Prathama Bank, Moradabad V. Addl. CIT, Moradabad

ITA 2909/DEL/2016

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 3525 (ITAT-DELHI)
• Duration Of Justice: 1 year(s) 8 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-02-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Assessment Year: 2009-2010
• Appeal Filed On: 23-05-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 143(3); 263

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES D : DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER ITA.NO.2909/DEL./2016 ASSESSMENT YEAR 2009-2010 PRATHAMA BANK RAM GANGA VIHAR, PHASE-II, MORADABAD 244 001. PAN AAAJP0988Q VS. THE ADDL. CIT, RANGE-1, MORADABAD. (APPELLANT) (RESPONDENT) FOR ASSESSEE : SHRI PIYUSH KAUSHIK, ADVOCATE FOR REVENUE : SHRI AMIT JAIN, SR. D.R. DATE OF HEARING : 12.02.2018 DATE OF PRONOUNCEMENT : 12.02.2018 ORDER PER BHAVNESH SAINI, J.M. THIS APPEAL BY ASSESSEE HAS BEEN DIRECTED AGAINST THE ORDER OF THE LD. CIT(A), MORADABAD, DATED 10 TH MARCH, 2016, FOR THE A.Y. 2009-2010, CHALLENGING THE ORDER OF TH E A.O. IN CONFIRMING THE ADDITION UNDER SECTION 36(1)(VIIA) O F THE I.T. ACT, 1961. 2 ITA.NO.2909/DEL./2016 PRATHAMA BANK MORADABAD. 2. BRIEFLY, THE FACTS OF THE CASE ARE THAT THE A.O . PASSED THE ORIGINAL ASSESSMENT ORDER UNDER SECTION 143(3) VIDE ORDER DATED 13 TH DECEMBER, 2011 BY ACCEPTING LOSS OF RS.13,80,69,000. IT REMAINED SUBJECT MATTER IN PROC EEDINGS UNDER SECTION 263 OF THE I.T. ACT WITH REGARD TO TH E DEDUCTION CLAIMED UNDER SECTION 36(1)(VIIA) OF THE I.T. ACT. THE LD. CIT, MORADABAD, VIDE ORDER DATED 19 TH FEBRUARY, 2013, UNDER SECTION 263 OF THE I.T. ACT, SET ASIDE THE ASSESSME NT ORDER AND RESTORED THE MATTER TO THE FILE OF A.O. TO RE-EXAMI NE THE DEDUCTION CLAIMED UNDER SECTION 36(1)(VIIA) OF THE I.T.ACT. THE ORDER UNDER SECTION 263 REMAINED SUBJECT MATTER IN APPEAL BEFORE ITAT, DELHI BENCH IN THE CASE OF THE ASSESSE E I.E., PRATHAMA BANK VS. CIT AND THE TRIBUNAL VIDE ORDER D ATED 25 TH NOVEMBER, 2016 REPORTED IN 52 ITD (TRIBU.) 454, SET ASIDE THE ORDER UNDER SECTION 263 OF THE I.T. ACT AND ALLOWED THE APPEAL OF THE ASSESSEE. COPY OF THE ORDER IS PLACED ON REC ORD. 3. LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT SINCE THE ORDER UNDER SECTION 263 OF THE I.T. ACT, HAVE BEEN SET 3 ITA.NO.2909/DEL./2016 PRATHAMA BANK MORADABAD. ASIDE AND QUASHED BY THE TRIBUNAL, THEREFORE, PRESE NT PROCEEDINGS BEFORE A.O. AND LD. CIT(A) HAVE BECOME INFRUCTUOUS AND ORIGINAL ASSESSMENT ORDER WOULD SUR VIVE. 4. THE LD. D.R. DID NOT DISPUTE THE PROPOSITION ADVANCED BY THE LEARNED COUNSEL FOR THE ASSESSEE. 5. CONSIDERING THE FACTS OF THE CASE IN THE LIGHT OF VARIOUS ORDERS REFERRED TO ABOVE, WE ARE OF THE VIE W THAT SINCE THE A.O. PASSED THE ORDER IN PURSUANCE TO THE DIREC TIONS ISSUED UNDER SECTION 263 OF THE I.T. ACT AND PASSED THE AS SESSMENT ORDER UNDER SECTION 143(3)/263 DATED 24 TH OCTOBER, 2013, THEREFORE, THE PRESENT PROCEEDINGS BEFORE THE AUTHO RITIES BELOW HAVE BECOME INFRUCTUOUS BECAUSE THE ORDER UNDER SEC TION 263 HAVE BEEN QUASHED BY THE TRIBUNAL. LEARNED COUNSEL FOR THE ASSESSEE, THEREFORE, CORRECTLY STATED THAT SINCE TH E ORDER UNDER SECTION 263 HAVE BEEN SET ASIDE BY THE TRIBUNAL, TH EREFORE, ORIGINAL ASSESSMENT ORDER WOULD SURVIVE. WE, ACCORD INGLY, SET ASIDE THE ORDERS OF THE AUTHORITIES BELOW AND QUASH THE 4 ITA.NO.2909/DEL./2016 PRATHAMA BANK MORADABAD. RESULTANT PROCEEDINGS UNDER SECTION 143(3)/263 OF T HE I.T. ACT. THE APPEAL OF THE ASSESSEE IS ALLOWED. 6. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWE D. ORDER PRONOUNCED IN THE OPEN COURT. SD/- SD/- (O.P.KANT) (BHAVNESH SAINI) ACCOUNTANT MEMBER JUDICIAL MEMBER DELHI, DATED 12 TH FEBRUARY, 2018 VBP/- COPY TO 1. THE APPELLANT 2. THE RESPONDENT 3. CIT(A) CONCERNED 4. CIT CONCERNED 5. D.R. ITAT D BENCH, DELHI 6. GUARD FILE. // BY ORDER // ASSESSMENT. REGISTRAR : ITAT DELHI BENCHES : DELHI.