2021 आदेश/ ORDER PER VIKAS AWASTHY, J.M: This appeal by the assessee is directed against the order of Commissioner of Income Tax (Appeals)-1, Mumbai [hereinafter referred to as ‘the CIT(A)’] dated 03.09.2020 for the Assessment Years (AY) 2018-19. 2. Sh. Aamod Prabhudesai appearing on behalf of the assessee submitted that the assessee wishes to withdraw present appeal as the grounds raised in the appeal have become otiose. He has also filed letter to this effect. 2 आअसं. 1888/मुं/2020 (िन.व.2018-19) ITA No. 1888/Mum/2020 (AY-2018-19) 3. Sh. Anil Gupta representing the Department stated that the Revenue has no objection if the assessee wishes to withdraw appeal. 4. Both sides heard. The ld. Authorized Representative (AR) of the assessee stated at Bar that the assessee wishes to withdraw appeal as the assessee got relief by virtue of amendment to Section 11(1) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) by way of insertion of Explanation-5 by the Finance Act, 2021. The ld. AR of the assessee has filed letter dated 22.12.2021 to this effect. The relevant extract of same is reproduced here-in-below: “1. On the captioned subject, under instructions from the appellant, we submit as under: 2. The total income to be applied was Rs. 40,43,169/- against which the appellant had first claimed statutory deduction u/s. 11(1)(a) of the Act of Rs. 6,06,475/-. The balance income to be applied was Rs. 34,36,694/- against which income applied was Rs. 62,84,297/- and hence, excess application of income of Rs. 28,47,603/- was cared forward. However, vide Intimation dated 02-01-2020 u/s. 143(1), the td ADIT, CPC has denied the statutory deduction as the application of income exceeds the income to be applied. This is the only ground of appeal. 3. Explanation 5 is inserted to section 11(1) of the Act by the Finance Act, 2021 w e-f. 01-04-2022: whereby no set off of any excess application of income is allowed. Therefore, the ground of appeal for the year has become otiose as it has the effect of set off against application of income for AY 2022-23 and onwards. 4. Our letter of authority is already on your records.” 5. In view of the statement made by ld. AR of assessee, the appeal of assessee is dismissed as withdrawn. Order pronounced in the open court on Tuesday, the 28 th day of December, 2021. Sd/- (VIKAS AWASTHY) ᭠याियक सद᭭य / JUDICIAL MEMBER मुंबई/Mumbai, ᳰदनांक/Dated: 28/12/2021 3 आअसं. 1888/मुं/2020 (िन.व.2018-19) ITA No. 1888/Mum/2020 (AY-2018-19) SK, Sr. PS ᮧितिलिप अᮕेिषतCopy of the Order forwarded to : 1. अपीलाथᱮ/The Appellant , 2. ᮧितवादी/ The Respondent. 3. आयकर आयुᲦ(अ)/ The CIT(A)- 4. आयकर आयुᲦ CIT 5. िवभागीय ᮧितिनिध, आय.अपी.अिध., मुबंई/DR, ITAT, Mumbai 6. गाडᭅ फाइल/Guard file. BY ORDER, //True Copy// (Dy./Asstt. Registrar) ITAT, Mumbai