Smt.Saida, Kollam V. The ITO, Kollam

ITA 307/COCH/2020

AI Insights

The case involves an appeal by Saida Trading Co. against a revision order from the Principal Commissioner of Income Tax (PCIT), Thiruvananthapuram, under Section 263 of the Income Tax Act, 1961, for the Assessment Year 2015-16. The appeal raised issues concerning the limitation period for the revision order and other financial matters like working capital and creditors. However, during the proceedings, the appellant's counsel decided not to pursue these issues further, citing ongoing consequential proceedings with the Assessing Officer. Both parties agreed to the withdrawal, leading to the dismissal of the appeal by the Tribunal.

• Counselvise Citation: [2022] 140 COUNSELVISE.COM (IT) 115526 (ITAT-COCHIN)
• Duration Of Justice: 2 year(s) 5 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-12-2022
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 31-12-0000
• Assessment Year: 2015-2016
• Appeal Filed On: 26-07-2020
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 263

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Memberand Shri Manoj Kumar Aggarwal, Accountant Member ITA No.307/Coch/2020 (Assessment Year: 2015-16) Saida, Saida Trading Co.LakshmiNada Kollam 691013 Vs. The Income Tax Officer, Wd. -3 Kollam PAN –EWYPS1905Q Appellant Respondent Appellant by: Shri T.V. Hariharan, CA Respondent by: Shri M. Rajasekhar, CIT-DR Date of Hearing: 09.11.2022 Date of Pronouncement: 27.12.2022 O R D E R Per: Bench This assessee’s appeal for A.Y. 2015-16arises against the PCIT, Thiruvananthapuram’s DIN & Letter No. ITBA/COM/F/17/2019- 20/1026663943(1) dated 24.03.2020, involving proceedings under Section 263 of the Income Tax Act, 1961 (in short the Act). Heard both the parties. Case file perused. 2. After vehemently arguing in favour of the assessee’s three folded legal as well factual issues, i.e. the PCIT’s revision order is barred by limitation of two years specified under Section 263 (2) of the Act, working capital and creditors, Shri T.V. Hariharan fairly stated at the Bar that this taxpayer no more wishes to press for any of the foregoing contentions as ITA No. 307/Coch/2020 Saida, Saida Trading Co. 2 the matter is pending before the learned Assessing Officer in consequential proceedings. He, therefore, sought liberty to raise the assessee's contentions before the Assessing Officer. The Revenue is equally fair in not opposing to the assessee’s instant withdrawal prayer in very terms. Dismissed as withdrawn. 3. Delay of 8 days in filing this appeal is condoned since falling in Covid-19 pandemic outbreak period. 4. This assessee’s appeal is dismissed as withdrawn in above terms. Dictated and pronounced in the open Court on 27 th December, 2022. Sd/- Sd/- (Manoj Kumar Aggarwal) (Satbeer Singh Godara) Accountant Member Judicial Member Cochin, Dated: 27 th December, 2022 Copy to: 1. The Appellant 2. The Respondent 3. The PCIT- Thiruvananthapuram 4. The DR, ITAT, Cochin 5. Guard File By Order //True Copy// Assistant Registrar ITAT, Cochin n.p.