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Income Tax Appellate Tribunal, “F” BENCH, MUMBAI
Before: SHRI OM PRAKASH KANT, AM
IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE SHRI OM PRAKASH KANT, AM AND MS. KAVITHA RAJAGOPAL, JM
ITA No. 7401/Mum/2016 (Assessment Year: 2016-17) ITA No. 7558/Mum/2019 (Assessment Year: 2012-13)
ACIT Circle- 3(3)(2) M/s. Videocon Realty & Room No. 628, 6th Floor, Aayakar Infrastructures Ltd. Bhavan, M.K. Road, Vs. 171, C-wing, Mittal Court, Nariman Mumbai-400020 Point, Mumbai-400021
PAN/GIR No.AAACV2303V (Appellant) : (Respondent) CO No. 215/Mum/2018 (Assessment Year:2012-13) M/s. Videocon Realty & Infrastructures ACIT Circle- 3(2)(2) Room No. 628, 6th Floor, Aayakar Ltd. Vs. 171, C-wing, Mittal Court, Nariman Bhavan, M.K. Road, Point, Mumbai-400021 Mumbai-400020 PAN/GIR No.AAACV2303V (Appellant) : (Respondent) Assessee by : None Revenue by : Shri Ankush Kapoor, DR : 10.07.2023 Date of Hearing Date of Pronouncement : 11.07.2023
2 ITA No.7558/Mum/2019, 7401/Mum/2016 (A.Y.2016-17, 12-13) CO. 215/Mum/2018 (A.Y. 2012-13) Videocon Reality & Infrastructure Ltd. V/s ACIT 2(3)(3)
O R D E R PER KAVITHA RAJAGOPAL, J M:
The above captioned appeals have been filed by the revenue challenging the order of the learned Commissioner of Income Tax (Appeals)-8 (‘ld.CIT(A) for short), u/s.250 of the Income Tax Act, 1961 (‘the Act'), pertaining to the Assessment Year (‘A.Y.’ for short) 2012-13 and 2016-17. The assessee has also filed a cross objection challenging the order of Ld. CIT(A) for A.Y. 2012-13.
The revenue and the assessee have challenged the appeal and the cross objection on various grounds. As there was no representation on behalf of the assessee, we hereby proceed to decide the appeals and the CO by hearing the Ld. DR and on perusal of material available on record.
As the facts all these cases are identical, we hereby pass a consolidated order in these appeals by taking ITA No. 7558/Mum/2019 as the lead case for the sake of convenience.
The brief facts are that the assessee is a domestic company engaged in the business of real-estate development and had filed its return of income for A.Y. 2016-17 dated 17.10.2016 declaring loss at ₹8,34,79,412/-. The assessee’s case was selected for scrutiny and assessment order dated 18.12.2018 was passed u/s 143(3) of the Act. where the AO determined the total income at ₹ 3,33,47,710/- under normal provisions and book profit
3 ITA No.7558/Mum/2019, 7401/Mum/2016 (A.Y.2016-17, 12-13) CO. 215/Mum/2018 (A.Y. 2012-13) Videocon Reality & Infrastructure Ltd. V/s ACIT 2(3)(3)
u/s 115JB at ₹7,20,24,375/- by making an addition/disallowance of ₹11,88,75,497/- u/s 14A of the Act r.w. rule 8D of the IT Rules.
The assessee was in appeal before the Ld. CIT(A). The Ld. CIT(A) partly allowed the grounds raised by the assessee. The revenue is in appeal before us challenging the order of the Ld. CIT(A) in deleting the impugned addition/disallowance. The assessee has also filed cross objection for AY. 2012-13.
It is observed that the assessee company is undergoing insolvency proceedings before Hon’ble NCLT (National Company Law Tribunal) and the Ld DR has also not controverted the said fact. We deem it fit to dismiss the appeals filed by the revenue with the liberty given to the revenue to restore the appeals and also dismiss the CO filed by the assessee with the liberty given to the assessee/RP after the moratorium period as per section 14 of the Insolvency and Bankruptcy Code 2016 along with fresh Form 36.
In the result the appeals filed by the revenue and the cross objection filed by the assessee are dismissed.
Order pronounced in the open court on 11.07.2023
Sd/- Sd/- (Om Prakash Kant) (Kavitha Rajagopal) Accountant Member Judicial Member Mumbai; Dated : 11.07.2023 Aniket Singh Rajput, Stenographer Copy of the Order forwarded to : 1. The Appellant 2. The Respondent 3. CIT - concerned
4 ITA No.7558/Mum/2019, 7401/Mum/2016 (A.Y.2016-17, 12-13) CO. 215/Mum/2018 (A.Y. 2012-13) Videocon Reality & Infrastructure Ltd. V/s ACIT 2(3)(3)
DR, ITAT, Mumbai 5. Guard File BY ORDER,
(Dy./Asstt. Registrar) ITAT, Mumbai