Vision 2K+Inc, Hyderabad V. Asst. Commissioner of Income Tax, Circle-4(1), Hyderabad

ITA 2223/Hyd/2017

• Counselvise Citation: [2022] 105 COUNSELVISE.COM (IT) 7313 (ITAT-HYDERABAD)
• Duration Of Justice: 4 year(s) 2 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-03-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB-A
• Assessment Year: 2005-2006
• Appeal Filed On: 25-12-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 263; 10B

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “A” : HYDERABAD BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER I.T.A. No. 2223/HYD/2017 Assessment Year: 2005-06 Vision 2K+INC, HYDERABAD [PAN: AACFV4642H] Vs Asst.Commissioner of Income Tax, Circle-4(1), HYDERABAD (Appellant) (Respondent) For Assessee : Ms. S.Sandhya, AR For Revenue : Shri Sunil Gowtham, Sr.DR Date of Hearing : 07-03-2022 Date of Pronouncement : 09-03-2022 O R D E R PER S.S.GODARA, J.M. : This assessee’s appeal for AY.2005-06 arises from the CIT(A)-1, Hyderabad’s order dated 18-09-2017 passed in case No.0557 / CIT(A)-1, Hyd / 2014-15 / 2017-18, involving proceedings u/s.143(3) r.w.s.147 of the Income Tax Act, 1961 [in short, ‘the Act’]. Heard both the parties. Case file perused. 2. It emerges at the outset that we hardly need to delve much deeper in the relevant factual matrix so far as the assessee’s instant lis is concerned. A perusal of the case file suggests that the Assessing Officer had re-opened the assessment herein dt.20-12-2010 framed u/s.143(3) r.w.s.263 of the Act. And that the CIT-IV, Hyderabad had passed the said Section 263 revision order u/s.263 on 26-03-2010 ITA No. 2223/Hyd/2017 :- 2 -: terming the earlier regular assessment dt.31-12-2007 to have been erroneously framed causing prejudice to interest of the Revenue. 3. Both the parties are ad idem during the course of hearing that the CIT had sought to exercise his Section 263 revision jurisdiction on the issue of Section 10B exemption. We note in this factual backdrop that the tribunal’s co-ordinate bench’s order in ITA No.696/Hyd/2010, dt.21-01-2011 has already reversed the CIT’s revision directions herein above which renders the corresponding consequential assessments dt.20- 12-2010 framed u/s.143(3) r.w.s.263 as well as the instant Section 147/148 proceedings therein finalised on 13-12-2012 as having no legs to stand. We conclude in this backdrop of facts that the assessee’s instant appeal deserves to succeed for the foregoing precise reason alone. We order accordingly. All other pleadings on merits stand rendered infructuous. 4. This assessee’s appeal is allowed in above terms. Order pronounced in the open court on 9 th March, 2022 Sd/- Sd/- (LAXMI PRASAD SAHU) (S.S.GODARA) ACCOUNTANT MEMBER JUDICIAL MEMBER Hyderabad, Dated: 09-03-2022 TNMM ITA No. 2223/Hyd/2017 :- 3 -: Copy to : 1.Vision 2K+INC, H.No.6-2-929/A, Beside: Zee Telugu Channel, Khairatabad, Hyderabad. 2.Asst. Commissioner of Income Tax, Circle-4(1), Hyderabad. 3.CIT(Appeals)-1, Hyderabad. 4.Pr.CIT-1, Hyderabad. 5.D.R. ITAT, Hyderabad. 6.Guard File.