PARAG PARIKH SECURITIES LTD, MUMBAI V. DCIT CIR 2(2), MUMBAI

ITA 4585/MUM/2010

• Counselvise Citation: [2011] 140 COUNSELVISE.COM (IT) 55301 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 3 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-09-2011
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2007-2008
• Appeal Filed On: 03-06-2010
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: RAJNISH D BURMAN
• Assessee Lawyers: KISHORE CHAUDHARI
• Keywords: Sale consideration of property below Jantri Value
• Section: 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH C MUMBAI BEFORE SHRI B.R. MITTAL (JUDICIAL MEMBER) AND SHRI B. RAMAKOTAIAH (ACCOUNTANT MEMBER) ITA NO. 4585/MUM/2010 ASSESSMENT YEAR- 2007-08 M/S. PARAG PARIKH SECURITIES LTD., 1 ST FLOOR, GREAT WESTERN BLDG., 130/132 SBS MARG, NEAR LION GATE, FORT, MUMBAI-400 023 PAN-AAACP3450C VS. THE DCIT, CIRCLE-2(2), MUMBAI (APPELLANT) (RESPONDENT) APPELLANT BY: SHRI KISHORE CHAUDHARI RESPONDENT BY: SHRI RAJNISH D. BURMAN DATE OF HEARING : 20.09.2011 DATE OF PRONOUNCEMENT: 20.9.2011 O R D E R PER B.R. MITTAL, JM : THE ASSESSEE HAS FILED THIS APPEAL FOR ASSESSMENT YEAR 2007-08 AGAINST THE ORDER OF LD. CIT(A) DT. 23.4.2010 ON THE FOLLOW ING TWO GROUNDS: 1. THE AO ERRED IN DISALLOWING THE AMOUNT U/S. 14A OF RS. 1,35,936/-. 2. THE AO ERRED IN DISALLOWING THE AMOUNT OF PROVIS ION FOR UNFORESEEN EXPENSES OF RS. 2,00,000/- 2. AT THE TIME OF HEARING, THE LD. AR SUBMITTED THA T THE ASSESSEE COMPANY HAS BEEN AMALGAMATED W.E.F. 1 ST APRIL, 2006 BY ORDER PASSED BY HONBLE HIGH COURT ON 26 TH JUNE, 2007. IN VIEW OF THE ABOVE, A QUERY WAS ITA NO. 4585/M/2010 2 RAISED BY THE BENCH AS TO HOW THIS APPEAL FILED BY ERSTWHILE COMPANY I.E. ASSESSEE HEREIN IS MAINTAINABLE WHEN IT HAD ALREADY MERGED WITH EFFECT FROM 1.10.2006 PURSUANT TO ORDER DT. 26.6.2007. THE LD. AR SUBMITTED THAT IT IS A TECHNICAL DEFECT AND ADMITTED THAT APPEAL HAS NOT B EEN CORRECTLY FILED. IT IS RELEVANT TO STATE THAT THE ASSESSEE HAS FILED THIS APPEAL ON 3.6.2010 AND HAS VERIFIED ON 31 ST MAY, 2010 STATING THE SIGNATORY AS DIRECTOR OF THE ASSESSEE COMPANY HEREIN. SINCE THE ASSESSEE COMPANY HAS NO E XISTENCE ON ACCOUNT OF AMALGAMATION AND THE IDENTITY OF THIS ASSESSEE COMP ANY IS NO MORE IN EXISTENCE, THIS APPEAL OF THE ASSESSEE IS NOT MAINT AINABLE. THEREFORE, WE DISMISS THIS APPEAL OF THE ASSESSEE. 3. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS DI SMISSED. ORDER PRONOUNCED ON THIS 20 TH DAY OF SEPTEMBER, 2011 SD/- SD/- ( B. RAMAKOTAIAH) (B.R. MITTAL ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED 20 TH SEPTEMBER, 2011 RJ COPY TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT-CONCERNED 4. THE CIT(A)-CONCERNED 5. THE DR C BENCH TRUE COPY BY ORDER ASSTT. REGISTRAR, I.T.A.T, MUMBAI ITA NO. 4585/M/2010 3 DATE INITIALS 1. DRAFT DICTATED ON: 19.9.2011 SR. PS/PS 2. DRAFT PLACED BEFORE AUTHOR: 20.09.2011 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. ORDER PRONOUNCED ON: SR. PS/PS 7. FILE SENT TO THE BENCH CLERK: 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK: SR. PS/PS 9. DATE ON WHICH FILE GOES TO AR 10. DATE OF DISPATCH OF ORDER: