GABRIEL INDIA LTD, MUMBAI V. CIT 5, MUMBAI

ITA 646/MUM/2015

• Counselvise Citation: [2016] 121 COUNSELVISE.COM (IT) 3326 (ITAT-MUMBAI)
• Duration Of Justice: 11 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-01-2016
• Appeal Filed By: Assessee
• Bench Allotted: G
• Next Hearing Date: 02-12-2015
• Assessment Year: 2010-2011
• Appeal Filed On: 30-01-2015
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: PRASAD BAPAT
• Assessee Lawyers: AWUNGSHI GIMSON
• Keywords: Bad and doubtful debts

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL G , BENCH MUMBAI BEFORE SHRI SAKTIJIT DEY, JM & SHRI ASHWANI TANEJA , A M ./ ITA NO. 646 / MUM/20 1 5 ( / ASSESSMENT YEAR : 20 10 - 20 11 ) GABRIEL IND IA LIMITED, 10, PRASAD CHAMBERS, OPERA HOUSE, MUMBAI - 400004 VS. CIT - 5, MUMBAI ./ ./ PAN/GIR NO. : A AACG 1994 N ( / APPELLANT ) .. ( / RESPONDENT ) /REVENUE BY : SHRI PRASAD BAPAT /ASSESSEE BY : SHRI AWUNGSHI GIMSON / DATE OF HEARING : 20/01/2016 / DATE OF PRONOUNCEMENT 20/01/2016 / O R D E R PER SAKTIJIT DEY (JM) THE ASSESSEE HAS FILED THE AFORESAID APPEAL CHALLENGING THE VALIDI TY OF ORDER PASSED U/S.263 OF THE ACT BY THE COMMISSIONER OF INCOME TAX - 5, MUMBAI, FOR THE ASSESSMENT YEAR 2010 - 2011. 2. AT THE OUTSET, LD. AR OF THE ASSESSEE MR. PRASAD BAPAT SUBMITTED A LETTER DATED 20 - 1 - 2016 STATING THEREIN THAT IN THE CONSEQUENTIAL ORDER PASSED U/S.143(3) R.W.S.263 OF THE ACT, THE AO HAS ACCEPTED ASSESSEES CLAIM WITH REGARD TO PROVISIONS OF DOUBTFU L DEBTS AND EXCESS REMUNERATION PAID TO MANAGING DIRECTOR WHICH WAS SUBJECT MATTER OF PROCEEDING U/S.263 OF THE ACT. LD. AR ALSO PRODUCED A CO PY OF ASSESSMENT ORDER PASSED BY THE AO IN PURSUANCE TO DIRECTION OF CIT U/S.263 OF THE ACT. HE, THEREFORE, SUBMITTED THAT THE APPEAL OF THE ASSESSEE HAVING BECOME INFRUCTUOUS PERMITTED TO BE WITHDRAWN. ITA NO. 646/15 2 3. LD. DR HAS NO OBJECTION FOR WITHDRAWAL OF THE APP EAL BY THE ASSESSEE. 4 . WE HAVE HEARD THE PARTIES AND PERUSED THE MATERIAL ON RECORD. ON PERUSAL OF THE ASSESSMENT ORDER PASSED U/S.143(3) R.W.S263 OF THE ACT, DATED 28 - 12 - 2015, IT IS NOTICED THAT THE AO AFTER VERIFICATION HAS ACCEPTED ASSESSEES CLAIM WIT H REGARD TO PROVISION OF DOUBTFUL DEBTS AND REMUNERATION PAID TO THE MANAGING DIRECTOR AND HAS COMPLETED THE ASSESSMENT ACCORDINGLY. THEREFORE, THE PRESENT APPEAL OF THE ASSESSEE AGAINST THE ORDER PASSED U/S.263 OF THE ACT HAS BECOME INFRUCTUOUS. ACCORDING LY, THE SAME IS DISMISSED AS WITHDRAWN . 5 . IN THE RESULT, APPEAL OF ASSESSEE IS DISMISSED . O RDER PRONOUNCED IN THE OPEN COURT ON THIS 20 / 01 / 201 6 . SD/ - ( ASHWINI TANEJA ) SD/ - ( SAKTIJIT DEY ) / ACCOUNTANT MEMBER / JUDICIAL MEMBER MUMBAI ; DATED 20 / 01 /201 6 . . /PKM , . / PS / COPY OF THE ORDER FORWARDED TO : / BY ORDER, / ( ASSTT. REGISTRAR) , / ITAT, MUMBAI 1. / THE APPELLANT 2. / THE RESPO NDENT. 3. ( ) / THE CIT(A), MUMBAI. 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE. //TRUE COPY//