SOLID CONTIANERS LTD, MUMBAI V. DEPUTY COMMISSIONER OF INCOME TAX 8(2)(2), MUMBAI

ITA 6142/MUM/2018

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 7332 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 2 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-01-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: G
• Assessment Year: 2013-2014
• Appeal Filed On: 29-10-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: T S KHALSA
• Assessee Lawyers: SNEHAL BAMNE
• Keywords: Business income; Business expenditure; Competent authority
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL G BENCH , MUMBAI BEFORE SHRI MAHAVIR SINGH, VP AND SHRI MANOJ KUMAR AGGARWAL, AM ITA NO. 6142/MUM/2018 (ASSESSMENT YEAR 2013-14) SOLID CONTAINERS LIMITED 206, AMDANI CHAWL, FOSSBERRY ROAD, NEAR ICI LTD., REAY ROAD (E), MUMBAI-400 033 VS. THE DCIT - 8(2)(2), AAYAKAR BHAVAN, MUMBAI-400 020 (APPELLANT) (RESPONDENT) PAN NO. AABCS4907N APPELLANT BY : SHRI SNEHAL BAMNE, AR RESPONDENT BY : SHRI T.S. KHALSA, DR DATE OF HEARING : 04.01.2021 DATE OF PRONOUNCEMENT : 04.01.2021 O R D E R PER MAHAVIR SINGH, VP: THIS APPEAL BY ASSESSEE IS ARISING OUT OF THE ORDER OF COMMISSIONER OF INCOME TAX (APPEALS)-14, MUMBAI [IN SHORT CIT(A) IN APPEAL NO. CIT (A)-14/IT- 40/16-17 VIDE ORDER DATED 18.06.2018. THE ASSESSMEN T WAS FRAMED BY DEPUTY COMMISSIONER OF INCOME TAX -8(2)(2), MUMBAI (IN SHO RT DCIT) FOR THE A.Y. 2013- 14 UNDER SECTION 143(3) OF THE INCOME-TAX ACT, 1961 (HEREINAFTER THE ACT) VIDE ORDER DATED 22.02.2016. 2. THE ASSESSEE HAS RAISED THREE ISSUES IN THIS APP EAL I.E. (I) INCOME FROM SUB-LEASING THE PREMISES AS INCOME FROM HOUSE PROPE RTY AS AGAINST THE BUSINESS INCOME CLAIMED BY ASSESSEE. (II) DISALLOWA NCE OF BUSINESS EXPENSES AT 50% (III) NOT ALLOWING THE SET OFF OF BROUGHT FO RWARD LOSSES. PAGE | 2 ITA NO.6142/MUM/2018 SOLID CONTAINERS LIMITED AY 2013-14 3. WHEN THIS APPEAL WAS CALLED OUT FOR HEARING, THE LD. COUNSEL FOR THE ASSESSEE SOUGHT ADJOURNMENT STATING AS UNDER: WITH REFERENCE TO THE ABOVE CAPTIONED MATTER FIXED FOR HEARING TODAY I.E. 04.01.2021, WE RESPECTFULLY SUBMIT THAT NOTWITHSTAN DING THE MERITS OF THE APPEAL, THE ASSESSEE HAS AVAILED FOR VIVAD SE VISH WAS SCHEME. A COPY OF THE APPLICATION IN FORM NO.1 AND FORM NO.2 IS ENCLO SED HEREWITH FOR YOUR REFERENCE. 4. THE LD. COUNSEL STATED THAT ASSESSEE HAS FILED N ECESSARY DECLARATION UNDER DIRECT TAX VIVAD SE VISHWAS ACT, 2020 (ACT 3 OF 2020) AND IS AWAITING THE RESOLUTION OF THE MATTER. HE STATED THAT THE MOMENT , HE RECEIVES FORM-3 FROM THE COMPETENT AUTHORITY, WILL WITHDRAW THE APPEAL. IN R ESPONSE TO THE SAID, THE BENCH SUGGESTED AND HE FAIRLY ACCEPTED THAT HE HAS NO OBJ ECTION TO THE APPEAL BEING DISMISSED AS WITHDRAWN AS LONG AS HIS RIGHT FOR REC ALLING OF THE ORDER ARE PROTECTED, IN THE EVENT, FOR SOME OR OTHER REASON, THE MATTER BEING NOT SETTLED UNDER THE DIRECT TAX VIVAD SE VISHWAS SCHEME. 5. THE LD. DR ALSO NOT OBJECTED TO THE ABOVE PROPOSAL. 6. IN VIEW OF THE ABOVE, AFTER HEARING BOTH THE SID ES, WE DISMISS THIS APPEAL AS WITHDRAWN, SUBJECT TO HIS RIGHT FOR REVIVAL OF THE APPEAL IN CASE DUE TO SOME UNFORESEEN REASONS, THE MATTER IS NOT SETTLED UNDER THE VIVAD SE VISHWAS SCHEME. THE ASSESSEE IS AT LIBERTY TO APPROACH THE TRIBUNAL FOR RESTORATION OF HIS APPEAL IN THAT EVENT. THIS ISSUE IS SETTLED BY HON BLE MADRAS HIGH COURT IN THE CASE OF M/S NANNUSAMY MOHAN (HUF) VS. ACIT (TCA NO. 372 OF 2920, ORDER DATED 16.10.2020) WHEREIN ON IDENTICAL CIRCUMSTANCE S, THE ASSESSEES APPEAL PAGE | 3 ITA NO.6142/MUM/2018 SOLID CONTAINERS LIMITED AY 2013-14 WAS DISMISSED AS WITHDRAWN. RESPECTFULLY FOLLOWING THE HONBLE MADRASH HIGH COURT IN THE CASE OF M/S NANNUSAMY MOHAN (HUF) VS. ACIT (SUPRA), WE DISMISSED THE APPEAL OF THE ASSESSEE AS WITHDRAWN. 7. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS DISMIS SED AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN COURT ON 04.01.20 21 SD/- SD/- MANOJ KUMAR AGGARWAL (MAHAVIR SINGH) (ACCOUNTANT MEMBER) (VICE PRESIDENT) MUMBAI, DATED: 04.01.2021 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// (ASSTT.REGISTRAR) ITAT, MUMBAI