M/s. PIVOTAL REMEDIES P. LTD., MUMBAI V. ACIT CIR. - 6(4), MUMBAI

ITA 2649/MUM/2006

• Counselvise Citation: [2012] 119 COUNSELVISE.COM (IT) 8916 (ITAT-MUMBAI)
• Duration Of Justice: 6 year(s) 4 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-09-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Next Hearing Date: 06-08-2012
• Assessment Year: 1995-1996
• Appeal Filed On: 28-04-2006
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: N K MEHTA
• Assessee Lawyers: NAGENDRA SHARMA DIRECTOR

Judgement Text

PAGE 1 OF 4 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH D, MUMBAI BEFORE SHRI G. E. VEERABHADRAPPA, HON'BLE PRESIDENT , & SHRI VIVEK VARMA, JUDICIAL MEMBER I.T.A.NO. 2649 & 2650/MUM/2006 ASSESSMENT YEARS : 1995-96 & 1996-97 M/S. PIVOTAL REMEDIES PVT. LTD., C/O. SHRI NAGENDRA SHARMA, DIRECTOR, 502, JOGANI APT., DONGARSHI ROAD, WALKESHWAR, MUMBAI-400 006 VS. ACIT, CIR. 6(1) AAYAKAR BHAVAN, M. K. MARG, MUMBAI-400 020 (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI NAGENDRA SHARMA, DIRECTOR RESPONDENT BY : SHRI N. K. MEHTA DATE OF HEARING: 06.08.2012 DATE OF PRONOUNCEMENT: 05.09.2012 O R D E R PER VIVEK VARMA, J.M. : THE APPEALS WERE FIRST DISPOSED OFF BY THE COORDIN ATE BENCH AT MUMBAI, ON NON PROSECUTION VIDE ORDER DATED 04.07.2008. THE CONSOLIDATED ORDER WAS RECALLED AND FRESH PROCEEDINGS WERE INITIATED, CONS EQUENT TO THE ORDER ON MAS NO. 609 & 610/MUM/2008. 2. AT THE TIME OF HEARING, MR. NAGENDRA SHARMA, DIR ECTOR ATTENDED WITH A PRAYER FOR ADJOURNMENT, AS ALL THE RELEVANT RECORDS IN CONNECTION WITH THE M/S. PIVOTAL REMEDIES PVT. LTD. I.T.A. NOS. 2649 & 2650/MUM/2006 PAGE 2 OF 4 IMPUGNED ISSUE WERE IN THE FACTORY, TAKEN OVER BY M SFC AND THE ASSESSEE ITSELF WAS IN LIQUIDATION AND IT WILL TAKE TIME FOR GETTIN G THE SAME. 3. WE HAVE CONSIDERED THE PRAYER FOR ADJOURNMENT AN D HAVE ALSO GONE THROUGH THE ORDERS AND THE AFFIDAVIT FILED BY THE A PPELLANT COMPANY, WE FIND THAT EVEN THE REVENUE AUTHORITIES ARE AWARE THAT TH E ASSESSEE AND ITS DIRECTORS ARE INVOLVED IN A NUMBER OF COURT CASES, FILED BY T HE VARIOUS INSTITUTIONS AND CREDITORS AND ALSO THAT THE FACTORY PREMISES HAS BE EN TAKEN OVER BY MSFC AGAINST THE LOAN OUTSTANDING ON THE ASSESSEE. LOOK ING INTO THE FINANCIAL AND FACTUAL POSITION OF THE ASSESSEE AND THE CIRCUMSTAN CE IN WHICH THE ASSESSEE IS INVOLVED IN, WE FEEL THAT IN THE OVERALL INTEREST O F JUSTICE AND COMPASSION, THE ASSESSEE CAN BE GIVEN ONE MORE OPPORTUNITY TO PRESE NT ITS CASE ON MERITS BEFORE THE REVENUE AUTHORITIES. 4. WE, THEREFORE, SET ASIDE THE ORDERS OF THE REVEN UE AUTHORITIES AND DIRECT THE A.O. TO PROCEED DENOVO IN FRAMING THE ASSESSMENTS AFRESH, IN THE IMPUGNED YEARS, AFTER GIVING A REASONABLE OPPORTUNITY OF BEI NG HEARD. 5. THE CASES ARE THUS TREATED AS ALLOWED FOR STATIS TICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON THIS DAY OF 05/09/2012. SD/- (G.E. VEERABHADRAPPA) PRESIDENT SD/- (VIVEK VARMA) JUDICIAL MEMBER M/S. PIVOTAL REMEDIES PVT. LTD. I.T.A. NOS. 2649 & 2650/MUM/2006 PAGE 3 OF 4 MUMBAI, DATE: 05/09/2012 ROSHANI COPY TO- 1) APPELLANT 2) RESPONDENT 3) CITA MUMBAI. 4) CIT CITY MUMBAI 5) DR BENCH MUMBAI TRUE COPY BY ORDER DY/ ASST.REGISTRAR,ITAT MUMBAI.