PAN INSURANCE BROKERAGE COMPANY P.LTD, GURGAON V. DCIT RG 8(2), MUMBAI

ITA 4228/MUM/2013

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 5682 (ITAT-MUMBAI)
• Duration Of Justice: 5 year(s) 1 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-07-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2006-2007
• Appeal Filed On: 27-05-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: RAJAT MITTAL
• Section: 144

Judgement Text

THE INCOME TAX APPELLATE TRIBUNAL C BENCH, MUMBAI BEFORE SHRI B.R. BASKARAN (AM) & SHRI RAMLAL NEGI (JM) I.T.A. NO. 4228 /MUM/ 2013 (ASSESSMENT YEAR 20 06 - 07 ) I.T.A. NO. 4229/MUM/2013 (ASSESSMENT YEAR 2006 - 07) M/S. PAN INSURANCE BROKERAGE COMPANY PVT . LTD. (NOW TEAM INDIA INSURANCE BROKING SERVICES PVT. LTD.) 3 RD FLOOR, A - BLOCK, PALAM TRIANGLE, PALAM VIHAR GURGAON - 122 017 PAN : AACCP9316R V S . DCIT RANGE 8(2) ROOM NO. 209 AAYAKAR BHAVAN M.K. ROAD MUMBAI - 400 020. ( APPELLANT ) ( RESPONDENT ) ASSESS EE BY NONE DEPARTMENT BY SHRI RAJAT MITTAL DATE OF HEARING 1 6 . 7 . 201 8 DATE OF PRONOUNCEMENT 16 . 7 . 201 8 O R D E R PER B.R. BASKARAN (AM) : BOTH APPEALS FILED BY THE ASSESSEE RELATE TO A.Y. 2006 - 07 AND THEY ARE DIRECTED AGAINST THE ORDER P ASSED BY THE LEARNED CIT(A) - 18, MUMBAI. THE A PPEAL NUMBERED AS ITA NO. 4228/MUM/2013 RELATES TO QUANTUM ASSESSMENT PROCEEDINGS AND OTHER APPEAL RELATES TO PENALTY LEVIED U/S. 271(1)(C) OF THE I.T. ACT. 2. NONE APPEARED ON BEHALF OF THE ASSESSEE, EVEN THOU GH ADJOURNMENT WAS GRANTED TO THE ASSESSEE AT ITS REQUEST ON EARLIER OCCASIONS . FURTHER WE NOTICE THAT LAST OPPORTUNITY WAS GIVEN TO THE ASSESSEE ON THE LAST DATE OF HEARING. HENCE, WE PROCEED TO DISPOSE OF THE APPEAL EX - PARTE, WITHOUT PRESENCE OF THE ASSE SSEE. 3. WE HAVE HEARD LEARNED DR AND PERUSED THE RECORD. THE ASSESSEE FILED ITS RETURN OF INCOME FOR THE ASSESSMENT YEAR UNDER CONSIDERATION DECLARING A TOTAL M/S. PAN INSURANCE BROKERAGE COMPANY PVT. LTD. 2 LOSS OF ` 74.86 LAKHS AND IT WAS SELECTED FOR SCRUTINY . THE ASSESSEE DID NOT RESPOND TO VARIOUS NOTICES ISSUED BY THE ASSESSING OFFICER. HENCE, THE ASSESSING OFFICER COMPLETED ASSESSMENT TO THE BEST OF HIS JUDGEMENT U/S. 144 OF THE ACT DETERMINING TOTAL INCOME AT NIL BY DISALLOWING CLAIM OF LOSS OF ` 74.86 LAKHS. 4. BEFORE THE LEARNED CIT(A), THE ASSESSEE FILED FINANCIAL STATEMENT S AND TAX AUDIT REPORT AND HENCE THE LEARNED CIT(A) CALLED FOR A REMAND REPORT FROM THE ASSESSING OFFICER. IN THE REMAND REPORT, THE ASSESSING OFFICER SUBMITTED THAT THE DOCUMENTS FILED BY THE ASSESSEE ARE INCOMPLETE AND F URTHER OBSERVED THAT VARIOUS EXPENSES CLAIMED BY THE ASSESSEE DO NOT APPEAR TO BE REASONABLE. ACCORDINGLY, THE LEARNED CIT(A) CONFIRMED THE ASSESSMENT ORDER. 5. THE A SSESSING OFFICER ALSO LEVIED PENALTY U/S. 271(1)(C) OF THE ACT AND THE SAME WAS CONFIRMED BY THE LEARNED CIT(A). 6. BEFORE US, THE ASSESSEE HAS NOT FURNISHED ANY MATERIAL TO CONTRADICT THE FINDINGS GIVEN BY THE LEARNED CIT(A) IN BOTH THE APPEALS. HENCE, WE DO NOT HAVE ANY OTHER OPTION BUT TO CONFIRM THE ORDER PASSED BY THE LEARNED CIT(A) IN B OTH THE APPEALS. 7. IN THE RESULT, BOTH THE APPEALS FILED BY THE ASSESSEE ARE DISMISSED. ORDER HAS BE EN PRONOUNCED IN THE COURT ON 16 . 7 . 201 8 . SD/ - SD/ - (RAMLAL NEGI) (B.R.BASKARAN) J U DICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED : 16 /7 / 20 1 8 COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) 4. CIT 5. DR, ITAT, MUMBAI M/S. PAN INSURANCE BROKERAGE COMPANY PVT. LTD. 3 6. GUARD FILE. BY ORDER, //TRUE COPY// ( SENI OR P RIVATE S ECRETARY ) PS ITAT, MUMBAI