ITO, Ward-6(1), PUNE V. M/s. SHRINIWAS ENGINEERING AUTO COMPONENTS PRIVATE LIMITED, PUNE

ITA 1940/PUN/2019

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 1062 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 7 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-07-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2013-2014
• Appeal Filed On: 09-12-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: HARI KRISHAN
• Keywords: Revision of order; Revised return
• Section: 143(3); 13; 68; 263

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, PUNE (THROUGH VIRTUAL COURT) BEFORE SHRI INTURI RAMA RAO , AM AND SHRI PARTHA SARATHI CHAUDHURY , JM . / ITA NO . 1 94 0 /PUN/20 19 / ASSESSMENT YEAR : 20 13 - 14 THE INCOME - TAX OFFICER, WARD 6(1), PUNE ....... / APPELLANT / V/S. M/S. SHRINIWAS ENGINEERING AUTO COMPONENTS PVT. LTD., OFFICE NO.5, MANSARA APARTMENT, 1108/4, UNIVERSITY ROAD, PUNE 411016 PAN: AAJCS8944F / RESPONDENT ASSESSEE BY : SHRI HARI KRISHAN REVENUE BY : SHRI DEEPAK GARG / DATE OF HEARING : 12 - 0 7 - 20 2 1 / DATE OF PRONOUNCEMENT : 12 - 0 7 - 202 1 / ORDER PER PARTHA SARATHI CHAUDHU RY, JM : THIS APPEAL PREFERRED BY THE REVENUE EMANATES FROM THE ORDER OF THE LD. CIT ( A ) - 4 , PUNE , DATED 17 .0 9 .201 9 . 2. BRIEF FACTS OF THE CASE ARE THAT THE ASSESSEE FILED RETURN OF INCOME FOR A.Y. 2013 - 14 ON 30.09.2013 DECLARING TOTAL INCOME OF RS.9,59,99,520/ - 2 ITA NO. 1 940 /PUN/20 19 AND A REVISED RETURN ON 29.11.2014 DECLARING INCOME OF RS.7,24,92,650/ - . THE ORIGINAL ASSESSMENT U/S 143(3) OF THE INCOME - TAX ACT, 1961 (HEREINAFTER REFERRED TO AS THE ACT) WAS FINALIZED ON 23.03.2016 ASSESSING THE TOTAL INCOME AT RS.10,76,64,484/ - . SU BSEQUENTLY, THE PR. COMMISSIONER OF INCOME TAX 3, PUNE (HEREINAFTER REFERRED TO AS PCIT) PASSED AN ORDER U/S 263 OF THE ACT DATED 30.03.2018 WHEREIN THE AO WAS DIRECTED TO EXAMINE (A) THE RECEIPTS UNDER THE HEAD PACKAGE SCHEME INCENTIVE ACCRUED IN TH E LIGHT OF FACTS AND FINDINGS IN THE CASE OF SAHNEY STEEL & PRESS WORKS LTD. AND (B) GENUINENESS OF SHARE CAPITAL AMOUNT AND SHARE PREMIUM INCLUDING APPLICABILITY OF SECTION 68 AND SECTION 56(2)(VIIB)/RULE 11UA. THE AO PASSED THE ORDER U/S 143(3) R.W.S. 2 63 OF THE ACT ON 26.12.2018 ASSESSING THE INCOME AT RS.30.47,04,860/ - . THE ASSESSEE CHALLENGED THE SAME BEFORE THE LD. CIT(A). THE LD. CIT(A) ALLOWED THE APPEAL OF ASSESSEE, AGAINST WHICH THE REVENUE IS IN APPEAL BEFORE US. 3 . AT THE VERY OUTSET, LD. CO UNSEL FOR THE ASSESSEE SUBMITTED THAT THE ORDER PASSED BY THE PCIT U/S 263 OF THE ACT IS NOT MAINTAINABLE AS THE SAME HAS BEEN QUASHED BY THE PUNE BENCH OF TRIBUNAL. THE LD. DR FAIRLY ADMITTED THE PROPOSITION RAISED BY LD. AR. 4 . AFTER CONSIDERING THE RIVAL SUBMISSIONS AND MATERIAL ON RECORD, IT IS OBSERVED THAT THE PUNE BENCH OF TRIBUNAL IN ASSESSEES OWN CASE IN ITA NO.777/PUN/2018, RELATING TO A.Y. 2013 - 14 VIDE ORDER DATE 28.02.2019 HAS QUASHED THE ORDER PASSED BY PCIT U/S 263 O F THE ACT ON 30.03.2018 AS NULL AND VOID. IN VIEW OF THE ORDER PASSED BY PCIT HAS ALREADY BEEN 3 ITA NO. 1 940 /PUN/20 19 DISMISSED BY THE TRIBUNAL, THE PRESENT APPEAL ALSO STANDS DISMISSED. THUS, THE GROUNDS RAISED BY REVENUE ARE DISMISSED . 5 . IN THE RESULT, THE APPEAL OF REVENUE IS DISMISSED . ORDER PRONOUNCED IN THE OPEN COURT ON 12 TH JU LY , 20 2 1 . SD/ - SD/ - ( INTURI RAMA RAO ) ( PARTHA SARATHI CHAUDHURY ) ACCOUNTANT MEMBER JUDICIAL MEMBER / PUNE; / DATED : 12 TH JULY , 20 2 1 GCVSR / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT. 2. / THE RESPONDENT 3. THE CIT (APPEALS) - 4, PUNE. 4. THE PR. CIT - 3, PUNE. 5. DR, ITAT, B BENCH, PUNE. 6. / GUARD FILE. // // TRUE COPY// / BY ORDER, / SR. PRIVATE SECRETARY , / ITAT, PUNE