MANKAMAESHWAR STEELS PVT LTD,NEW DELHI vs. PR. CIT, ALIGARH

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ITA 5071/DEL/2019Status: DisposedITAT Delhi04 May 2022AY 2015-162 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal noted that no additions were made in the fresh assessment order passed pursuant to the Section 263 direction. Therefore, the appeal was considered infructuous.

What were the facts?

The assessee filed an appeal against an order passed under Section 263 of the Income Tax Act, 1961, which set aside the original assessment order. The original assessment was to be re-examined on issues of share application money, commodity business income, and Section 115BBE. Subsequently, no additions were made in the fresh assessment order.

What were the issues?

The primary issue was the validity of the Section 263 order and its impact on the subsequent assessment. The appeal became infructuous as no adverse findings were made in the re-assessment.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 115BBE

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI

Before: DR. B.R.R.KUMAR & SH.ANUBHAV SHARMA

For Respondent: Ms. Rinku Singh, Sr. DR
Hearing: 04.05.2022Pronounced: 04.05.2022

Heard. The appeal was filed against order dated 14.03.2019 u/s 263 of the Income Tax Act, 1961 passed by the Pr. Commissioner of Income Tax, Aligarh whereby the assessment order passed by ACIT, Circle 4(1), Aligarh u/s 143(3) dated 06.03.2017 was set aside with direction to pass afresh order after examining the issue of share application money amounting to Rs. 27,50,000/-, income from commodity business amounting to Rs. 6,65,75,000/- and also the application of Section 115BBE.

2.

The appeal was filed with the application of condonation of delay of six days and considering the reasons cited and little delay, the same is allowed.

3.

It was submitted on behalf of assessee by the counsel that in the fresh order passed no addition has been made u/s 143(3) r.w.s. 263 of the Act.

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