M/s.Fancy Mega Projects P. Ltd, Kochi V. The ITO, Coporate Wd-1(3), Kochi, Kochi

ITA 54/COCH/2018

• Counselvise Citation: [2018] 121 COUNSELVISE.COM (IT) 5318 (ITAT-COCHIN)
• Duration Of Justice: 1 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-04-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Assessment Year: 2013-2014
• Appeal Filed On: 20-02-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 143(3); 115JB; 263

Judgement Text

1 IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE S/SHRI CHANDRA POOJARI , AM & GEORGE GEORGE K., JM I.T.A. NO.54 /COCH/2018 ASSESSMENT YEAR : 2013 - 14 M/S. FANCY MEGA PROJECTS P. LTD., 36/1685, JUDGES AVENUE, KALOOR, ERNAKULAM, KOCHI-682 017 PAN:[AABCF 0264F] VS. THE PR. COMMISSIONER OF INCOME - TAX, KOCHI. (ASSESSEE - APPELLANT) (REVENUE - RESPONDENT) A SSESSEE BY NONE WITHDRAWAL APPLICATION FILED BY THE ASSESSEE REVENUE BY SHRI A. DHANARAJ, SR. DR D ATE OF HEARING 16/04/2018 8 DATE OF PRONOUNCEMENT 16 / 04 /2018 O R D E R PER CHANDRA POOJARI, ACCOUNTANT MEMBER: THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED A GAINST THE ORDER OF THE PR. COMMISSIONER OF INCOME TAX, KOCHI PASSED U/S. 263 O F THE ACT DATED 07/02/2018 AND PERTAINS TO THE ASSESSMENT YEAR 2013 -14. 2. AT THE TIME OF HEARING, NONE APPEARED ON BEHAL F OF THE ASSESSEE. HOWEVER, THE LD. COUNSEL FOR THE ASSESSEE FILED A LETTER DAT ED 3 RD APRIL, 2018, STATING THAT ON THE BASIS OF THEIR ARGUMENTS, DOCUMENTS AND REPR ESENTATION, THE ASSESSING I.T.A. NO.54/C/2018 2 OFFICER WAS CONVINCED THAT THERE IS NO ESCAPEMENT O F INCOME TO BE TAXED U/S. 115JB OF THE I.T. ACT. IT WAS SUBMITTED THAT THE ASSESSING OFFICER HAS PASSED AN ORDER U/S. 143(3) R.W.S. 263 OF THE IT ACT DATED 27 .03.2018 WHEREIN THE PROPOSAL TO BRING REVALUATION RESERVE TO MINIMUM ALTERNATIVE TAX U/S. 115JB HAS BEEN DROPPED. IN VIEW OF THE ABOVE ORDER BY THE INCOME TAX OFFICER, CORPORATE WARD-1(3), KOCHI, IT WAS SUBMITTED THAT THE APPEAL HAS BECOME INFRUCTUOUS AND HAS ONLY ACADEMIC VALUE. THEREFORE, IT WAS SUBMITT ED THAT THEY WERE NOT INTERESTED IN PURSUING THE APPEAL AND REQUESTED TO WITHDRAW THE APPEAL. THE LD. DR DID NOT OBJECT TO THE ABOVE SUBMISSION OF THE LD . AR. 3. AFTER CONSIDERING THE SUBMISSION OF THE LD. A R, WE ARE INCLINED TO DISMISS THE APPEAL AS WITHDRAWN. 4. IN THE RESULT, THE APPEAL FILED BY THE ASSESS EE IS DISMISSED AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN COURT ON THI S 16 TH APRIL, 2018. SD/- SD/- ( GEORGE GEORGE K.) (CHAN DRA POOJARI) JUDICIAL MEMBER ACCOUNTANT MEMBER PLACE: KOCHI DATED: 16 TH APRIL,2018 GJ COPY TO: 1. M/S. FANCY MEGA PROJECTS P. LTD., 36/1685, JUDGE S AVENUE, KALOOR, ERNAKULAM, KOCHI-682 017. 2. THE PR. COMMISSIONER OF INCOME-TAX, KOCHI. 3. D.R., I.T.A.T., COCHIN BENCH, COCHIN. 4. GUARD FILE. BY ORDER (ASSISTANT REGISTRA R) I.T.A.T. , COCHIN