NEULAND LABORATORIES LIMITED ,HYDERABAD vs DY. COMMISSIONER OF INCOME TAX , CIRCLE-16(1), HYDERABAD

Income Tax Appellate Tribunal, HYDERABAD ‘ A ‘ BENCH, HYDERABAD.

For Appellant: Shri M.V.Anil Kumar

M/s. Neuland Laboratories Limited, Hyderabad. PAN AAACN 9531E …..Appellant. Vs. Dy. Commissioner of Income Tax, Circle 6(1), Hyderabad. …..Respondent. Appellant By : Shri M.V.Anil Kumar. Respondent By : Shri Anil Sant. (D.R.) Date of Hearing : 19.07.2021. Date of Pronouncement : 23.07.2021. O R D E R Per Shri S.S. Godara, J.M. : This assessee’s appeal for Asst. Year 2012-13 arises from the Commissioner of Income Tax (Appeals)-4, Hyderabad’s order dt.23.07.2018 passed in case No.10179/2017-18 in proceedings under Section 144 r.w.s. 263 of Income Tax Act, 1961 (‘the Act’).

Heard both the parties. Case file perused.

We notice at the outset that the instant appeal arises as an off shoot of the PCIT’s section 263 order. And that the said revision order stand reversed by this tribunal’s co-ordinate bench the decided on 12.07.2021.

2. We thus hold that the instant round of consequential assessment proceedings has no legs to stand. The same also follows suit as a necessary corollary. All the disallowances / additions, as the case may be, forming subject matter of the assessee’s corresponding substantive grounds are deleted therefore.

NEULAND LABORATORIES LIMITED ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-16(1), HYDERABAD