ITO, New Delhi V. M/s. Tulsi Tracom (P) Ltd., New Delhi

ITA 6618/DEL/2015

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 3712 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 1 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-02-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: F
• Assessment Year: 2008-2009
• Appeal Filed On: 11-12-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PARMITA TRIPATHY
• Section: 68; 148; 263

Judgement Text

1 ITA.NO.6618/DEL./2015 M/S. TULSI TRACOM (P) LTD., NEW DELHI. IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES F : DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER ITA.NO.6618/DEL./2015 ASSESSMENT YEAR 2008-2009 THE INCOME TAX OFFICER, CROSS OBJECTION. WARD-25(4), NEW DELHI. VS. M/S. TULSI TRACOM (P) LTD., B- 222, 2 ND FLOOR, OKHALA INDUSTRIAL AREA-1, NEW DELHI 110020 PAN AACCT6121A (APPELLANT) (RESPONDENT) FOR REVENUE : SMT. PARMITA TRIPATHY, CIT - D.R. FOR ASSESSEE : SHRI SHAILESH GUPTA, C.A. DATE OF HEARING : 31.01.2018 DATE OF PRONOUNCEMENT : 02.02.2018 ORDER PER BHAVNESH SAINI, J.M. THIS APPEAL BY REVENUE HAS BEEN DIRECTED AGAINST THE ORDER OF THE LD. CIT(A)-2, KOLKATA, DATED 03 RD SEPTEMBER, 2015, FOR THE A.Y. 2008-2009, CHALLENGING THE DELETION OF ADDITION OF RS.4,39,70,000 UNDER SECTION 68 OF THE I.T. ACT, 19 61. 2. BRIEFLY THE FACTS OF THE CASE ARE THAT THE ASSE SSEE- COMPANY FILED THE ORIGINAL RETURN OF INCOME FOR ASS ESSMENT YEAR 2 ITA.NO.6618/DEL./2015 M/S. TULSI TRACOM (P) LTD., NEW DELHI. UNDER APPEAL ON 16 TH MAY, 2008. IT WAS PROCESSED UNDER SECTION 143(1) OF THE I.T. ACT, 1961. THE A.O. LATER ON REO PENED THE ASSESSMENT BY ISSUING NOTICE UNDER SECTION 148 AND PASSED THE ORDER UNDER SECTION 147/143(3) ON 10 TH MAY, 2010. THE LD. CIT- 2, KOLKATA HAD INITIATED PROCEEDINGS UNDER SECTION 263 OF THE I.T. ACT AND SET ASIDE THE IMPUGNED ORDER UNDER SEC TION 148 OF THE ACT, FOR FRESH ASSESSMENT VIDE ORDER PASSED UND ER SECTION 263 OF THE I.T. ACT, DATED 30 TH MARCH, 2013. 3. THE A.O. IN PURSUANCE TO THE ORDER UNDER SECTIO N 263 OF THE ACT, PASSED THE ASSESSMENT ORDER UNDER SECTI ON 144/263/143(3)/147 DATED 29 TH MARCH, 2014 AND MADE THE ADDITION OF RS.4,39,70,000 ON ACCOUNT OF UNEXPLAINE D SHARE APPLICATION MONEY. THE LD. CIT(A) VIDE IMPUGNED ORD ER DELETED THE ADDITION AND ALLOWED THE APPEAL OF THE ASSESSEE . 4. THE LEARNED COUNSEL FOR THE ASSESSEE, AT THE OU TSET, CONTENDED THAT THE ORDER UNDER SECTION 263 PASSED B Y THE CIT- 2, KOLKATA, REMAINED SUBJECT MATTER IN APPEAL BEFOR E THE HONBLE DELHI HIGH COURT IN THE CASE OF THE ASSESSE E IN ITA.NO.853 OF 2015 AND THE ORDER UNDER SECTION 263 DATED 30 TH 3 ITA.NO.6618/DEL./2015 M/S. TULSI TRACOM (P) LTD., NEW DELHI. MARCH, 2013, HAVE BEEN SET ASIDE AND QUASHED BY THE HONBLE DELHI HIGH COURT VIDE JUDGMENT DATED 14 TH SEPTEMBER, 2017, COPY OF THE ORDER IS PLACED ON RECORD. HE HAS, THER EFORE, SUBMITTED THAT THE AFORESAID PROCEEDING CONSEQUENTI AL IN NATURE, WOULD NOT SURVIVE. 5. THE LD. CIT-D.R. DID NOT DISPUTE THE ABOVE FACT . 6. CONSIDERING THE FACTS OF THE CASE IN THE LIGHT OF SUBMISSIONS OF THE PARTIES, IT IS CLEAR THAT A.O. P ASSED THE IMPUGNED ASSESSMENT ORDER IN VIEW OF THE ORDER PASS ED UNDER SECTION 263 OF THE I.T. ACT. THE ORDER UNDER SECTIO N 263 OF THE I.T. ACT, HAVE BEEN SET ASIDE AND QUASHED BY THE HO NBLE DELHI HIGH COURT. THEREFORE, RESULTANT PROCEEDING UNDER S ECTION 263 OF THE ACT, WOULD NOT SURVIVE. IN VIEW OF THE ABOVE , THE DEPARTMENT APPEAL FAILS AND IS DISMISSED. 7. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISS ED. ORDER PRONOUNCED IN THE OPEN COURT. SD/- SD/- (L.P. SAHU) (BHAVNESH SAINI) ACCOUNTANT MEMBER JUDICIAL MEMBER DELHI, DATED 02 ND FEBRUARY, 2018 VBP/- 4 ITA.NO.6618/DEL./2015 M/S. TULSI TRACOM (P) LTD., NEW DELHI. COPY TO 1. THE APPELLANT 2. THE RESPONDENT 3. CIT(A) CONCERNED 4. CIT CONCERNED 5. D.R. ITAT F BENCH, DELHI 6. GUARD FILE. // BY ORDER // ASSESSMENT. REGISTRAR : ITAT DELHI BENCHES : DELHI.