R.S. MEGA REALTORS PVT. LTD, MUMBAI V. PR CIT 13, MUMBAI

ITA 6867/MUM/2019

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 5965 (ITAT-MUMBAI)
• Duration Of Justice: 7 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-06-2020
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2009-2010
• Appeal Filed On: 07-11-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: MANJUNATHA SWAMY
• Keywords: Revision of order; Opportunity of being heard; Difference of opinion; Change of opinion; Set aside
• Section: 13; 263

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES D , MUMBAI BEFORE S HRI RAJESH KUMAR (AM ) AND SHRI RAM LAL NEGI (JM) ITA NO. 6867 /MUM/20 1 9 ASSESSMENT YEAR: 2009 - 10 M/S R S MEGA REALTORS PVT. LTD., B/3, BUILDING NO. 3, SAI BABA ENCLAVE, BEHIND CITI C ENTRE, GOREGAON (WEST), MUMBAI - 400062 PAN: AAECR2049B VS. THE PCIT - 13, MUMBAI (APPELLANT) (RESPONDENT) ASSESSEE BY : SHRI BHUPENDRA SHAH (A R) REVENUE BY : SHRI MANJUNATHA SWAMY (D R) DATE OF HEARING: 16/0 6/2020 DATE OF PRONOUNCEMENT: 18 / 06/2020 O R D E R PER RAM LAL NEGI, JM THIS APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST THE ORDER DATED 28.03.2019 PASSED BY THE LD. PR. COMMISSIONER OF INCOME TAX (FOR SHORT THE. P R. C IT - 13 , MUMBAI , FOR THE A S S ESSMENT YEAR 2009 - 10 , WHEREBY THE LD. PR. CIT HAS SET ASIDE ONE OF THE ISSUES DETERMINED BY THE AO AFTER EXERCISING JURISDICTION U/S 263 OF THE INCOME TAX ACT, 1961 (FOR SHORT THE ACT) AND DIRECTED THE AO TO DECIDE THE SAME AFRESH IN ACCORDANCE WITH LAW AFTER AFFORDING AN OPPORTUNITY OF BEING HEARD TO THE ASSESSEE . 2. THE ASSESSEE HAS CHALLENGED THE IMPUGNED ORDER THE ORDER ON THE FOLLOWING GROUND S : 1. IN THE FACTS OF THE CASE AND IN LAW, THE LEARNED PCIT ERRED IN INVOKIN G SECTION 263 TO THE CASE OF THE APPELLANT ONLY BY WAY OF CHANGE OF OPINION, WITHOUT POINTING OUT ANY ERROR IN THE 2 ITA NO . 6867 / MUM/2019 ASSESSMENT YEAR: 2009 - 1 0 ORDER OF THE A.O. AND ALSO BY DISREGARDING DETAILED SUBMISSIONS MADE TO HIM FROM TIME TO TIME. 2. IN THE FACTS OF THE CASE AND IN LAW, THE SHOW CAUSE NOTICE & OR ORDER U/S 263 ALLEGING ERRORS AND PREJUDICE, ITSELF IS ERRONEOUS ON MANY COUNTS AS FOLLOWS A. IN THE FACTS OF THE CASE AND IN LAW, THE LEARNED PCIT HAS ERRED IN INVOKING THE PROVISION OF SEC. 263 MERELY BECAUSE HE WANTS TO TAKE A VIEW DIFFER ENT FROM THE ONE TAKEN BY THE ASSESSING OFFICER AND THEREBY CHANGING THE OPINION OF THE ASSESSING OFFICER BY HIS OPINION. B. IN THE FATS OF THE CASE AND IN LAW, THE LEARNED PCIT HAS ERRED IN HOLDING THAT ASSESSING OFFICER FAILED TO VERIFY THE SOURCES OF SHARE APPLICATION MONEY AS WELL AS CREDITWORTHINESS OF THE CREDITORS EVEN THOUGH ALL THE DETAILS WERE FURNISHED TO THE ASSESSING OFFICER. C. IN THE FACTS OF THE CASE AND IN LAW, THE LEARNED PCIT HAS ERRED IN DISREGARDING THE FOLLOWING FACTS: SR. NO. DATE PARTICULA RS 1. 31.10.2016 ASSESSMENT ORDER PASSED U/S 143 (3) R.W.S. 147 ACCEPTING SHARE CAPITAL AND SHARE PREMIUM 2. 13.11.2014 ASSESSMENT ORDER PASSED U/S 143 (3) R.W.S. 147 ACCEPTING SHARE CAPITAL AND SHARE PREMIUM. [B] RELIEF PRAYED: THE APPELLANT THER EFORE PRAYS AS FOLLOWS, 1. TO QUASH THE ORDER U/S 263 BECAUSE PCIT HAD NO JURISDICTION. 3. AT THE OUTSET, THE LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ASSESSEE DOES NOT WANT TO PRESS THE PRESENT APPEAL AS THE ASSESSEE IS SATISFIED WITH THE ORDER GIVI NG EFFECT PASSED BY THE AO . HENCE, THE ASSESSEE MAY BE PERMITTED TO WITHDRAW THE SAME. 4. THE LD. DEPARTMENTAL REPRESENTATIVE (DR) DID NOT OPPOSE THE APPLICATION FILED BY THE ASSESSEE. HENCE, WE ALLOW THE APPLICATION FOR WITHDRAWAL OF THE APPEAL AND DISMIS S THE PRESENT APPEAL AS WITHDRAWN. 3 ITA NO . 6867 / MUM/2019 ASSESSMENT YEAR: 2009 - 1 0 IN THE RESULT, APPEAL FILED BY THE ASSESSEE FOR ASSESSMENT YEAR 2009 - 2010 IS DISMISSED AS WITHDRAWN. ORDER PRON OUNCED UNDER RULE 34(4) OF THE INCOME TAX APPELLATE TRIBUNAL RULES, 1963. SD/ - SD/ - ( RAJES H KUMAR ) ( RAM LAL NEGI ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI ; DATED: 18 / 06/2020 ALINDRA, 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// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI