NAVKAR ISPAT LTD, MUMBAI V. DCIT CEN CIR 13, MUMBAI

ITA 6148/MUM/2014

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 0740 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 3 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-01-2018
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 22-06-2017
• Assessment Year: 2010-2011
• Appeal Filed On: 01-10-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL 'B' BENCH, MUMBAI BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER ITA NO.6148/MUM/2014 (ASSESSMENT YEAR: 2010-11) M/S. NAVKAR ISPAT LTD. 229, BOKADIA MANSION 3RD FLOOR, PRINCESS STREET MUMBAI 400021 VS. DCIT, CENTRAL CIRCLE - 1 3 OLD CGO BLDG. (ANNEX) 11TH FLOOR, M.K. ROAD MUMBAI 400020 PAN AADCA3051D APPELLANT RESPONDENT APPELLANT BY: APPLICATION BY ASSESSEE RESPONDENT BY: SHRI SUMAN KUMAR DATE OF HEARING: 18.01.2018 DATE OF PRONOUNCEMENT: 18.01.2018 O R D E R PER RAJESH KUMAR, AM THIS APPEAL IS PREFERRED BY THE ASSESSEE AGAINST TH E ORDER OF THE CIT(A)-37, MUMBAI DATED 28.07.2014. 2. ASSESSEE HAS RAISED THREE GROUNDS OF APPEAL REGA RDING; (I) CONFIRMATION OF DISALLOWANCE OF PURCHASES AMOUNTING TO ` 41,58,604/-, (II) CONFIRMATION OF DISALLOWANCE OF MEMBERSHIP FEE & SU BSCRIPTION FEES OF ` 11,00,000/- PAID TO JAIN INTERNATIONAL TRADE ORGANI ZATION, AND (III) CONFIRMATION OF ADDITION OF RECEIPTS OF ` 19,50,000/- AS INCOME UNDER SECTION 68 OF THE INCOME TAX ACT, 1961. 3. VIDE LETTER DATED 17 TH JANUARY, 2018 THE ASSESSEE MOVED AN APPLICATION FOR WITHDRAWAL OF ITS APPEAL TO WHICH R EVENUE HAS NO OBJECTION. ITA NO. 6148/MUM/2014 M/S. NAVKAR ISPAT LTD. 2 WE, THEREFORE, ALLOW ASSESSEE TO WITHDRAW ITS APPEA L. ACCORDINGLY THIS APPEAL IS DISMISSED AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN COURT ON 18 TH JANUARY, 2018. SD/ - SD/ - (JOGINDER SINGH) (RAJESH KUMAR) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 18 TH JANUARY, 2018 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) -37, MUMBAI 4. THE CIT, CIRCLE-1, MUMBAI 5. THE DR, B BENCH, ITAT, MUMBAI BY ORDER //TRUE COPY// ASSISTANT REGISTRAR ITAT, MUMBAI BENCHES, MUMBAI N.P.