KARTHIK FINANCIAL SERVICES LTD, MUMBAI V. DCIT-5(2), MUMBAI

ITA 1957/MUM/2018

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 9101 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 3 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-07-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: H
• Assessment Year: 2008-2009
• Appeal Filed On: 28-03-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: B SRINIVAS
• Section: 5(2)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL H , BENCH MUMBAI BEFORE SHRI M. BALAGANESH, AM & SHRI AMARJIT SINGH, JM ITA NO. 1957 /MUM/201 8 ( ASSESSMENT YEAR : 2008 - 09 ) M/S. KARTHIK FINANCIAL SERVICES LIMITED MANICKAM COMPLEX, GROUND FLOOR, 1/3, GENERAL P ATTERS ROAD, CHENNAI 600 002, TAMIL NADU VS. DCIT - 5(2), AAYAKAR BHAVAN MUMBAI 400 020 PAN/GIR NO. AABCK0657P (APPELLANT ) .. (RESPONDENT ) ASSESSEE BY SHRI VIJAY MEHTA & SHRI ANUJ KISNADWALA REVENUE BY SHRI B. SRINIVAS DATE OF HEARING 27 / 06/ 2019 DATE OF PRONOUNCEMENT 10 / 07 /2019 / O R D E R PER M. BALAGANESH (A.M) : THIS APPEAL IN ITA NO. 1957/MUM/2018 FOR A.Y. 2008 - 09 ARISES OUT OF THE ORDER BY THE LD. COMMISSIONER OF INCOME TAX (APPEALS) - 12, MUMBAI IN APPEAL NO. CIT(A) - 12/DCIT - 6(3)(2)/139/14 - 15 DATED 31/01/2018 (LD. CIT(A) IN SHORT) AGAINST THE ORDER OF ASSESSMENT PASSED U/S.143(3) R.W.S.263 OF THE INCOME TAX ACT, 1961 (HEREINAFTER REFERRED TO AS ACT) DATED 27/03/2014 BY THE LD. DY. COMMISSIONER OF INCOME TAX - 5(2) (HERE INAFTER REFERRED TO AS LD. AO). ITA NO. 1957/MUM/2018 M/S. KARTHIK FINANCIAL SERVICES PVT.LTD., 2 2. AT THE OUTSET, WE FIND THAT THIS IS AN APPEAL PREFERRED BY THE ASSESSEE AGAINST THE ORDER OF LD. CIT(A) CONFIRMING THE ACTION OF THE LD. AO , WHO HAD PASSED AN ORDER CONSEQUENT TO THE ORDER PASSED BY THE LD. CIT U/S.263 OF THE ACT. THE ORDER U/S.263 WAS PASSED BY THE LD. CIT - 5, MUMBAI ON 26/03/2013. THE ASSESSEE HAD ORIGINALLY PREFERRED AN APPEAL AGAINST THIS ORDER PASSED U/S.263 BEFORE US WHICH WAS DISPOSED OFF BY THIS TRIBUNAL IN ITA NO.4132/MUM/2013 FOR A.Y.2008 - 09 DAT ED 26/03/2019 WHEREIN THIS TRIBUNAL HAD HELD THAT THE LD. CIT ERRED IN EXERCISING REVISIONAL JURISDICTION U/S.263 OF THE ACT IN THE FACTS AND CIRCUMSTANCES OF THE CASE. WE HOLD THAT ONCE THE 263 ORDER HAS BEEN QUASHED BY THIS TRIBUNAL, CONSEQUENTLY THE ORD ER PASSED PURSUANT TO THE SAID 263 ORDER BY THE LD. AO WHICH HAD BEEN FURTHER CONFIRMED BY THE LD. CIT(A) DOES NOT SURVIVE. HENCE, THE GROUNDS RAISED BY THE ASSESSEE ARE ALLOWED ON THIS TECHNICAL ASPECT. 3. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED . ORDER PRONOUNCED IN THE OPEN COURT ON THIS 10 / 07 /201 9 SD/ - ( AMARJIT SINGH ) SD/ - (M.BALAGANESH) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED 10 / 07 / 2019 KARUNA , SR. PS ITA NO. 1957/MUM/2018 M/S. KARTHIK FINANCIAL SERVICES PVT.LTD., 3 COPY OF THE ORDER FORWARDED TO : BY ORDER, ( ASSTT. REGISTRAR) ITAT, MUMBAI 1. THE APPELLANT 2. THE RESPONDENT. 3. THE CIT(A), MUMBAI. 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. //TRUE COPY//