CITICORP FINANCE (INDIA) LTD.,MUMBAI vs. PR. CIT -14, MUMBAI

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ITA 1666/MUM/2020Status: DisposedITAT Mumbai30 August 2022AY 2014-153 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 assessee requested to withdraw the appeal because the time limit for passing the assessment order, following the revision order, had expired. The Tribunal accepted the withdrawal request.

What were the facts?

The assessee filed an appeal challenging a revision order passed by the PCIT under Section 263. During the hearing, the assessee sought to withdraw the appeal.

What were the issues?

Whether the appeal should be withdrawn due to the expiry of the time limit for passing the consequential assessment order.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 92CA(4)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, C BENCH, MUMBAI

order : 30.08.2022 O R D E R Per Rahul Chaudhary, Judicial Member: 1. By way of the present appeal the Appellant/Assessee has challenged the order, dated 20.04.2020, passed by the Ld. Principal Commissioner of Income Tax-14, Mumbai [hereinafter referred to as ‘the PCIT’] under Section 263 of the Income Tax Act, 1961 [hereinafter referred to as ‘the Act’] in respect of assessment order, dated 08.12.2017, passed by the Deputy

1.

Assessment Year: 2014-15 Commissioner of Income Tax-14(1)(2) under Section 143(3) read with Section 92CA(4) of the Act.

2.

When the matter was taken up for hearing, the Ld. Authorised Representative for the Appellant placed on record letter, dated 26.08.2022, seeking withdrawal of the appeal stating that the prescribed period of 12 months for passing the assessment order in consequence of the revision order, dated 20.04.2020, passed by the PCIT under Section 263 of the Act had expired. Therefore, the Appellant, without prejudice to the contentions on the merits of the appeal, wanted to withdraw the present appeal with the liberty to revive the present appeal or to file a fresh appeal in case an assessment order is subsequently passed by the Assessing Officer.

3.

In view of the above, the present appeal is dismissed as withdrawn.

Order pronounced on 30.08.2022.

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