Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, DELHI BENCH “SMC”: NEW DELHI
Before: SHRI KUL BHARAT
O R D E R PER KUL BHARAT, JM:
This appeal, by the assessee, is directed against the order of the learned Commissioner of Income-tax (Appeals)-6, New Delhi, dated 13.06.2018, pertaining to the assessment year 2010-11. The assessee has raised following grounds of appeal:
“1. The order passed by the Learned Commissioner of Income Tax (Appeals)-6 (“Ld. CIT(A)”) under section 250 of the Act is bad in law and on the facts and circumstances of the case. 2. The Ld. CIT(A) has erred in law and on the facts and circumstances of the case in upholding the order passed by the Ld. Assessing Officer (“Ld. AO”) thereby making an addition of Rs. 1,62,962/- to the returned income of the Appellant on the premise of extinguishment of shareholding of the Appellant. 3. The above grounds of appeal s are independent and without prejudice to one another.
4. The appellant may be allowed to add / withdraw or amend any ground of appeal at the time of hearing.”
2. The only effective ground is against sustaining the addition of Rs. 1,62,962/- by the learned Commissioner of Income-tax (Appeals) made by the Assessing Officer.
No one attended the proceedings on behalf of the assessee. Notices of hearing were duly served upon the assessee. The assessee has been seeking adjournments. However, for the last few hearing, no one has been attending the proceedings. Therefore, the appeal is taken up for hearing in the absence of the assessee, after hearing the learned DR.
Facts giving rise to the present appeal are that in this case the assessee had filed income-tax return declaring income at Rs. 930/- on 29.09.2010. The case of the assessee was reopened for assessment and the assessment u/s 143(3) read with Section 147 of the Income-tax Act, 1961 (in short “the Act”) was framed vide order dated 31.08.2017. Thereby the Assessing Officer made addition in respect of extinguishment of rights of Noida property by way of reduction in share holding amounting to Rs. 1,62,192/-. Aggrieved against this the assessee preferred appeal before the learned CIT(Appeals), who also sustained the addition. Now the assessee is in appeal before this Tribunal.
Learned DR supported the orders of the authorities below and submitted that there is no infirmity into the view of the authorities below. However, he submitted
Hon’ble Supreme Court has passed an order dated 20.01.2020 granting moratorium against the institution of proceedings against Unitech Limited and its subsidiaries. It is contended that the assessee is a subsidiary of Unitech Limited, which is under insolvency.
I have heard learned DR and perused the material available on record. Considering the submissions of the assessee that the parent company of the assessee is under insolvency and a moratorium has been passed including the assessee, therefore, the appeal of the assessee is dismissed with a liberty to approach this Tribunal, if so advised. The grounds raised in this appeal are dismissed.
Appeal of the assessee is dismissed.
Order pronounced in open court during the course of hearing on17.01.2023.