OXIDES AND SPECIALITIES LIMITED, NAVI MUMBAI V. CIT (A)-24, MUMBAI

ITA 2856/MUM/2016

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 0211 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 5 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-09-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2009-2010
• Appeal Filed On: 18-04-2016
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: LOVE KUMAR
• Assessee Lawyers: VIPUL JOSHI MS DINKLE HARIYA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH C, MUMBAI BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER ITA NO. 2856/MUM/2016 : A.Y : 2009 - 10 OXIDES AND SPECIALITIES LTD., R - 802, T.T.C. INDUSTRIAL AREA, MAHAPE, MAHAPE - RABALE ROAD, NAVI MUMBAI 400 701. PAN : AAAFO7222L (APPELLANT) VS. ACIT - 10(3), MUMBAI. (RESPONDENT) APPELLANT BY : SHRI VIPUL JOSHI, MS. DINKLE HARIYA RESPONDENT BY : SHRI LOVE KUMAR DATE OF HEARING : 19/09/2018 DATE OF PRONOUNCEMENT : 19/09/2018 O R D E R PER G.S. PANNU , AM : THE CAPTIONED APPEAL FILED BY THE ASSESSEE PERTAINING TO ASSESSMENT YEAR 2009 - 10 IS DIRECTED AGAINST AN ORDER PASSED BY CIT(A) - 24, MUMBAI DATED 21.01.2016, WHICH IN TURN AR ISES OUT OF AN ORDER PASSED BY THE ASSESSING OFFICER UNDER SECTION 143(3)(II) OF THE INCOME TAX ACT, 1961 (IN SHORT THE ACT) DATED 19.12.2011. 2 ITA NO. 2856/MUM/2016 OXIDES AND SPECIALITIES LTD. 2. AT THE TIME OF HEARING, THE LEARNED REPRESENTATIVE FOR THE ASSESSEE SUBMITTED THAT THE ONLY ISSUE IN DISPUT E WAS AN ADDITION OF RS.3,05,64,703/ - MADE BY THE ASSESSING OFFICER BY INVOKING SEC. 41(1) OF THE ACT. THE LEARNED REPRESENTATIVE POINTED OUT THAT ASSESSEE WAS A SICK INDUSTRIAL COMPANY WITHIN THE MEANING OF SEC. 3(1)(O) OF THE SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) ACT, 1985 AND IS REGISTERED WITH THE BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION (BIFR). THE LEARNED REPRESENTATIVE POINTED OUT THAT THE ADDITION REPRESENTED VARIOUS SUNDRY CREDITS WHICH HAD REMAINED OUTSTANDING FOR PAYMENT ; AN D , THE SAME HAS BEEN TREATED BY THE ASSESSING OFFICER AS CESSATION OF LIABILITY IN TERMS OF SEC. 41(1) OF THE ACT. THE LEARNED REPRESENTATIVE STATED THAT ASSESSEE HAD SUBSTANTIVE LOSSES EVEN AFTER CONSIDERING THE AFORESAID ADDITION AND SUCH LOSSES HAVE AL SO NOT BEEN SET - OFF IN ANY SUBSEQUENT YEARS. 3. IT WAS ASSERTED BY THE LEARNED REPRESENTATIVE THAT ASSESSEE SEEKS TO PURSUE DEDUCTIBILITY OF THE AFORESAID SUM IN THE YEAR WHEN THE SAID LIABILITIES ARE PAID OFF BY IT AS PER LAW AND, IN THAT LIGHT, IT DOES NOT WISH TO PURSUE THE PRESENT APPEAL. THE LEARNED REPRESENTATIVE SUBMITTED THAT THE APPELLANT BE ALLOWED TO WITHDRAW THE PRESENT APPEAL. 4. THE LD. DR HAD NO OBJECTION TO THE PRAYER OF THE ASSESSEE TO WITHDRAW THE PRESENT APPEAL. 5. CONSIDERING THE PRA YER OF THE ASSESSEE, THE CAPTIONED APPEAL OF THE ASSESSEE IS DISMISSED AS WITHDRAWN. 3 ITA NO. 2856/MUM/2016 OXIDES AND SPECIALITIES LTD. THE ABOVE DECISION WAS PRONOUNCED IN THE OPEN COURT IN THE PRESENCE OF BOTH THE PARTIES AT THE CONCLUSION OF THE HEARING ON 19 TH SEPTEMBER , 201 8 . SD/ - SD/ - ( PAWAN SINGH ) JUDICIAL MEMBER (G.S. PANNU) ACCOUNTANT MEMBER MUMBAI, DATE : 1 9 T H SEPTEMBER, 201 8 *SSL* COPY TO : 1) THE APPELLANT 2) THE RESPONDENT 3) THE CIT(A) CONCERNED 4) THE CIT CONCERNED 5) THE D.R, C BENCH, MUMBAI 6) GUARD FILE BY ORDER DY./ASSTT. REGISTRAR I.T.A.T, MUMBAI