LAXMIKANT SHARMA, MUMBAI V. ITO WD 24(2)(4), MUMBAI

ITA 7418/MUM/2014

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 8707 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 1 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-01-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: H
• Next Hearing Date: 17-01-2017
• Assessment Year: 2005-2006
• Appeal Filed On: 12-12-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M C OMI NIGSHEN
• Assessee Lawyers: A K SHARMA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES H, MUMBAI BEFORE S/SHRI AMIT SHUKLA, JM & ASHWANITANEJA, AM ITA NO.7418/MUM/2014 ASSESSMENT YEAR:2005-06 MR.LAXMIKANT SHARMA SOLICITOR BUNGALOW RANI SATI MARG, MALAD (E) MUMBAI 400 097 PAN ANRPS4379N VS. ITO WARD 24(2) MUMBAI (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI A K SHARMA, AR RESPONDENT BY :SHRI M C OMI NIGSHEN DATE OF HEARING :17.01.2017 DATE OF PRONOUNCEMENT :17 .01.2017 O R D E R PER AMIT SHUKLA, JUDICIAL MEMBER THE AFORESAID APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST IMPUGNED ORDER DATED 13.10.2014, PASSED BY LD. CIT( APPEALS)-34, MUMBAI FOR THE QUANTUM OF ASSESSMENT PASSED U/S. 143(3 ) R.W.S. 263 OF THE I.,T.ACT FOR A.Y. 2005-06. 2. BEFORE US, THE LEARNED COUNSEL SUBMITTED THAT THE IMPU GNED PROCEEDINGS IS ARISING OUT OF ORDER U/S. 263 PASSED BY LEARNED CIT-24 IN HIS REVISIONARY JURISDICTION. HE POINTED OUT THAT THE ORDER OF THE LEARNED CIT WAS CHALLENGED BEFORE THE TRIBUNAL IN IT A NO. 5617/MUM/2011 WHEREIN, THE TRIBUNAL VIDE ORDER DATED 18.11.2016 ITA NO.7418/MUM/2014 MRLAXMIKANT SHARMA 2 HAS QUASHED THE ORDER OF THE LEARNED CIT AND RESTORED THE ASSESSMENT ORDER ALLOWING QUANTUM OF DEDUCTION U/S. 80IB. 3. BEFORE US, THE LEARNED DR ADMITTED THAT THE IMPUGNED ASSESSMENT PROCEEDINGS ARE ARISING OUT OF THE ORDER U/ S. 263 AND ONCE SUCH ORDER HAS BEEN PASSED THEN THE IMPUGNED PRO CEEDINGS HAVE BECOME INFRUCTUOUS. 4. AFTER CONSIDERING THE AFORESAID FACTS AND MATERIAL ON RECORD, WE FIND THAT THE AO IN HIS ORDER PASSED U/S.143(3) R.W.S. 254 (IN PURSUANCE OF ITATS DIRECTION), HAD ALLOWED THE DEDUC TION U/S. 80IB. THEREAFTER, THE LEARNED CIT IN HIS REVISIONARY JURIS DICTION U/S 263 HAD CANCELLED THE SAID ASSESSMENT ORDER AND DIRECTED THE A O TO PASS A FRESH ASSESSMENT. THIS ORDER OF THE LEARNED CIT NOW S TANDS CANCELLED BY THE TRIBUNAL AND WHENCE THE ORDER U/S. 263 ITSELF HAS BEEN QUASHED THEN AS A CONSEQUENCE ALL SUCH PROCEEDINGS I NITIATED IN PURSUANCE OF SUCH AN ORDER HAVE BEEN RENDERED INFRU CTUOUS. ACCORDINGLY, APPEAL OF THE ASSESSEE IS TREATED AS ALL OWED AND THE IMPUGNED ORDERS ARE SET ASIDE. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED . ORDER PRONOUNCED IN THE OPEN COURT ON THIS 17 TH DAY OF JANUARY 2017 SD/- SD/- (ASHWANITANEJA) (AMIT SHUKLA) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI; DATED: 19 TH JANUARY, 2017. ITA NO.7418/MUM/2014 MRLAXMIKANT SHARMA 3 SA COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT. 2. THE RESPONDENT. 3. THE C I T(A), MUMBAI. 4. THE C I T 5. DR, H BENCH, ITAT, MUMBAI BY ORDER, //TRUE COPY// (ASSISTANTREGISTRAR) INCOME TAX APPELLATE TRIBUNAL, MUMBAI