TECNIMONT PRIVATE LIMITED , MUMBAI V. PRINCIPLE CIT-5, MUMBAI, MUMBAI

ITA 962/MUM/2022

AI Insights

The case involved an appeal by M/s. Tecnimont Private Limited against a revision order passed by the Principal Commissioner of Income Tax-5, Mumbai under Section 263 of the Income Tax Act, 1961, for the Assessment Year 2016-17. The revision order had set aside certain issues for fresh examination by the AO. However, in the subsequent proceedings, the AO accepted the assessee's contentions and passed an order under Section 143(3) read with Section 263, not making any additions to the income as previously assessed. Consequently, the assessee filed a letter withdrawing the appeal, which was accepted by the tribunal.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 302381 (ITAT-MUMBAI)
• Duration Of Justice: 10 month(s) 22 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-03-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 30-03-2023
• Assessment Year: 2016-2017
• Appeal Filed On: 08-05-2022
• Laws Referred To: Income Tax Act
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Set aside
• Section: 263

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, ‘E‘ BENCH MUMBAI BEFORE: SHRI ABY T VARKEY, JUDICIAL MEMBER & SHRI M.BALAGANESH, ACCOUNTANT MEMBER ITA No.962/Mum/2022 (Assessment Year :2016-17) M/s. Tecnimont Private Limited Tecnimont House Chincholi Bunder 504, Link Road Malad (W) Mumbai – 400 064 Vs. Principal Commissioner of Income Tax-5 Room N.515, 5 th Floor Aaykar Bhavan M.K.Road, Mumbai – 400 020 PAN/GIR No.AAACI2628B (Appellant) .. (Respondent) Assessee by Shri P J Pardiwala / Shri Sukhsagar Syal & Shri Prateik Bhatt Revenue by Shri Abhishek Kumar Singh Date of Hearing 31/03/2023 Date of Pronouncement 31/03/2023 आदेश / O R D E R PER M. BALAGANESH (A.M): This appeal in ITA No. 962/Mum/2022 for A.Y.2016-17 preferred by the order against the revision order of the ld. Principal Commissioner of Income Tax-5, Mumbai u/s.263 of the Act dated 12/03/2022 for the A.Y.2016-17. 2. This appeal was earlier heard on 28/11/2022. Later, at the time of perusal of the file, it was noticed that certain clarifications are required ITA No.962/Mum/2022 M/s. Tecnimont Pvt. Ltd. 2 from the ld. Counsel for the assessee. Accordingly, a clarification hearing was listed on 31/03/2023 i.e. today. At the time of hearing, the ld. Counsel for the assessee filed a letter dated 29/03/2023 addressed by the assessee company to the Bench stating that they are withdrawing the appeal. 3. The appeal before us is against the revision order passed by the ld. PCIT u/s.263 of the Act. The ld. PCIT had set aside certain issues to the file of the ld. AO for fresh examination. However, in the subsequent proceedings giving effect to Section 263 order, the ld. AO had accepted to the contentions of the assessee and passed the order u/s.143(3) r.w.s. 263 of the Act on 28/03/2023 without making any additions to the total income that had been already determined in the final assessment order dated 27/12/2019. These facts are stated by the assessee in this letter dated 29/03/2023. Accordingly, assessee had sought for withdrawal of the present appeal. In view of the aforesaid facts, we are permitting the assessee to withdraw the appeal filed before us. 4. In the result, appeal of the assessee is hereby dismissed as withdrawn. Order pronounced on 31/03/2023 in the open Court Sd/- (ABY T VARKEY) Sd/- (M.BALAGANESH) JUDICIAL MEMBER ACCOUNTANT MEMBER Mumbai; Dated 31/03/2023 KARUNA, sr.ps ITA No.962/Mum/2022 M/s. Tecnimont Pvt. Ltd. 3 Copy of the Order forwarded to : BY ORDER, (Asstt. Registrar) ITAT, Mumbai Date Initial 1. Draft dictated on 31/03/2023 Sr.PS 2. Draft placed before author 31/03/2023 Sr.PS 3. Draft proposed & placed before the second member JM/AM 4. Draft discussed/approved by Second Member. JM/AM 5. Approved Draft comes to the Sr.PS/PS Sr.PS/PS 6. Kept for pronouncement on Sr.PS 7. File sent to the Bench Clerk Sr.PS 8. Date on which file goes to the AR 9. Date on which file goes to the Head Clerk. 10. Date of dispatch of Order. 11. Dictation Pad is enclosed Yes 1. The Appellant 2. The Respondent. 3. CIT 4. DR, ITAT, Mumbai 5. Guard file. //True Copy//