MFA CAPITAL PRIVATE LIMITED,MUMBAI vs. ACIT- CIRCLE 10(2)(2) , MUMBAI

IN THE INCOME TAX APPELLATE TRIBUNAL "D” BENCH, MUMBAI SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER MFA Capital Private Limited 301, Narain Chambers, Mahatma Gandhi Road, Vile Parle East, Mumbai - 400057 Maharashtra [PAN: AAHCM1424C] …………. Appellant Vs Assistant Commissioner of Income Tax, Circle 10(2)(2), Mumbai Aayakar Bhavan, Maharishi Karve Road, Mumbai – 400020. Maharashtra …………. Respondent Appearance For the Appellant/Assessee : Shri Chetna Bohra For the Respondent/Department : Shri R. R. Makwana Date Conclusion of hearing : 06.02.2025 Pronouncement of order : 25.02.2025 O R D E R Per Rahul Chaudhary, Judicial Member:

1. 1. By way of the present appeal the Assessee has challenged the order dated 12/09/2024, passed by the National Faceless Appeal Centre (NFAC), Delhi, [hereinafter referred to as the ‘CIT(A)’], whereby the Ld. CIT(A) had dismissed the appeal of the Assessee against the Assessment Order, dated 14/12/2018, passed under Section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) for the Assessment Year 2016-2017.

2. The delay of 9 days in filing the present appeal is condoned for the reasons stated in application seeking condonation of delay which is supported by affidavit.

3. The Assessee has raised following grounds of appeal : “1. The disallowance of sales promotion expenses to the tune of Assessment Year: 2016-2017 INR.58,91,732/- without considering the documentary evidence and submissions submitted during the proceedings and the same is bad in law, void-ab-initio;

2. The denial of the claim of expenses for employees for employees contribution to PF and ESIC amounting to INR.54,767/- on account of payment made beyond the due date as referred to in section 36(1)(va) of the Income Tax Act, 1961 (herein after referred as “the Act”) but before filing return of income u/s.139(1);

3. Denying the claim of expenses of interest on delayed payment of TDS amounting to INR.1,00,916/- on account of interest expenditure treating it as penal in nature, is bad in law and the same to be deleted or be appropriately reduced u/s.37(1) of the Act.”

4. When the appeal was taken up for hearing the Learned Authorised Representative for the Appellant/Assessee submitted that the Appellant/Assessee has filed application under the ‘The Direct Tax – Vivad Se Vishwaas Scheme, 2024’ opting for settlement. In this regard reliance was placed on letter, dated 13/01/2025, filed by the Assessee whereby Declaration in Form 1 [Acknowledgement Number 759264870181224] and the Certificate by the Assessee in Form 2 [Acknowledgement Number 793676841311224] were placed on record. Given the aforesaid, the present appeal preferred by the Assessee is dismissed as withdrawn with liberty to the Assessee to revive the same in case the aforesaid application filed by the Assessee does not result in settlement of dispute by way of filing miscellaneous application before the Tribunal as per the provisions of the Act within the period prescribed. In terms of aforesaid the present appeal is dismissed as withdrawn.