DR. MOHAMMEDALI KAKA PATANKAR , Mumbai V. ACIT 16(3), Mumbai

ITA 4830/MUM/2019

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 3678 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 10 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-05-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2013-2014
• Appeal Filed On: 18-07-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Capital expenditure
• Section: 143(3); 14A

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA, AM AND SHRI RAMLAL NEGI, JM I.T.A. NO.4830/MUM/2019 (ASSESSMENT YEAR: 2013-14) DR. MOHAMMEDALI KAKA PATANKAR, 1 ST FLOOR, HARCHANDRAI HOUSE, 81, QUEENS ROAD, MARINE LINES, MUMBAI-400002. VS. ASST. CIT.- 16(3) ROOM NO. 446, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI-400020. PAN NO. : AAGPP2091L ( APPELLANT ) .. ( RESPONDENT ) DATE OF HEARING: 09/03/2021 DATE OF PRONOUNCEMENT: 31/05/2021 O R D E R PER RAM LAL NEGI, JM THE ASSESSEE HAS FILED THE PRESENT APPEAL AGAINST T HE ORDER DATED 31.05.2018 PASSED BY THE LD. COMMISSIONER OF INCOME TAX (APPEALS)-7, MUMBAI [FOR SHORT THE LD. CIT(A)] PERTAINING TO THE A. Y.2013-14, WHEREBY THE LD CIT(A) HAS DISMISSED THE APPEAL FILED BY THE ASSESS EE AGAINST THE ASSESSMENT ORDER PASSED U/S 143(3) OF THE INCOME TAX ACT, 1961 ( FOR SHORT THE ACT) 2. BRIEF FACTS OF THE CASE ARE THAT THE ASSESSEE FI LED ITS RETURN OF INCOME FOR THE ASSESSMENT YEAR UNDER CONSIDERATION DECLARING THE T OTAL INCOME OF RS.2,54,96,184/- THE AO PASSED THE ASSESSMENT ORDER U/S 143(3) OF THE ACT DETERMINING THE TOTAL INCOME AT RS. 2,60,02,930/- A FTER MAKING ADDITION OF RS.47,025/-ON ACCOUNT OF DISALLOWANCE U/S 14A OF TH E ACT AND ADDITION OF RS.4,59,717 ON ACCOUNT OF DISALLOWANCE OF LOAN PROC ESSING FEE. THE ASSESSEE ASSESSEE BY : SHRI NARAYAN ATAL (AR) REVENUE BY: SHRI BHARAT ANGHLE (DR) ITA NO. 4830/MUM/2019 A.Y. 2013-14 2 CHALLENGED THE ASSESSMENT ORDER BEFORE THE CIT(A). THE LD. CIT(A) AFTER HEARING THE ASSESSEE DISMISSED THE APPEAL FILED BY THE ASSE SSEE AND CONFIRMED THE ACTION OF THE AO. AGAINST THE SAID FINDINGS OF THE AO, THE ASSESSEE IS IN APPEAL BEFORE THIS TRIBUNAL . 4. THE ASSESSEE HAS CHALLENGED THE IMPUGNED ORDER P ASSED BY THE LD. CIT(A) ON THE FOLLOWING EFFECTIVE GROUNDS: 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE AND IN LAW, THE LEARNED C.I.T. (A) EARED IN DISMISSING THE APPEAL. 2. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E AND IN LAW, THE LEARNED C.I.T. (A) ERRED IN DISMISSING THE APPEAL W ITHOUT APPRECIATING FULLY AND PROPERLY THE FACTS OF THE CA SE. 3. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E AND IN LAW, THE LEARNED C.I.T. (A) EARED IN APPROVING THE ACTION OF THE LEARNED A.O.IN DISALLOWING THE LOAN PROCESSING FEE AMOUNTIN G 4,59,717 AS CAPITAL EXPENDITURE. 5. AT THE OUTSET, THE LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ASSESSEE HAS OPTED TO SETTLE ITS DISPUTE UNDER THE PROVISION S OF VIVAD SE VISHWAS SCHEME, THEREFORE, THE APPEAL OF THE ASSESSEE MAY BE DISMIS SED AS WITHDRAWN WITH THE LIBERTY TO RECALL THE ORDER IN CASE THE DISPUTE IS NOT SETTLED. 6. THE LD. DEPARTMENTAL REPRESENTATIVE DID NOT OPPO SE THE SUBMISSIONS MADE BY THE LD. COUNSEL. 7. SINCE THE APPELLANT/ASSESSEE HAS OPTED TO SETTLE ITS DISPUTE UNDER THE PROVISIONS OF VIVAD SE VISHWAS TAK ACT, 2020, WE DI SMISS THE PRESENT APPEAL AS WITHDRAWN WITH THE LIBERTY TO RECALL THE ORDER IN C ASE THE DISPUTE IS NOT SETTLED UNDER THE PROVISIONS OF THE SAID ACT. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS DISMISSED AS WITHDRAWN . ITA NO. 4830/MUM/2019 A.Y. 2013-14 3 ORDER PRONOUNCED ON 31/05/ 2021 UNDER RULE 34 OF THE ITAT RULES. SD/- SD/- (SHAMIM YAHYA) (RAMLAL NEGI) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI; DATED : 31/05/2021 SK, PS COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A)- 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. !'# / GUARD FILE. BY ORDER, //TRUE COPY// (DY./ASSTT.REGISTRAR) ITAT, MUMBAI