KANAKDHARA TRADERS P. LTD, MUMBAI V. ITO 3(2)(3), MUMBAI

ITA 425/MUM/2009

• Counselvise Citation: [2009] 115 COUNSELVISE.COM (IT) 1593 (ITAT-MUMBAI)
• Duration Of Justice: 9 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-11-2009
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2003-2004
• Appeal Filed On: 20-01-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: VIKRAM GAUR
• Assessee Lawyers: AMISHA GANDHI
• Section: 263

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH A,MUMBAI BEFORE SHRI G.C.GUPTA (J.M) & SHRI S.V.MEHROTRA(A .M) ITA NO.425/MUM/2009(A.Y. 2003-04) KANAKDHARA TRADERS PRIVATE LIMITED, 84-A, MITTAL COURT, 224, NARIMAN POINT, MUMBAI 21 PAN: AAACK 2229G (APPELLANT) VS. THE INCOME TAX OFFICER 3(2)3 AAYKAR BHAVAN, MK ROAD, MUMBAI 20. (RESPONDENT) APPELLANT BY : MS. AMISHA GANDHI RESPONDENT BY : SHRI VIKRAM GAUR ORDER PER G.C.GUPTA,J.M THIS APPEAL BY THE ASSESSEE FOR THE ASSESSMENT YEAR 2003-04 IS DIRECTED AGAINST THE ORDER OF THE CIT(A). THE GROUND S OF APPEAL OF THE ASSESSEE ARE AS UNDER:- 1. THE APPELLANT OBJECT TO THE ORDER DATED 24.11.20 08 PASSED BY THE LEARNED COMMISSIONER OF INCOME-TAX (APPEAL)-III, MUMBA I FOR A.Y. 2003-04 ON THE FOLLOWING AMONG OTHER GROUNDS. DISALLOWANCE OF DEDUCTION U/S. 80 M 2. THE LEARNED CIT(APPEAL) ERRED IN DECLINING TO ADJ UDICATE THE GROUNDS RAISED BEFORE HIM IN RESPECT OF DISALLOWANCE OF DEDUCTION CLAIMED U/S. 80M AMOUNTING TO RS. 36,69,952/- ON THE G ROUND THAT THE ORDER PASSED BY THE ASSESSING OFFICER WAS UNDER THE SPECIFIC D IRECTION OF THE CIT-3 IN HIS ORDER PASSED U/S. 263 OF THE ACT. 2. THE LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE VE RY BASIS OF FRAMING THE ASSESSMENT IN THIS CASE DOES NOT SURVIVE SINCE TH E ORDER OF THE ITA NO. 425/M/09(A.Y 2003-04) 2 CIT PASSED UNDER SECTION 263 OF THE ACT SETTING ASIDE THE ASSESSMENT TO THE FILE OF THE A.O, HAS BEEN CANCELLED IN APPEAL OF THE A SSESSEE BY THE TRIBUNAL IN THE RELEVANT ASSESSMENT YEAR 2003-04 IN ITA NO.370/ MUM/08 DATED 5/10/09. THE LD. D.R COULD NOT CONTROVERT THE SUBMISSI ONS OF THE LD. COUNSEL FOR THE ASSESSEE. 3. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS AND HAVE PER USED THE ORDER OF THE TRIBUNAL IN THE CASE OF THE ASSESSEE CANCELING THE ORDER PASSED BY THE CIT UNDER SECTION 263 OF THE ACT. WE FIND THAT THE VE RY BASIS OF FRAMING THE IMPUGNED ASSESSMENT IN THIS CASE DOES NOT SURVIVE FOR THE R EASON THAT THE ORDER PASSED BY THE CIT UNDER SECTION 263 OF THE ACT SE TTING ASIDE THE ASSESSMENT TO THE FILE OF THE AO HAVE BEEN CANCELLED IN A PPEAL BY THE TRIBUNAL VIDE THEIR ORDER DATED 5/10/2009 (SUPRA) AN D ACCORDINGLY THE IMPUGNED ASSESSMENT IS CANCELLED AND THE GROUNDS OF APPEAL OF THE ASSESSEE ARE ACCORDINGLY DISPOSED OF. 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED A S ABOVE. ORDER PRONOUNCED ON THE 19 TH DAY OF NOV., 2009. SD/- SD/- (S.V.MEHROTRA) (G.C.GUPTA) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DT. 19 TH NOV. 2009 ITA NO. 425/M/09(A.Y 2003-04) 3 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A)III 4. THE CIT.III,MUMBAI 5. THE D.RA BENCH. (TRUE COPY) BY ORDER ASST. REGISTRAR, ITAT , MUMBAI BENCHES MUMBAI. VM. ITA NO. 425/M/09(A.Y 2003-04) 4 DETAILS DATE INITIALS DESIGNATION 1 DRAFT DICTATED ON 19.11.09 SR.PS/PS 2 DRAFT PLACED BEFORE AUTHOR 19.11.09 SR.PS/PS 3 DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM/AM 4 DRAFT DISCUSSED/APPROVED BY SECOND MEMBER JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS SR.PS/PS 6. KEPT FOR PRONOUNCEMENT ON SR.PS/PS 7. FILE SENT TO THE BENCH CLERK SR.PS/PS 8 DATE ON WHICH THE FILE GOES TO THE HEAD CLERK 9 DATE OF DISPATCH OF ORDER ITA NO. 425/M/09(A.Y 2003-04) 5 ITA NO. 425/M/09(A.Y 2003-04) 6