Arnav Realtech Pvt Ltd, New Delhi V. ITO WARD - 3(2), New Delhi

ITA 3867/DEL/2019

• Counselvise Citation: [2021] 107 COUNSELVISE.COM (IT) 6631 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 4 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-09-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2008-2009
• Appeal Filed On: 02-05-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Tax effect
• Section: 147; 68; 148

Judgement Text

THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES SMC : DELHI BEFORE SMT. DIVA SINGH, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA.NO.3867/DEL./2019 ASSESSMENT YEAR 2008-09 ARNAV REALTECH PVT. LTD. A-3, FF, SARASWATI VIHAR, PITAMPURA, NEW DELHI. PAN NO. AAGCA8109H VS. ITO WARD 3(2) NEW DELHI. (APPELLANT) (RESPONDENT) FOR ASSESSEE : NONE FOR REVENUE : SHRI R.K. GUPTA, SR. DR DATE OF HEARING : 08.09.2021 DATE OF PRONOUNCEMENT : 09.09.2021 HEARING CONDUCTED VIA WEBEX ORDER PER DIVA SINGH, J.M . THE PRESENT APPEAL HAS BEEN FILED BY THE ASSESSEE CHALLENGING THE ORDER DATED 23.03.2016 OF LD. CIT(A PPEALS)-32, NEW DELHI PERTAINING TO 2008-09 ASSESSMENT YEAR ON THE FOLLOWING GROUNDS: - S.NO. GROUNDS OF APPEAL TAX EFFECT RELATING TO EACH GROUND OF APPEAL 1. ON FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. COMMISSIONER OF INCOME TAX (APPEALS) HAS ERRED IN LAW IN UPHOLDING THE VALIDITY OF PROCEEDINGS U/S 147 READ WITH SECTION 148 OF THE ACT. 2. THAT BOTH THE INITIATION OF PROCEEDINGS AND THE ASSESSMENT FRAMED WITHOUT SATISFYING THE PRE-CONDITIONS FOR INVOKING THE PROVISIONS OF SECTION 148 OF THE ACT IS INVALID AND UNTENABLE. 3. WITHOUT PREJUDICE TO THE GROUND 1 & 2 ABOVE, ON FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. CIT(APPEALS) HAS ERRED IN LAW IN UPHOLDING THE ADDITION OF RS. 12.50 LACS MADE U/S 68 OF THE ACT ON ACCOUNT OF SHARE APPLICATION MONEY RECEIVED. 3,86,250.00 4. ON THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, LD. CIT(APPEALS) HAS ERRED IN CONFIRMING THE ADDITION OF RS. 22,500/- ON ACCOUNT OF PAYMENT OF UNDISCLOSED COMMISSION. 6,953.00 5. THAT THE APPELLANT CRAVES LEAVE TO ADD, ALTER OR DELET E THE ABOVE GROUNDS OF APPEAL AT THE TIME OF HEARING. TOTAL TAX EFFECT 3,93,203.00 ITA.NO.3867/DEL./2019 ARNAV REALTECH PVT. LTD. PAGE 2 OF 4 2. NONE APPEARED ON BEHALF OF ASSESSEE AT THE TIME OF VIRTUAL HEARING. THE REGISTRY HAS RECEIVED EMAIL ON BEHALF OF THE AS SESSEE REQUESTING PERMISSION TO WITHDRAW THE APPEAL. SAME IS EXTRACT ED HEREUNDER: - 3. LD. SR. DR SHRI R.K. GUPTA CONSIDERING THE MATERIAL AVAILABLE ON RECORD SUBMITTED THAT THE APPEAL MAY BE TREATED AS WITHDRAWN. 4. WE HAVE HEARD THE LD. SR. DR AND PERUSED THE MAT ERIAL AVAILABLE ON RECORD. CONSIDERING THE SUBMISSIONS I N THE LIGHT OF THE FACTS ON RECORD THE APPEAL OF THE ASSESSEE IS T REATED AS WITHDRAWN. ACCORDINGLY, THE APPEAL IS DISMISSED AS WITHDRAWN. 5. HOWEVER, BEFORE PARTING BY WAY OF ABUNDANT CAUTI ON, WE DEEM IT APPROPRIATE TO OBSERVE THAT IN CASE IT IS F OUND BY THE ASSESSEE THAT THE DISPUTE UNDER THE APPEAL IS NOT F ULLY SETTLED UNDER THE VIVAD SE VISHWAS SCHEME THEN THE ASSESSEE WILL BE AT LIBERTY TO APPROACH THE ITAT WITH A PRAYER FOR REST ORATION OF THIS APPEAL IN ACCORDANCE WITH LAW. 6. IN THE RESULT, THE APPEAL IS DISMISSED AS WITHDR AWN. ORDER PRONOUNCED IN THE OPEN COURT ON 09.09.2021 SD/- SD/- (ANADEE NATH MISSHRA) (DIVA SINGH) ACCOUNTANT MEMBER JUDICIAL MEMBER DELHI. ITA.NO.3867/DEL./2019 ARNAV REALTECH PVT. LTD. PAGE 3 OF 4 *KAVITA ARORA, SPS COPY TO 1. THE APPELLANT 2. THE RESPONDENT 3. CIT(A) CONCERNED 4. CIT CONCERNED 5. D.R. ITAT SMC-2 BENCH, DELHI 6. GUARD FILE. // BY ORDER // ASSISTANT REGISTRAR, ITAT DELHI BENCH ES : DELHI.