KYAL TRADING PVT. LTD. (ERSTWHILE PRASOON TRADERS PVT. LTD.), MUMBAI V. PR. CIT - 12 , MUMBAI

ITA 3687/MUM/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 9801 (ITAT-MUMBAI)
• Duration Of Justice: 9 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 05-03-2020
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: H
• Assessment Year: 2014-2015
• Appeal Filed On: 28-05-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: B SRINIVAS
• Section: 143(3); 263

Judgement Text

ITA NO.3687/MUM/2019 A.Y. 2014 - 15 KYAL TRADING P. LTD. VS. PR. CIT - 12 1 IN THE INCOME TAX APPELLATE TRIBUNAL H BENCH, MUMBAI BEFORE SHRI G. MANJUNATHA, ACCOUNTANT MEMBER AND SHRI RAVISH SOOD, JUDICIAL MEMBER ITA NO.3687/MUM/2019 (ASSESSMENT YEAR: 2014 - 15 ) KYAL TRADING P. LTD. [ERSTWHILE PRASOON TRADERS P. LTD] 2 ND FLOOR, UMANG TOWER, MINDSPACE OFF, LINK ROAD, MALAD (WEST), MUMBAI - 400064 VS. PR. CIT - 12 ROOM NO. 127, 1 ST FLOOR, AAYAKAR BHAVAN, M.K. ROAD, CHURCHGATE, MUMBAI MAHARASHTRA - 400020 PAN AAACU8119R (APPELLANT) (RESPONDENT) APPELLANT BY: SHRI SHUBHAM RATHI , A.R RESPONDENT BY: SHRI B. SRINIVAS , CIT D.R DATE OF HEARING: 05 .03.2020 DA TE OF PRONOUNCEMENT: 05 .03.2020 O R D E R PER RAVISH SOOD, JM THE PRESENT APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER PASSED BY THE COMMISSIONER OF INCOME TAX - 12, MUMBAI, DATED 13.03.2019 PASSED UNDER SEC. 263 OF THE ACT, WHICH IN TURN ARISES FROM THE ORDER PASSED BY THE A.O UNDER SEC . 143(3) OF THE ACT, 1961 (FOR SHORT ACT) , DATED 30.12.2016. 2. THE LD. AUTHORIZED REPRESENTATIVE (FOR SHORT A.R) FOR THE ASSESSEE HAD PLACED ON RECORD A LETTER DATED 05.03.2020, WHEREIN THE ASSESSEE HAD SOUGHT THE LEAVE OF THE TRIBUNAL TO WITHDRAW THE APPEAL. IT WAS AVERRED BY THE LD. A.R THAT PURSUANT TO THE ORDER PASSED BY THE A.O UNDER SEC. 143(3) R.W.S.263 OF THE ACT, DATED 30.12.2019, THE GENUINENESS AND CREDITWORTHINESS OF THE LOAN TRANSACTION UNDER CONSIDERATION HAD BEEN ACCEPTED BY THE REVENUE. ACCORDINGLY, IT WAS SUBMITTED BY THE LD. A.R THAT AS IN THE BACKDROP OF THE AFORESAID ITA NO.3687/MUM/2019 A.Y. 2014 - 15 KYAL TRADING P. LTD. VS. PR. CIT - 12 2 DEVELOPMENT THE ASSESSEE DOES NOT WANT TO PURSUE ITS APPEAL, THEREFORE, LIBERTY MAY BE GRANTED FOR WITHDRAWING THE SAME . 3. PER CONTRA, THE LD. DEPARTMENTAL REPRESENTATI VE (FOR SHORT D.R) HAD NO OBJECTION TO THE AFORESAID REQUEST OF THE ASSESSEE FOR WITHDRAWAL OF THE APPEAL. 4. IN THE BACKDROP OF THE AFORESAID CONCESSION ON THE PART OF THE ASSESSEE, WE HEREIN PERMIT THE WITHDRAWAL OF THE CAPTIONED APPEAL. 5. RESULTANTL Y, THE APPEAL IS DISMISSED AS WITHDRAWN. ORDER PRO NOUNCED IN THE OPEN COURT ON 05 .03.2020 SD/ - SD/ - ( G. MANJUNATHA ) (RAVISH SOOD) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI ; 05 .03.2020 P.S ROHIT / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE . //TRUE COPY// / BY ORDER, / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI