KUMAGAI SKANSKA HCC ITOCHU GROUP (KSHI-JV), MUMBAI V. ITO 23(1)(1), MUMBAI

ITA 2909/MUM/2013

• Counselvise Citation: [2015] 121 COUNSELVISE.COM (IT) 0851 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 3 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-07-2015
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 23-07-2015
• Assessment Year: 2009-2010
• Appeal Filed On: 15-04-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: VIKRAM BATRA
• Assessee Lawyers: ANAND GONSALVES
• Section: 143(3)

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES A MUMBAI . . , , BEFORE SHRI G.S.PANNU, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER . / ITA NO.2909/MUM/2013 / ASSESSMENT YEAR 2009-10 KUMAGAI SKANSKA HCC ITOCHU GROUP (KSHI JV) HINCON HOUSE, LBS MARG, VIKROLI (WEST), MUMBAI 400083 / VS. THE INCOME TAX OFFICER 23(1)(1), 1 ST FLOOR, C-10 PRATYAKSHA KAR BHAVAN, BANDRA KURLA COMPLEX, MUMBAI -51 ./ ./ PAN/GIR NO. :AAAAK 1477G ( / APPELLANT ) .. ( / RESPONDENT ) APPELLANT BY SHRI ANAND GONSALVES RESPONDENT BY SHRI VIKRAM BATRA ' #$ / DATE OF HEARING : 23/07/2015 ' #$ / DATE OF PRONOUNCEMENT : 23/07/2015 / O R D E R PER G.S.PANNU, A.M: THE PRESENT APPEAL IS PREFERRED BY THE ASSESSEE AND IS DIRECTED AGAINST THE IMPUGNED APPELLATE ORDER DATED 04/02/2013 PAS SED BY LD. CIT(A)-33, MUMBAI PERTAINING TO THE ASSESSMENT YEAR 2009-10, W ITH REFERENCE TO THE ASSESSMENT ORDER DATED 27/12/2011 PASSED IN TERMS O F SECTION 143(3) OF THE INCOME TAX ACT, 1961(THE ACT). 2. A LETTER DATED 18 TH JULY 2015 HAS BEEN FILED ON BEHALF OF THE ASSESSEE , IN WHICH IT HAS BEEN STATED AS UNDER: . / ITA NO.2909/MUM/2013 / ASSESSMENT YEAR 2009-10 2 SUB: WITHDRAWAL OF APPEAL IN CASE KUMAGAI SKANSKA HCC ITOCHU GROUP APPEAL NO.2909/M/13. ASSESSMENT YEAR: 2009-10 DATE OF HEARING 23R JULY 2015. THE ABOVE APPEAL WHICH IS FIXED FOR HEARING ON 23RD JULY 2015 INVOLVES TWO GROUNDS. THE FIRST GROUND RELATED TO DISALLOWANCE U/S 40(A)(I) O F RS. 39,54,529 BEING PROVISION FOR PAYMENT OF NON- RESIDENT M/S ITOCHU CORPORATION. IN VIEW OF SUBSEQUENT DEVELOPMENTS THIS PROVISION HAS BEEN RENDERED REDUNDANT AND HAS SINCE BEEN REVERSED. THE SECOND GROUND RELATES TO TREATING THE INTEREST INCOME OF RS.15,81,931 AS INCOME FROM OTHER SOURCES INSTEAD OF' INCOME FROM BUSINESS OR PROFESSION'. THE AO DURING THE ASSESSMENT PROCEEDINGS HAS ONLY CLASSIFIED INTEREST INCOME UNDER THE DIFFERENT HEAD AND THERE IS NO IMPACT ON THE GROSS TOTAL INCOME AND TH E TAX LIABILITY. THUS THE ABOVE GROUNDS OF APPEAL HAVE BECOME ONLY A CADEMIC IN NATURE. IN THESE CIRCUMSTANCES, THE APPELLANT AOP HEREBY WISHES TO W ITHDRAW THE APPEAL. MINDFUL OF THE INCONVENIENCE CAUSED TO YOU. 2.1 THUS, ASSESSEE IS SEEKING WITHDRAWAL OF THIS AP PEAL IN VIEW OF THE ABOVE FACTS. 3. LD. DR DID NOT HAVE ANY OBJECTION TO SUCH REQUES T FOR WITHDRAWAL OF THE APPEAL. THEREFORE, AFTER HEARING BOTH THE PARTIES, THE APPEAL WAS PERMITTED TO BE WITHDRAWN. ACCORDINGLY, THE APPEAL IS DISMISSED AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN COURT ON 23/7/2015 ' *+ ,- 23/07/2015 ' SD/- SD/- ( / SANJAY GARG ) ( . . / G.S.PANNU ) / JUDICIAL MEMBER / ACCOUNTANT MEMBER * MUMBAI; , DATED 23/07/2015 . / ITA NO.2909/MUM/2013 / ASSESSMENT YEAR 2009-10 3 ! / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. 0# ( ) / THE CIT(A)- 4. 0# / CIT 5. 12 #34 , $ 34 , * / DR, ITAT, MUMBAI 6. 5 / GUARD FILE. / BY ORDER, 1# # //TRUE COPY// / (DY./ASSTT. REGISTRAR) , * / ITAT, MUMBAI . . ./ VM , SR. PS