Subhash Devidas Mind, Latur V. Pr. Commissioner Of Income Tax-1, Nashik

MA 176/PUN/2023

AI Insights

The case involves a Miscellaneous Application (MA No.176/PUN/2023) filed by Subhash Devidas Mind against the order of the Income Tax Appellate Tribunal in ITA No.802/PUN/2022. The application sought modification of the Tribunal's earlier order, which remanded the matter back to the PCIT under section 263 of the Income Tax Act, 1961, for the assessment year 2011-12. The assessee argued that the assessment order was not erroneous and should not have been remanded. However, the Tribunal dismissed the application, emphasizing that the revision proceedings were initiated during the COVID-19 pandemic, which affected the assessee's ability to respond to the show-cause notice under section 263.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 137461 (ITAT-PUNE)
• Duration Of Justice: 1 month(s) 29 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 07-09-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 17-08-2023
• Assessment Year: 2011-2012
• Appeal Filed On: 09-07-2023
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Capital asset converted into stock in trade; Revision of order
• Section: 263; 45(2)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI S. S. VISWANETHRA RAVI, JUDICIAL MEMBER M.A. No.176/PUN/2023 (Arising out of ITA No.802/PUN/2022) िनधाᭅरण वषᭅ / Assessment Year : 2011-12 Subhash Devidas Mind, 178/A, Gangadevi Nagar, Gangapur, Latur- 413512. PAN : BKLPM0967Q Vs. PCIT-1, Nashik. Appellant Respondent आदेश / ORDER PER INTURI RAMA RAO, AM: This present Miscellaneous Application is filed by the assessee seeking modification of the order passed by this Tribunal in ITA No.802/PUN/2022 for the assessment year 2011-12 dated 29.05.2023 on the ground that instead of remanding the order passed u/s 263 of the Income Tax Act, 1961 (‘the Act’), it should have quashed on the ground that the assessment order is not erroneous. Assessee by : None Revenue by : Shri M. G. Jasnani Date of hearing : 01.09.2023 Date of pronouncement : 08.09.2023 MA No.176/PUN/2023 2 2. When the matter was called on, none appeared on behalf of the assessee despite due service of notice of hearing. However, a written submission was filed stating that the ld. Pr. Commissioner of Income Tax-1, Nashik (‘PCIT’) ought not to have exercised the power of revision u/s 263, as the assessee had applied the provisions of section 45(2) of the Act. 3. On the other hand, ld. Sr. DR opposed the Miscellaneous Petition. 4. We had carefully gone through the averments made in the Miscellaneous Petition and the impugned order passed by this Tribunal (supra). On perusal of the impugned order passed by this Tribunal (supra), it would be clear that the Tribunal merely remanded the matter for de novo consideration before the ld. PCIT keeping in view that the revision proceedings were initiated during the Pandemic Covid-19 period and the assessee could not have caused the appearance to the show-cause notice issued u/s 263 of the Act. The proceedings u/s 263 are only restored to the file of the ld. PCIT, however, all the contentions raised on the merits of the issue are left open before the ld. PCIT. Therefore, the MA No.176/PUN/2023 3 Miscellaneous Petition filed by the assessee is misconceived and dismissed as such. 5. In the result, the Miscellaneous Application filed by the assessee stands dismissed. Order pronounced on this 08 th day of September, 2023. Sd/- Sd/- (S. S. VISWANETHRA RAVI) (INTURI RAMA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER पुणे / Pune; ᳰदनांक / Dated : 08 th September, 2023. Sujeet आदेश कᳱ ᮧितिलिप अᮕेिषत / Copy of the Order forwarded to : 1. अपीलाथᱮ / The Appellant. 2. ᮧ᭜यथᱮ / The Respondent. 3. The Pr. CIT-1, Nashik. 4. िवभागीय ᮧितिनिध, आयकर अपीलीय अिधकरण, “B” बᱶच, पुणे / DR, ITAT, “B” Bench, Pune. 5. गाडᭅ फ़ाइल / Guard File. आदेशानुसार / BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अिधकरण, पुणे / ITAT, Pune.