M/s. Jindal Poly Films Ltd., New Delhi V. CIT, Ghaziabad

ITA 2519/DEL/2012

• Counselvise Citation: [2015] 121 COUNSELVISE.COM (IT) 0146 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 1 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-06-2015
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 29-06-2015
• Assessment Year: 2006-2007
• Appeal Filed On: 24-05-2012
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: GAURAV DUDEJA
• Assessee Lawyers: S R WADHWA
• Section: 143(3); 153A; 263

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH D NEW DELHI BEFORE SHRI S.V. MEHROTRA : ACCOUNTANT MEMBER AND SHRI H.S. SIDHU: JUDICIAL MEMBER ITA NO. 2519/DEL/2012 ASSTT. YR: 2006-07 M/S JINDAL POLY FILMS LTD., VS. DCIT, CIRCLE, BULA NDSHAHR. PLOT NO. 12, SECTOR B-1, LOCAL SHOPPING COMPLEX, VASANT KUNJ, NEW DELHI. PAN: AAACJ 7650 E ( APPELLANT ) (RESPONDENT) APPELLANT BY : SHRI S.R. WADHWA ADV. RESPONDENT BY : SHRI GAURAV DUDEJA SR. DR DATE OF HEARING : 29/06/2015. DATE OF ORDER : 30/06/2015. O R D E R PER S.V. MEHROTRA, A.M: THIS APPEAL, PREFERRED BY THE ASSESSEE, IS DIREC TED AGAINST THE ORDER DATED 20-3-2012, PASSED BY THE COMMISSIONER OF INCO ME-TAX, GHAZIABAD U/S 263 OF THE INCOME-TAX ACT, 1961, RELATING TO A.Y. 2006-07. FOLLOWING GROUNDS ARE RAISED: 2 1. THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE , THE LD. COMMISSIONER OF INCOME-TAX, GHAZIABAD HAS GROSSLY E RRED IN PASSING THE ORDER U/S 263 OF THE INCOME-TAX ACT, 19 61 SETTING ASIDE THE ORDER OF ASSESSMENT DATED 24-12-2009 U/S 143(3) OF THE ACT AND FOR MAKING IT AFRESH. 2. THAT ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE ASSESSMENT ORDER U/S 143(3) DATED 24-12-2009 WAS NE ITHER ERRONEOUS NOR PREJUDICIAL TO THE INTEREST OF REVENU E IN RELATION TO THE ALLEGED PURCHASE OF NEW SHARES FROM ALLEGED CON VERSION OF PREFERENCE SHARES INTO EQUITY SHARES OR VERIFICATIO N OF ADDITION TO THE ASSET OR THE APPLICABILITY OF THE PROVISIONS OF SECTION 40A(2)(B) OR IN RESPECT OF THE JUSTIFICATION FOR TH E FALL IN G.P. RATE. 3. THAT THE LD. CIT, WHILE PASSING THE ORDER U/S 26 3, HAS GROSSLY ERRED IN STATING THAT THE ASSESSMENT ORDER WAS ERRONEOUS AND PREJUDICIAL TO THE INTEREST OF REVENUE BY EITHE R RELYING ON INCORRECT FACTS OR FACTS WHICH ARE NOT RELEVANT OR VALID IN THE EYES OF LAW. 2. AT THE HEARING LD. COUNSEL FOR THE ASSESSEE MOV ED AN APPLICATION BY SUBMITTING THAT THE PRESENT APPEAL FILED BY THE AS SESSEE HAS BECOME INFRUCTUOUS AS THE AO HAS NOT PASSED FRESH ASSESSME NT ORDER IN PURSUANCE TO CITS ORDER U/S 263. INSTEAD, ON ACCOUNT OF A SEARC H U/S 132(1) OF THE ACT, PROCEEDINGS U/S 153 WERE TAKEN AGAINST THE ASSESSEE AND A FRESH ORDER U/S 153A FOR A.Y. 2006-07 HAS BEEN PASSED ON 13-3-2015. AGAINST THAT ORDER, AN APPEAL HAS BEEN FILED IN NORMAL COURSE TO THE CI T(A). LD. COUNSEL, ACCORDINGLY, PRAYED THAT THE ASSESSEES APPEAL MAY BE DISMISSED AS INFRUCTUOUS. 3 3. LD. DR RAISED NO OBJECTION TO THE REQUEST SO MAD E ON BEHALF OF THE ASSESSEE. 4. IN VIEW OF ABOVE, ASSESSEES APPEAL IS DISMISSED BEING INFRUCTUOUS. ORDER PRONOUNCED IN OPEN COURT ON 30, 06,2015. SD/- SD/- (H.S. SIDHU) ( S.V. MEHROTRA ) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 30-06-2015. MP COPY TO : 1. ASSESSEE 2. AO 3. CIT(A) 4. CIT 5. DR (ITAT)