PYRAMID FINANCE LIMITED (NOW KNOWN AS PYRAMID FINANCE PVT. LTD., vs. ASSTT. COMMISSIONER OF INCOME-TAX, CIRCLE-2, MARGAO,GOA AND ANR.,

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TXA/23/2011HC BombayHCBM05002380201111 October 2018Author: HON'BLE SHRI JUSTICE N. M. JAMDAR,HON'BLE SHRI JUSTICE PRITHVIRAJ K. CHAVAN2 pages
AI SummaryWithdrawn

What did the High Court hold?

The High Court noted that the learned counsel for the Appellant pointed out that the Appellant-Assessee had challenged an order passed by the Commissioner of Income Tax under Section 263 of the Income Tax Act, 1961, before the ITAT. The ITAT had dismissed the Appellant's appeal. The present appeal was admitted against the ITAT's order. The Appellant's counsel further stated that pursuant to the remand, the Commissioner of Income Tax had decided the issue by order dated 14 August 2014, and the ITAT had dismissed the Revenue's appeal by an order dated 12 August 2015. In view of this subsequent development, the Appellant's counsel submitted that the present appeal does not survive. The Court agreed with this submission and disposed of the appeal. The Court explicitly stated that it had not examined the correctness of either of the subsequent orders, and the rival contentions on those orders were kept open.

What were the facts?

The Appellant, Pyramid Finance Limited, challenged an order dated 23 March 2010 passed by the Commissioner of Income Tax under Section 263 of the Income Tax Act, 1961. This order had remanded the proceedings to the Assessing Officer. The Income Tax Appellate Tribunal (ITAT), by an order dated 23 March 2018, dismissed the Appellant's appeal against the Commissioner's order. The present Tax Appeal No. 23 of 2011 was admitted on 12 December 2011. Subsequently, after the remand, the Commissioner of Income Tax decided the issue by an order dated 14 August 2014. The Revenue's appeal against this decision was dismissed by the ITAT on 12 August 2015. The Appellant's counsel submitted that in light of these subsequent developments, the present appeal does not survive.

What were the issues?

1. Whether the present Tax Appeal No. 23 of 2011 survives for consideration, given subsequent orders passed by the Commissioner of Income Tax and the ITAT. Assessee's contention: The learned counsel for the Appellant submitted that subsequent orders have rendered the present appeal infructuous. Specifically, the Commissioner of Income Tax decided the issue by order dated 14 August 2014 pursuant to the remand, and the ITAT dismissed the Revenue's appeal against this order on 12 August 2015. Therefore, the present appeal does not survive. Revenue's contention: The judgment records no specific contention from the Revenue regarding the survival of the appeal. However, the Revenue was represented by Ms. Amira Razaq, Standing Counsel.

Which sections of the Income-tax Act were involved?

Section 263

AI-generated summary — verify with the full judgment below

mukund 1 txa23.11 dt.11 -10-2018 IN THE HIGH COURT OF BOMBAY AT GOA

TAX APPEAL NO.23 OF 2011

Pyramid Finance Limited. (now known as Pyramid Finance Pvt. Ltd. … Appellant. Versus Asst. Commissioner of Income Tax Circle-2, & anr. …. Respondents

Mr. A.F.Diniz, Advocate for the Appellant. Ms. Amira Razaq, Standing Counsel for Respondent Nos.1 & 2. Coram : N.M. Jamdar & Prithviraj K. Chavan, JJ. Date : 11 October 2018. P.C. :

Heard the learned counsel for the parties.

2.

The learned counsel for the Appellant points out that the Appellant-Assessee has challenged the order dated 23 March 2010 passed by the Commissioner of Income Tax under Section 263 of the Income Tax Act, 1961 before the Income Tax Appellate Tribunal, Panaji Bench. The Commissioner had remanded the proceedings to the Assessing Officer, which order was challenged before the Income

mukund 2 txa23.11 dt.11 -10-2018 Tax Appellate Tribunal by the Appellant and the Tribunal, by the impugned order dated 23 March 2018 had dismissed the Appeal. Against the said order, the Appeal was admitted on 12 December 2011. The learned counsel for the Appellant has placed on record the orders passed by the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal. He states that pursuant to the remand, the Commissioner of the Income Tax has decided the issue by order dated 14 August 2014 and the Tribunal has dismissed the Appeal of the Revenue by an order dated 12 August 2015. The learned counsel for the Appellant submits that in view of this position, the present Appeal does not survive. The Appeal is accordingly disposed of. We make it clear that we have not examined the correctness of either of these orders and rival contentions on these orders are kept open. Prithviraj K. Chavan, J. N.M. Jamdar, J.

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