DCIT ,CC- 3(1), MUMBAI V. WIND WORLD WIND RESOURCES DEVELOPMENT P. LTD, MUMBAI

ITA 5727/MUM/2018

• Counselvise Citation: [2020] 111 COUNSELVISE.COM (IT) 8910 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 3 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-01-2020
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: G
• Assessment Year: 2012-2013
• Appeal Filed On: 05-10-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: A K GHOSH
• Keywords: Depreciation; Search and seizure; Additional depreciation; Set aside
• Section: 143(3); 153A; 115JB; 32(1)(iia); 201; 13; 32

Judgement Text

DY. CIT VS. WIND WORLD WIND RESOURCES DEVELOPMENT PVT. LTD. ITA NO. 5727/MUM/2018 A.Y 2012 - 13 1 DY. CIT VS. J.N INVESTMENT & TRADING CO. PVT. LTD. ITA NO. 5703/MUM/2018 A.Y 2011 - 12 IN THE INCOME TAX APPELLATE TRIBUNAL G BENCH, MUMBAI BEFORE SHRI MANOJ KUMAR AGGARWAL , AM AND SHRI RAVISH SOOD,JM ./ I.T.A. NO5727/MUM/2018 ( / ASSESSMENT YEAR 2012 - 13) DY. COMMISSIONER OF INCOME - TAX CENTRAL CIRCLE - 3(1), MUMBAI. / VS. WIND WORLD WIND RESOURCES DEVELOPMENT PVT. LTD., A - 9, ENERCON TOWER, VEERA DESAI ROAD, VEERA INDUSTRIAL ESTATE, ANDHERI (W), MUMBAI - 400053 ./ ./ PAN/GIR NO. AACCP5701E ( / APPELLANT ) ( / RESPONDENT ) ./ I.T.A. NO5703/MUM/2018 ( / ASSESSMENT YEAR: 2011 - 12) DY. COMMISSIONER OF INCOME - TAX CENTRAL CIRCLE - 3(1), MUMBAI. / VS. J.N INVESTMENT & TRADING CO. PVT. LTD. K AYSONS - 1, MEHTA ESTATE, LBS MARG, VIKHROLI (W), MUMBAI - 400 079 ./ ./ PAN/GIR NO. AAACJ2646L ( / APPELLANT ) ( / RESPONDENT ) / APPELLANT BY SHRI. VINAY SINHA, CIT D.R / RESPONDENT BY SHRI. A.K GHOSH, A.R / DATE OF HEARING 09.01.2020 / DATE OF PRONOUNCEMENT 10 .01.2020 / O R D E R PER BENCH : THE PRESENT APPEALS FILED BY THE ABOVEMENTIONED ASSESSES ARE DIRECTED AGAINST THE RESPECTIVE ORDERS PASSED BY THE CIT(APPEALS) - 51, MUMBAI, DATED 20.07.2018, WHICH IN TURN ARISES FROM THE ORDER S DY. CIT VS. WIND WORLD WIND RESOURCES DEVELOPMENT PVT. LTD. ITA NO. 5727/MUM/2018 A.Y 2012 - 13 2 DY. CIT VS. J.N INVESTMENT & TRADING CO. PVT. LTD. ITA NO. 5703/MUM/2018 A.Y 2011 - 12 PASSED BY THE A.O UNDER SEC. 143(3) R.W.S 153A R.W.S 263 OF THE INCOME - TAX ACT, 1961 (FOR SHORT ACT ) IN THE CASE OF THE CAPTIONED ASSESSES, BOTH DATED 01.09.2017. AS A COMMON ISSUE IS INVOLVED IN THE AFORESAID APPEALS, THEREFORE, THE SAME ARE BEING TAKEN UP AND DISPOSED OFF BY WAY OF A CONSOLIDATED ORDER. WE SHALL FIRST ADVERT TO THE APPEAL OF THE REVENUE IN TH E CASE OF WIND WORLD WIND RESOURCES DEVELOPMENT PVT. LTD VIZ. ITA NO. 5727/MUM/2018. THE REVENUE HAS ASSAILED THE IMPUGNED ORDER ON THE FOLLOWING GROUNDS OF APPEAL BEFORE US : 1. WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE CASE THE LD. CIT WAS CORREC T IN LAW IN DELETING THE DISALLOWANCE ON ACCOUNT OF DEPRECIATION OF RS. 24,32,66,380/ - MADE U/S 143(3)/153A/263 BY THE ASSESSING OFFICER ON THE GROUND THAT THE ORDER OF PR. CIT U/S 263 HAS NOT BEEN UPHELD BY THE HONBLE ITAT VIDE ORDER DATD 27.09.2017 IN I TA NO. 2373/M/2017 WHEN THE APPEAL AGAINST THE AFORESAID ORDER OF THE ITAT IS PENDING BEFORE THE HONBLE BOMBAY HIGH COURT (ITXAL NO. 1051/2018). 2. WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE CASE THE LD. CIT WAS CORRECT IN LAW IN DELETING THE DISALLOWA NCE ON ACCOUNT OF DEPRECIATION OF RS. 24,32,66,380/ - MADE U/S 143(3)/153A/263 ON TECHNICAL GROUND AND NOT ON MERIT. 2. BRIEFLY STATED, THE ASSESSEE COMPANY IS ENGAGED IN THE BUSINESS OF SETTING OF I NFRASTRUCTURE FACILITIES FOR EVACUATION OF POWER GENERATOR THROUGH POWER PROJECTS. SEARCH AND SEIZURE ACTION U/S. 132 OF THE ACT WAS CARRIED OUT ON 14.03.2013 AT THE PREMISES OF M/S. ENERCON INDIA LTD. (EIL) AND ITS GROUPS COMPANIES. THE ASSESSEE COMPANY B EING ONE OF THE GROUP ENTITY OF M/S. ENERCON INDIA LTD. WAS COVERED IN THE AFORESAID SEARCH PROCEEDINGS. 3. I N COMPLIANCE TO NOTICE ISSUED UNDER SEC 153A OF THE ACT, THE ASSESSEE FILED ITS RETURN OF INCOME ON 24.03.2015, DECLARING NIL INCOME UNDER THE NOR MAL PROVISIONS OF THE ACT . FURTHER, BOOK PROFIT UNDER SEC. 115JB WAS SHOWN AT RS. 17,81,67,919/ - . INCOME OF THE ASSESSEE WAS THEREAFTER ASSESSED BY THE A.O VIDE HIS ORDER PASSED UNDER SEC. 153A R.W.S. 143(3) , DATED 30.03.2015, ACCEPTING THE RETURNED INCO ME. 4. AFTER THE CULMINATION OF THE ASSESSMENT PROCEEDINGS, THE PR. CIT CALLED FOR THE RECORDS OF THE ASSESSEE IN EXERCISE OF HIS POWERS UNDER SEC. 263 OF THE ACT. IT WAS OBSERVED BY THE PR. CIT THAT THE ASSESSMENT FRAMED BY THE A.O WAS ERRONEOUS , INSOFAR IT WAS PREJUDICIAL TO THE INTEREST OF THE REVENUE ON THREE GROUNDS VIZ. (I). THAT, THOUGH THE ASSESSEE HAD DURING THE YEAR MADE AN ADDITION OF WIND ENERGY CONVERTERS OF A VALUE OF RS. 48,65,32,759/ - WHICH WERE PUT TO USE IN THE SECOND HALF OF TH E YEAR, HOWEVER, THE A.O HAD FAILED TO EXAMINE THE ADMISSIBILITY OF THE CLAIM OF THE ASSESSEE IN RESPECT OF 100% DEPRECIATION ON THE SAID FIXED ASSETS ; (II). THAT, AS PER THE PROVISIONS OF SEC. 32(1)(IIA) ADDITIONAL DEPRECATION @20% OF ACTUAL COST OF PLANT AND MACHINERY ACQUIRED AND INSTALLED AFTER 31.03.2005 WAS ONLY ALLOWABLE TO AN ASSESSEE WHO WAS ENGAGED IN THE BUSINESS OF MANUFACTURE OR PRODUCTION OF ANY DY. CIT VS. WIND WORLD WIND RESOURCES DEVELOPMENT PVT. LTD. ITA NO. 5727/MUM/2018 A.Y 2012 - 13 3 DY. CIT VS. J.N INVESTMENT & TRADING CO. PVT. LTD. ITA NO. 5703/MUM/2018 A.Y 2011 - 12 ARTICLE OR THING ; AND (III). THAT , AS SEC. 3 2 (1)(IIA) WAS AMENDED BY THE FINANCE ACT, 2012 TO ALLOW ADDITIONAL DEPRECIATION TO THE ASSESSES WHO WERE ENGAGED IN THE BUSINESS OF GENERATION AND DISTRIBUTION OF POWER W.E.F. APRIL, 2013 I.E. FROM A.Y. 2013 - 14 , THEREFORE, THE SAME WAS NOT ALLOWABLE TO AN ASSESSES INVOLVED IN THE AFORESAID BUSINESS PRIOR TO A. Y. 2013 - 14. ON THE BASIS OF HIS AFORESAID OBSERVATIONS , THE PR. CIT HELD A CONVICTION THAT THE ASSESSEE WAS NOT ELIGIBLE FOR ADDITIONAL DEPRECIATION ON WIND ENERGY CONVERTERS DURING THE YEAR UNDER CONSIDERATION, VIZ. A.Y. 201 2 - 1 3 . OBSERVING, THAT FOR THE AFORESAID REASONS THE ORDER OF TH E A.O WAS RENDERED AS ERRONEOUS, INSOFAR IT WAS PREJUDICIAL TO THE INTEREST OF THE REVENUE, THE PR. CIT VIDE HIS ORDER PASSED UNDER SEC. 263 OF THE ACT, DATED 23.03.2017 SET ASIDE THE ASSESSMENT AND DIRECTED THE A.O TO EXAMINE THE CLAIM OF THE ASSESSEE TOWARDS ADDITIONAL DEPRECIATION AND INITIAL DEPRECIATION AFRESH AND COMPLETE THE ASSESSMENT AS PER LAW. 5. AGGRIEVED, THE ASSESSEE ASSAILED THE ORDER PASSED BY THE PR. CIT UNDER S E C. 263 OF T H E ACT BEFORE T HE TRIBUNAL. THE TRIBUNAL VIDE ITS ORDER PASSED IN WIND WORLD WIND RESOURCE DEVELOPMENT PVT. LTD. VS. PRINCIPAL CIT(C) - 2, MUMBAI [ITA NO. 2372/MUM/2107; DATED 27.09.2017], THEREIN SET ASIDE THE ORDER PASSED BY THE P R. CIT UNDER SEC. 263, DATED 23.03.2017 AND RESTORED THE ORDE R PASSED BY THE A.O UNDER SEC 143(3) R.W.S 153A, DATED 30.03.2015. 6. AS IS DISCERNIBLE FROM THE RECORDS, THE A.O PRIOR TO THE ORDER OF THE TRIBUNAL IN ITA NO. 2372/MUM/2017 , DATED 27.09.2017, HAD GIVEN EFFECT TO THE DIRECTIONS OF THE PR. CIT IN HIS ORDER PASSED UNDER SEC. 263, DATED 23.03.2017 AND HAD PASSED THE CONSEQUENTIAL ASSESSMENT ORDER UNDER SEC. 153A R.W.S 143(3) R.W.S 263 OF THE ACT, DATED 01.09.2017. 7. ON APPEAL, THE CIT(A) TAKING COGNIZANCE OF THE FACT THAT THE ORDER PASSED BY THE PR. CIT UNDER SEC. 263 HAD BEEN VACATED BY THE TRIBUNAL, VIDE ITS ORDER DATED 27.09.2017, THEREFORE, CONCLUDED THAT THE CONSEQUENTIAL ASSESSMENT ORDER PASSED BY THE A.O UNDER SEC. 143(3) R.W.S 153A R.W.S 263, DATED 01.09.2017 COULD NOT BE SUSTAINED. RESULTANTLY, THE CIT(A) ALLOWED THE APPEAL OF THE ASSESSEE. 8. THE REVENUE BEING AGGRIEVED WITH THE ORDER OF THE CIT() HAS CARRIED THE MATTER IN APPEAL BEFORE US. ON A PERUSAL OF THE GROUNDS OF APPEAL, WE FIN D THAT THE SOLE GRIEVANCE OF THE REVENUE IS THAT AS THE ORDER OF THE TRIBUNAL QUASHING THE ORDER PASSED BY THE PR. CIT UNDER SEC. 263 OF THE ACT, DATED 23.03.2017 , HAS BEEN ASSAILED BEFORE THE HONBLE HIGH COURT AND IS PENDING ADJUDICATION AS ON DATE, THER EFORE, THE CIT(A) WAS IN ERROR IN DELETING THE DISALLOWANCE S MADE BY THE A.O, VIDE HIS ORDER PASSED UNDER SEC. 153A R.W.S 143(3) R.W.S 263, DATED 01.09.2017. DY. CIT VS. WIND WORLD WIND RESOURCES DEVELOPMENT PVT. LTD. ITA NO. 5727/MUM/2018 A.Y 2012 - 13 4 DY. CIT VS. J.N INVESTMENT & TRADING CO. PVT. LTD. ITA NO. 5703/MUM/2018 A.Y 2011 - 12 9. THE LD. DEPARTMENTAL REPRESENTATIVE (FOR SHORT D.R) SUBMITTED THAT AS THE QUASHING BY THE T RIBUNAL OF THE ORDER PASSED BY THE PR. CIT UNDER SEC. 263 HAS BEEN ASSAILED BY THE REVENUE BY WAY OF AN APPEAL BEFORE THE HONBLE HIGH COURT , WHICH HAD BEEN NUMBERED AS ITXAL/105/2018 AND IS PENDING ADJUDICATION AS ON DATE, THEREFORE, THE PRESENT APPEAL HA S BEEN FILED FOR THE SAKE OF KEEPING THE ISSUE ALIVE . 10. PER CONTRA, THE LD. AUTHORISED REPRESENTATIVE (FOR SHORT A .R) FOR THE ASSESSEE RELIED ON THE ORDER OF THE CIT(A). IT WAS SUBMITTED BY THE LD. A.R THAT AS THE ORDER PASSED BY THE PR. CIT UNDER S E C. 263 HAD BEEN VACATED BY THE TRIBUNAL, VIDE ITS ORDER PASSED IN ITA NO. 2372/MUM/2017 , DATED 27.09.2017, THEREFORE, THE CONSEQUENTIAL ORDER PASSED BY THE A.O UNDER SEC. 153A R.W.S 143(3) R.W.S 263, DATED 01.09.2017 COULD NOT B E SUSTAINED. 11. WE HAVE HEARD THE AUTHORISED REPRESENTATIVES FOR BOTH THE PARTIES, PERUSED THE ORDERS OF THE LOWER AUTHORITIES AND THE MATERIAL AVAILABLE ON RECORD, AS WELL AS THE ORDER PASSED BY THE TRIBUNAL IN ITA NO. 237 2 /MUM/2017 , DATED 27.09.2017 FOR THE YEAR UNDER CONSIDERA TION. ADMITTEDLY, THE ORDER PASSED BY THE PR. CIT UNDER SEC. 263 OF THE ACT, DATED 24.03 .2017 HAD BEEN VACATED BY THE TRIBUNAL , VIDE ITS ORDER PASSED IN ITA NO. 2372/MUM/2017 , DATED 27.09.2017. WE ARE PERSUADED TO SUBSCRIBE TO THE CONTENTION OF THE LD. A.R , THAT NOW WHEN THE ORDER PASSED BY THE PR. CIT UNDER S E C. 263, DATED 23.03 .2017 HAD BEEN QUASHED BY THE TRIBUNAL, THEREFORE, THE CONSEQUENTIAL ASSESSMENT FRAMED BY THE A.O UNDER SEC. 153A R.W.S 143(3) R.W.S 263, DATED 01.09.2017 CANNOT BE ALLOWED TO EXIST ON A STANDALONE BASIS AND HAS TO MEET THE SAME FATE. AS FOR THE FACT, THAT THE REVENUE HAS ASSAILED THE ORDER OF THE TRIBUNAL BEFORE THE HONBLE HIGH COURT, WE ARE AFRAID THAT THE SAME WOULD NOT SUFFICE FOR DISLODGING THE BINDING EFFECT OF THE ORDER OF TR IBUNAL. ON A SPECIFIC QUERY BY THE BENCH, IT WAS STATED BY THE LD. D.R THAT THE MATTER WAS AT THE PRE - ADMISSION STAGE BEFORE THE HONBLE HIGH COURT. IN OUR CONSIDERED VIEW, AS THE ORDER OF THE TRIBUNAL HAD NEITHER BEEN DISLODGED OR STAYED BY THE HONBLE HI GH COURT, THEREFORE, WE ARE NOT INCLINED TO ACCEPT THE CLAIM OF THE LD. D.R THAT THE CIT(A) WAS IN ERROR IN VACATING THE ASSESSMENT FRAMED BY THE A.O UNDER SEC. 153A R.W.S 143(3) R.W.S 263, DATED 01.09.2 017, FOR THE REASON, THAT THE ORDER PASSED BY TRIBUNA L QUASHING THE ORDER OF THE PR. CIT UNDER SEC. 263, DATED 23.03.2017 HAD BEEN ASSAILED BY THE REVENUE BEFORE THE HONBL HIGH COURT AND IS PENDING ADJUDICATION . AS SUCH, FINDING NO INFIRMITY IN THE ORDER OF THE CIT(A), WE UPHOLD THE SAME. 12. RESULTANTL Y, THE APPEAL OF THE REVENUE IS DISMISSED. DY. CIT VS. WIND WORLD WIND RESOURCES DEVELOPMENT PVT. LTD. ITA NO. 5727/MUM/2018 A.Y 2012 - 13 5 DY. CIT VS. J.N INVESTMENT & TRADING CO. PVT. LTD. ITA NO. 5703/MUM/2018 A.Y 2011 - 12 ITA NO. 5703/MUM/2018 A.Y 2011 - 12 13. WE SHALL NOW ADVERT TO THE APPEAL OF THE REVENUE IN THE CASE OF J.N INVESTMENT AND TRADING CO. P. LTD FOR A.Y 2011 - 12 IN ITA NO. 5703/MUM/2018. THE REVENUE HAS ASSAILED THE IMPUGNED ORDER ON THE FOLLOWING GROUNDS OF APPEAL BEFORE US : 1. WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE CASE THE LD. CIT WAS CORRECT IN LAW IN DELETING THE DISALLOWANCE ON ACCOUNT OF DEPRECIATION OF RS. 8,80,00,000/ - MADE U/S 143(3)/153A/263 BY THE ASSESSING OFFICER ON THE GROUND THAT THE ORDER OF PR. CIT U/S 263 HAS NOT BEEN UPHELD BY THE HONBLE ITAT VIDE ORDER DAT E D 27.09.2017 IN ITA NO. 2373/M/2017 WHEN THE APPEAL AGAINST THE AFORESAID ORDER OF THE ITAT IS PENDING BEFORE THE HONBLE BOMBAY HIGH COURT (ITXAL NO. 1051/2018). 2. WHETHER ON THE FACTS AND CIRCUMSTANCES OF THE CA SE THE LD. CIT WAS CORRECT IN LAW IN DELETING THE DISALLOWANCE ON ACCOUNT OF DEPRECIATION OF RS. 24,32,66,380/ - MADE U/S 143(3)/153A/263 ON TECHNICAL GROUND AND NOT ON MERIT. 14. BRIEFLY STATED, THE ASSESSEE COMPANY IS ENGAGED IN THE BUSINESS OF GENERATIN G OF POWER . SEARCH AND SEIZURE ACTION U/S. 132 OF THE ACT WAS CARRIED OUT ON 14.03.2013 AT THE PREMISES OF M/S. ENERCON INDIA LTD. (EIL) AND ITS GROUPS COMPANIES. THE ASSESSEE COMPANY BEING ONE OF THE GROUP COMPANY OF M/S. ENERCON INDIA LTD. WAS COVERED IN THE AFORESAID SEARCH PROCEEDINGS. 15 . THE ASSESSEE IN COMPLIANCE TO NOTICE ISSUED UNDER SEC 153A OF THE ACT, HAD FILED ITS RETURN OF INCOME ON 27.02.2014, DECLARING ITS INCOME AT RS. 2,82,47,480/ - . FURTHER, BOOK PROFIT UNDER SEC. 115JB WAS SHOWN AT RS. 18,62,53,155/ - . INCOME OF THE ASSESSEE WAS THEREAFTER ASSESSED BY THE A.O, VIDE HIS ORDER PASSED UNDER SEC. 153A R.W.S. 143(3), DATED 24 .03.2015, ACCEPTING THE RETURNED INCOME. 16 . AFTER THE CULMINATION OF THE ASSESSMENT PROCEEDINGS, THE PR. CIT CALLED FOR THE RECORDS OF THE ASSESSEE IN EXERCI SE OF HIS POWERS UNDER SEC. 263 OF THE ACT. ON A PERUSAL OF THE RECORDS, IT WAS OBSERVED BY THE PR.CIT THAT THE ASSESSMENT FRAMED BY THE A.O WAS ERRONEOUS INSOFAR IT WAS PREJUDICIAL TO THE INTEREST ON THE REVENUE ON THREE GROUNDS VIZ. (I). THAT, THE CLAIM OF THE ASSESSEE THAT IT HAD PUT TO USE A WIND TURBINE GENERATOR OF A VALUE OF RS. 17,60,00,000/ - THAT WAS ACQUIRED DURING THE YEAR FOR A PERIOD OF MORE THAN 180 DAYS REQUIRE D TO BE VERIFIED ; (II). THAT, AS PER THE PROVISIONS OF SEC. 32(1)(IIA) ADDITIONAL DEPRECATION @20% OF ACTUAL COST OF PLANT AND MACHINERY ACQUIRED AND INSTALLED AFTER 31.03.2005 WAS ONLY ALLOWABLE TO AN ASSESSEE WHO WAS ENGAGED IN THE BUSINESS OF MANUFACTURE OR PRODUCTION OF ANY ARTICLE OR THING; AND (III). THAT, AS SEC. 32(1)(IIA) WAS AMENDED BY THE FINANCE ACT, 2012 , THEREFORE, THE ADDITIONAL DEPRECIATION WAS TO BE ALLOWED TO THE ASSESSES WHO WERE ENGAGED IN THE BUSINESS OF GENERATION OR GENERATION AND DISTRIBUTION OF POWER W.E.F. APRIL, 2013 I.E. FROM A.Y. 2013 - DY. CIT VS. WIND WORLD WIND RESOURCES DEVELOPMENT PVT. LTD. ITA NO. 5727/MUM/2018 A.Y 2012 - 13 6 DY. CIT VS. J.N INVESTMENT & TRADING CO. PVT. LTD. ITA NO. 5703/MUM/2018 A.Y 2011 - 12 14, AND THE SAME WAS NO T ALLOWABLE TO AN ASSESSE E INVOLVED IN THE AFORESAID BUSINESS PRIOR TO A.Y. 2013 - 14. OBSERVING, THAT FOR THE AFORESAID REASONS THE ORDER OF THE A.O WAS RENDERED AS ERRONEOUS, INSOFAR IT WAS PREJUDICIAL TO THE INTEREST OF THE REVENUE, THE PR. CIT VIDE HIS O RDER PASSED UNDER SEC. 263 OF THE ACT, DATED 2 4 .03.2017 SET ASIDE THE ASSESSMENT AND DIRECTED THE A.O TO EXAMINE THE CLAIM OF THE ASSESSEE TOWARDS ADDITIONAL DEPRECIATION AND INITIAL DEPRECIATION AFRESH AND COMPLETE THE ASSESSMENT AS PER LAW. 17 . AGGR IEVED, THE ASSESSEE ASSAILED THE ORDER PASSED BY THE PR. CIT UNDER S E C. 263 OF T H E ACT BEFORE T HE TRIBUNAL. THE TRIBUNAL VIDE ITS ORDER PASSED IN J.N INVESTMENT & TRADING CO. PVT. LTD. VS. PRINCIPAL CIT(C) - 2, MUMBAI [ITA NO. 237 3 /MUM/2107; DATED 27.09.2017 ] FOR A.Y 20101 - 11 , THEREIN SET ASIDE THE ORDER PASSED BY THE PR. CIT UNDER SEC. 263, DATED 2 4 .03.2017 AND RESTORED THE ORDER PASSED BY THE A.O UNDER SEC 143(3) R.W.S 153A, DATED 24 .03.2015. 18 . AS IS DISCERNIBLE FROM THE RECORDS, THE A.O PRIOR TO THE ORDER OF THE TRIBUNAL IN ITA NO. 237 3 /MUM/2017; DATED 27.09.2017, HAD GIVEN EFFECT TO THE DIRECTIONS GIVEN BY THE PR. CIT IN HIS ORDER PASSED UNDER SEC. 263, DATED 2 4 .03.2017 AND HAD PASSED THE CONSEQUENTIAL ASSESSMENT ORDER UNDER SEC. 153A R.W.S 143(3) R. W.S 263 OF THE ACT, DATED 01.09.2017. 19 . ON APPEAL, THE CIT(A) TAKING COGNIZANCE OF THE FACT THAT THE ORDER PASSED BY THE PR. CIT UNDER SEC. 263 HAD BEEN VACATED BY THE TRIBUNAL, VIDE ITS ORDER DATED 27.09.2017, THEREFORE, CONCLUDED THAT THE CONSEQUENTIAL ASSESSMENT ORDER PASSED BY THE A.O UNDER SEC. 143(3) R.W.S 153A R.W.S 263, DATED 01.09.2017 COULD NOT BE SUSTAINED. RESULTANTLY, THE CIT(A) ALLOWED THE APPEAL OF THE ASSESSEE. 20 . THE REVENUE BEING AGGRIEVED WITH THE ORDER OF THE CIT(A) HAS CARRIED THE MATTER IN APPEAL BEFORE US. AS THE FACTS A ND THE ISSUE INVOLVED IN THE PRESENT APPEAL REMAINS THE SAME AS WERE THERE BEFORE US IN THE APPEAL OF THE REVENUE IN THE CASE OF THE SISTER CONCERN OF THE ASSESSEE VIZ. WIND WORLD WIND RESOURCE DEVELOPMENT PVT. LTD. VS. PRINCIPAL CIT(C) - 2, MUMBAI [ITA NO . 2372/MUM/2107; DATED 27.09.2017], THEREFORE, OUR OBSERVATIONS AND THE ORDER THEREIN PASSED SHALL APPLY MUTATIS MUTANDIS FOR THE DISPOSAL OF THE PRESENT APPEAL OF THE REVENUE VIZ. J.N INVESTMENT & TRADING CO. PVT. LTD. VS. PRINCIPAL CIT(C) - 2, MUMBAI [ITA NO. 2373/MUM/2107; DATED 27.09.2017]. AS SUCH, ON THE SAME TERMS THE APPEAL OF THE REVENUE IS DISMISSED. 21 . RESULTANTLY, THE APPEAL OF THE REVENUE IS DISMISSED. DY. CIT VS. WIND WORLD WIND RESOURCES DEVELOPMENT PVT. LTD. ITA NO. 5727/MUM/2018 A.Y 2012 - 13 7 DY. CIT VS. J.N INVESTMENT & TRADING CO. PVT. LTD. ITA NO. 5703/MUM/2018 A.Y 2011 - 12 22 . THE CAPTIONED APPEALS OF THE REVENUE VIZ. (I). WIND WORLD WIND RESOURCE DEVELOPMENT PV T. LTD. VS. PRINCIPAL CIT(C) - 2, MUMBAI [ITA NO. 2372/MUM/2107; DATED 27.09.2017]; AND (II). J.N INVESTMENT & TRADING CO. PVT. LTD. VS. PRINCIPAL CIT(C) - 2, MUMBAI [ITA NO. 2373/MUM/2107; DATED 27.09.2017, ARE DISMISSED IN TERM OF OUR AFORESAID OBSERVATIONS. ORDE R PRONOUNCED IN OPEN COURT ON 10 /01/2020 SD/ - SD/ - (MANOJ KUMAR AGGARWAL) (RAVISH SOOD) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI ; 10.01.2020 / 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 . //TRUE COPY// / BY ORDER, / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI