SHIRISH MODY ENTERPRISES LLP, MUMBAI V. ACIT, CIRCLE 21 (3), MUMBAI

ITA 2282/MUM/2019

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 3261 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 6 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-10-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2014-2015
• Appeal Filed On: 11-04-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: SMITA VERMA
• Keywords: Capital asset

Judgement Text

THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH, MUMBAI SHRI SHAMIM YAHYA (AM) I.T.A. NO. 2282/MUM/2019 (ASSESSMENT YEAR 2014-15) SHIRISH MODY ENTERPRISES LLP 83, B&C, SHETH GOVINDRAO SMRITI, DR. ANNIE BESANT ROAD WORLI, MUMBAI-400 018. PAN : ACJFS6961P VS. ACIT, CIRCLE-21(3) 2 ND FLOOR PIRAMAL CHAMBERS LALBAUG, PAREL MUMBAI-400 012. ( APPELLANT ) ( RESPONDENT ) ASSESSEE BY NONE DEPARTMENT BY MS. SMITA VERMA DATE OF HEARING 14.10.2021 DATE OF PRONOUNCEMENT 14.10.2021 O R D E R THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST OR DER OF LEARNED CIT-A DATED 27.2.2019 PERTAINING TO ASSESSMENT YEAR 2014- 15. 2. THE GROUNDS OF APPEAL READ AS UNDER :- 1.1. THE LEARNED CIT (A) HAS ERRED IN UPHOLDING THE ADDITIONS MADE BY THE AO ON THE GROUNDS THAT THE APPELLANT HAS FAILED TO COMPL Y WITH THE PROVISIONS OF SECTION 47(XIIIB) AND AS A RESULT, THE BENEFIT UNDER SECTION 49(L)(E) READ WITH EXPLANATION L(B) OF SECTION 2(42A) CANNOT BE GRANTED TO THE APPELLANT WITH REGARDS TO THE PERIOD OF HOLDING IN RESP ECT OF LONG TERM CAPITAL ASSETS. 1.2. SHE HAS ALSO ERRED IN NOT APPRECIATING THE FACTS PLACED ON RECORD EVIDENCING THAT THE APPELLANT HAS DULY COMPLIED WITH A LL THE CONDITIONS STIPULATED IN PROVISO TO SECTION 47(XIIIB). 3. AT THE OUTSET IT IS NOTED THAT THE ASSESSEE HAS MADE AN APPLICATION THAT HE SHALL BE WITHDRAWING THE APPEAL. LEARNED DEPART MENTAL REPRESENTATIVE DID NOT HAVE ANY OBJECTION TO THIS PROPOSITION. SHIRISH MODY ENTERPRISES LLP 2 4. UP ON CAREFUL CONSIDERATION I HAVE GRANTED PERMI SSION TO WITHDRAW THE APPEAL. ACCORDINGLY THIS APPEAL IS DISMISSED AS WIT HDRAWN. PRONOUNCED IN THE OPEN COURT ON 14.10.2021. SD/- (SHAMIM YAHYA) ACCOUNTANT MEMBE R MUMBAI; DATED : 14/10/2021 COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. BY ORDER, //TRUE COPY// ( ASSISTANT REGISTRAR) PS ITAT, MUMBAI