NANDAN PIRAMAL INVT. PVT.LTD. (NOW MERGED WITH PHL HOLDINGS PVT.LTD), MUMBAI V. THE ASST.C.I.T.-7(1), MUMBAI

ITA 3701/MUM/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 7177 (ITAT-MUMBAI)
• Duration Of Justice: 9 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-03-2010
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: F
• Assessment Year: 2003-2004
• Appeal Filed On: 08-06-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: VIRENDRA OJHA
• Assessee Lawyers: M D INAMDAR
• Keywords: Set aside

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES F, MUMBAI BEFORE SHRI R.S.SYAL, AM AND SMT.ASHA VIJAYARAGHAVAN , JM ITA NO.3701/MUM/2009 : ASST.YEAR 2003-2004 M/S.NANDAN PIRAMAL INVESTMENT PVT.LTD. (MERGED WITH PHL HOLDINGS PVT. LTD.) PIRAMAL TOWER ANNEXE, 4 TH FLOOR GANPATRAO KADAM MARG, LOWER PAREL MUMBAI 400 013. PA NO.AAACN5042L. VS. THE ASSTT.COMMISSIONER OF INCOME-TAX CIRCLE 7(1) MUMBAI. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI M.D.INAMDAR RESPONDENT BY : SHRI VIRENDRA OJHA O R D E R PER R.S.SYAL, AM : THIS APPEAL BY THE ASSESSEE ARISES OUT OF THE ORDE R PASSED BY THE COMMISSIONER OF INCOME-TAX (APPEALS) ON 30.3.2009 I N RELATION TO THE ASSESSMENT YEAR 2003-2004. 2. BRIEFLY STATED THE FACTS OF THE CASE ARE THAT OR IGINAL ASSESSMENT WAS DONE IN THIS CASE U/S 143(3). THEREAFTER ACTION U/S.263 WAS TAKEN BY THE LEARNED CIT. THE ASSESSING OFFICER PASSED CONSEQUENTIAL ORDER GIVING EFFECT TO THE ORDER U/S.263 AND DETERMINED THE TOTAL INCOME AT RS.1,66,52,577 DISAL LOWING DEDUCTION U/S.80M. NO RELIEF WAS ALLOWED IN THE FIRST APPEAL. 3. BEFORE US THE LEARNED COUNSEL FOR THE ASSESSEE C ONTENDED THAT THE ORDER PASSED BY THE CIT U/S.263 CAME UP FOR ADJUDICATION BEFORE THE TRIBUNAL IN ITA NO.2771/MUM/2008 AND THE TRIBUNAL VIDE ITS ORDER DA TED 30.6.2009 HAS SET ASIDE THE ORDER U/S.263. THE COPY OF THE TRIBUNAL ORDER W AS PLACED ON RECORD. THE LEARNED DEPARTMENTAL REPRESENTATIVE FAIRLY CONCEDED THE FACTUAL POSITION. ITA NO.3701/MUM/2009 M/S.NANDAN PIRAMAL INVT.PVT. LTD. 2 4. IN VIEW OF THE FACT THAT THE VERY FOUNDATION FOR THE INSTANT PROCEEDINGS, BEING ORDER U/S.263 PASSED BY THE LEARNED CIT, HAS BEEN S ET ASIDE, NATURALLY THE PROCEEDINGS FLOWING OUT OF SUCH ORDER / GIVING EFFE CT TO THE ORDER U/S.263 WOULD NATURALLY BECOME INFRUCTUOUS. WE, THEREFORE, SET AS IDE THE INSTANT ORDER AND THE ORDER PASSED BY THE A.O. GIVING EFFECT TO THE ORDER U/S.263. 5. IN THE RESULT, THE APPEAL IS ALLOWED IN THE ABOV E TERMS. ORDER PRONOUNCED ON THIS 30 TH DAY OF MARCH 2010. SD/- SD/- ( ASHA VIJAYARAGHAVAN ) ( R.S.SYAL ) JUDICIAL MEMBER ACCOUNTANT M EMBER MUMBAI : 30 TH MARCH, 2010. DEVDAS* COPY TO : 1. THE APPELLANT. 2. THE RESPONDENTS. 3. THE CIT CONCERNED 4. THE CIT(A) VII, MUMBAI. 5. THE DR/ITAT, MUMBAI. 6. GUARD FILE. TRUE COPY. BY ORDER ASSISTANT REGISTRAR, ITAT, MUMBAI.