ALGOL UNIVERSAL TRUST, GURUGRAM V. CIT-EXEMPTIONS, CHANDIGARH, CHANDIGARH

ITA 434/CHANDI/2022

AI Insights

The case involves Algol Universal Trust, the appellant, contesting an order under section 263 of the Income Tax Act, 1961, passed by the CIT (Exemptions), Chandigarh, which pertained to the Assessment Year 2017-18. The CIT (Exemptions) had set aside an earlier assessment order under section 143(3), directing the Assessing Officer to verify the filing of Form 10 by the appellant. The appellant argued that the CIT (Exemptions) had erred in initiating and passing the order under section 263, failed to properly understand the facts, and that the order was arbitrary and unjust. However, following the new assessment order which accepted the appellant's return without modifications, the appellant sought to withdraw the appeal, which was unopposed by the Revenue.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 133722 (ITAT-CHANDIGARH)
• Duration Of Justice: 10 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-04-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 27-03-2023
• Assessment Year: 2017-2018
• Appeal Filed On: 16-05-2022
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Revision of order
• Section: 263; 143(3)

Judgement Text

आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरणआयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण,च瀃डीगढ़ 瀈यायपीठ च瀃डीगढ़ 瀈यायपीठच瀃डीगढ़ 瀈यायपीठ च瀃डीगढ़ 瀈यायपीठ , च瀃डीगढ़ च瀃डीगढ़च瀃डीगढ़ च瀃डीगढ़ IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BENCH ‘A CHANDIGARH BEFORE: SHRI A.D.JAIN, VICE PRESIDENT AND SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER आयकर आयकरआयकर आयकर अपील अपीलअपील अपील सं संसं सं./ ITA No. 434/CHD/2022 Assessment Year : 2017-18 Algol Universal Trust, Gurugram. VS The CIT (Exemptions), Chandigarh. 瀡थायी लेखा सं./PAN /TAN No: AACTA3869M अपीलाथ牸/Appellant 灹瀄यथ牸/Respondent िनधा榁琇रती क琉 ओर से/Assessee by : Shri Ravinder Ratra, C.A. राज瀡व क琉 ओर से/ Revenue by : Shri Vivek Nangia, CIT, DR तारीख/Date of Hearing : 28.03.2023 उदघोषणा क琉 तारीख/Date of Pronouncement : 05.04.2023 आदेश आदेशआदेश आदेश/ORDER PER VIKRAM SINGH YADAV, A.M. The present appeal has been filed by the assessee against the order passed u/s 263 dated 24.03.2022 by ld. CIT (Exemptions) Chandigarh pertaining to Assessment Year 2017-18. 2. The assessee has raised the following grounds of appeal: “1. That on the facts and in the circumstances of the case, the Ld. C.I.T. Exemptions, Chandigarh erred in initiating and passing the order dated 24.03.2022 under section 263 of the Income Tax Act, 1961. 2. That on the facts and in the circumstances of the case, the Ld. C.I.T. Exemptions, Chandigarh failed to apply his mind in proper understanding of the facts of the case and erred in setting aside the order passed u/s 143(3) of the Income Tax Act, 1961 by the Ld. A.O. 3. That on the facts and in the circumstances of the case, the Ld. CIT- Exemption, Chandigarh erred in setting aside the assessment order passed u/s 143(3) directing the AO to verify the filing of Form10 by the appellant despite the fact that Form 10 has been duly filed by the appellant on 01.04.2019. 4. That the order passed by the Ld. CIT u/s 263 of the I.T. Act,1961 was arbitrary, bad in law and unjust. ITA 434 /CHD/2022 A.Y. 2017-18 Page 2 of 2 5. That the appellant craves the leave to add, modify, amend or delete any of the grounds of appeal at the time of hearing and all the above grounds are without prejudice to each other.” 3. The ld. Counsel for the assessee has placed on record an application dated 28/03/2023 seeking withdrawal of the appeal. The contents of the application are reproduced hereunder: “Kindly refer to the abovesaid appeal filed for hearing today i.e. 28.03.2023. In this connection, we submit that a consequential assessment order u/s 143(3) in response to order u/s 263 of CIT(E) Chandigarh has been passed by the ld. AO on 08.03.2023. Your Honour, in the abovesaid assessment order dated 08.03.2023 issued u/s 143(3) r.w.s. 263, ld. AO has accepted the return of income of the appellant for A.Y. 2017-18 without any modification. In view of abovesaid submission, we hereby request before your Honour to withdraw the appeal filed by the appellant. Copy of assessment order dated 08.03.2023 has been filed before your Honour during the course of hearing on 28.03.2023.” 4. Revenue has raised no objection to the withdrawal of the appeal. 5. In view of the aforesaid, the appeal of the assessee is dismissed as withdrawn. 6. In the result, the appeal of the assessee is dismissed as withdrawn. Order pronounced in the Open Court on 5 th April, 2023. Sd/- Sd/- (A.D.JAIN ) (VIKRAM SINGH YADAV) VICE PRESIDENT ACCOUNTANTMEMBER “Poonam” आदेश क琉 灹ितिलिप अ灡ेिषत/ Copy of the order forwarded to : 1. अपीलाथ牸/ The Appellant 2.灹瀄यथ牸/ The Respondent 3.आयकर आयु猴/ CIT4.िवभागीय 灹ितिनिध, आयकर अपीलीय आिधकरण, च瀃डीगढ़/ DR, ITAT, CHANDIGARH 5.गाड榁 फाईल/ Guard File आदेशानुसार/ By order, सहायक पंजीकार/ Assistant Registrar