ACIT, CIRCLE-7(2)(2), MUMBAI V. NETWORK 18 MEDIA & INVESTMENT LTD. , MUMBAI

ITA 7500/MUM/2018

• Counselvise Citation: [2020] 110 COUNSELVISE.COM (IT) 1338 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 11 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-12-2020
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2012-2013
• Appeal Filed On: 28-12-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH J MUMBAI BEFORE SHRI SAKTIJIT DEY (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) ITA NO. 7406/MUM/2018 ASSESSMENT YEAR: 2012-13 NETWORK18 MEDIA & INVESTMENTS LIMITED, 414, FIRST FLOOR, EMPIRE COMPLEX, SENPATI BAPAT MARG, LOWER PAREL, MUMBAI-400013. VS. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-7(2)(2), AAYAKAR BHAVAN, MUMBAI-400020. PAN NO. AABCS2472G APPELLANT RESPONDENT & ITA NO. 7500/MUM/2018 ASSESSMENT YEAR: 2012-13 ACIT CIRCLE-7(2)(2), ROOM NO. 126B, FIRST FLOOR, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI-400020. VS. M/S NETWORK18 MEDIA & INVESTMENTS LIMITED, 414, FIRST FLOOR, EMPIRE COMPLEX, SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI-400013. PAN NO. AABCS2472G APPELLANT RESPONDENT ITA NO. 7407/MUM/2018 ASSESSMENT YEAR: 2013-14 NETWORK18 MEDIA & INVESTMENTS LIMITED, 414, FIRST FLOOR, EMPIRE COMPLEX, SENPATI BAPAT MARG, LOWER PAREL, MUMBAI-400013. VS. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-7(2)(2), AAYAKAR BHAVAN, MUMBAI-400020. PAN NO. AABCS2472G APPELLANT RESPONDENT ITA NO. 7406, 7500 & 7407/MUM/2018 NETWORK18 MEDIA 2 ASSESSEE BY : MR. NIMESH VORA, AR REVENUE BY : MR. SUNIL UMAP, DR DATE OF HEARING : 10/12/2020 DATE OF PRONOUNCEMENT : 10/12/2020 ORDER PER N.K. PRADHAN, A.M. THE CROSS-APPEALS ONE BY THE ASSESSEE AND THE OTH ER BY THE REVENUE FOR THE ASSESSMENT YEAR (AY) 2012-13 AND THE APPEAL FOR AY 2013-14 FILED BY THE ASSESSEE ARE DIRECTED AGAINST THE ORDER OF T HE COMMISSIONER OF INCOME TAX (APPEALS) -57, MUMBAI [IN SHORT CIT(A) ] AND ARISE OUT OF ASSESSMENT COMPLETED U/S 143(3) R.W.S. 144C(3) OF T HE INCOME TAX ACT, 1961 (THE ACT). 2. THE LD. COUNSEL FOR THE ASSESSEE SUBMITS THAT IN THE AFOREMENTIONED APPEALS, THEY HAVE PROCEEDED TO SETTLE UNDER VIVAD SE VISHWAS ACT, 2020 AND HAVE FILED FORM 1 & 2 ON 16.09.2020 AND THEY AR E WAITING FOR FORM 3 FROM THE DESIGNATED AUTHORITY. IN RESPONSE TO THE SUGGESTION FROM THE BENCH, THE L D. COUNSEL FAIRLY ACCEPTS THAT THEY HAVE NO OBJECTION TO THE APPEALS BEING DISMISSED AS WITHDRAWN AS LONG AS THEIR RIGHT FOR REVIVAL OF THE APPEALS IS PROTECTED, IN THE EVENT OF SOME UNFORTUNATE REASON, THE MATTER BE ING NOT SETTLED UNDER THE ABOVE SCHEME. THE LD. DR HAS NO OBJECTION TO THE ABOVE. 3. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE RELEVANT MATERIALS ON RECORD. THE GOVERNMENT OF INDIA ENACTE D THE DIRECT TAX VIVAD SE VISHWAS ACT, 2020 (ACT NO. 3 OF 2020) TO PROVIDE FOR RESOLUTION OF ITA NO. 7406, 7500 & 7407/MUM/2018 NETWORK18 MEDIA 3 DISPUTED TAX AND FOR MATTER CONNECTED THEREWITH OR INCIDENTAL THERETO. THE ACT OF THE PARLIAMENT RECEIVED THE ASSENT OF THE PR ESIDENT ON 17.03.2020 AND PUBLISHED IN THE GAZETTE OF INDIA ON 17.03.2020. IN TERMS OF THE SAID ACT, THE ASSESSEE HAS BEEN GIVEN AN OPTION TO PUT AN END TO THE TAX DISPUTES, WHICH MAY BE PENDING AT DIFFERENT LEVELS EITHER BEFORE TH E FIRST APPELLATE AUTHORITY OR BEFORE THE TRIBUNAL OR BEFORE THE HIGH COURT OR BEFORE THE SUPREME COURT OF INDIA. IN VIEW OF THE ABOVE, WE DISMISS THESE APPEALS AS W ITHDRAWN, SUBJECT TO THE RIDER THAT IN THE UNLIKELY EVENT OF MATTER N OT BEING RESOLVED UNDER THE ABOVE SCHEME, THE ASSESSEE AS WELL AS REVENUE S HALL HAVE LIBERTY TO APPROACH THE TRIBUNAL FOR RESTORATION OF THE APPEAL FOR AY 2012-13 AND ASSESSEE FOR AY 2013-14. 4. IN THE RESULT, THE APPEALS ARE DISMISSED AS WITH DRAWN, SUBJECT TO THE OBSERVATION ABOVE. ORDER PRONOUNCED IN THE OPEN COURT ON 10/12/2020. SD/- SD/- (SAKTIJIT DEY) (N.K. PRADHAN) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI; DATED: 10/12/2020 RAHUL SHARMA, SR. P.S. ITA NO. 7406, 7500 & 7407/MUM/2018 NETWORK18 MEDIA 4 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