MAYRA MALL MANAGEMENT P.LTD,MUMBAI vs. DCIT 8(2), MUMBAI

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ITA 6999/MUM/2014Status: DisposedITAT Mumbai23 January 2025AY 2008-09Bench: Justice (Retd.) C V Bhadang, Hon'ble (President), Shri B R Baskaran, Hon'ble (Accountant Member)2 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The Income Tax Appellate Tribunal dismissed the appeal as withdrawn, granting the assessee liberty to seek restoration of the appeal if needed, depending on the final outcome of the VsV Scheme application.

What were the facts?

The assessee appealed against a CIT(A) order dated 11.08.2014, which confirmed the disallowance of ₹62,11,864/- in interest expenses under Section 24 of the Income Tax Act, 1961, for A.Y. 2008-09. Subsequently, the assessee opted for the Direct Tax Vivad Se Vishwas Scheme, 2024 (VsV), and sought to withdraw the appeal.

What were the issues?

Whether the disallowance of interest expenses under Section 24 of the Income Tax Act, 1961, was justified, and the implication of the assessee opting for the Vivad Se Vishwas Scheme, 2024, leading to the withdrawal of the appeal.

Which sections of the Income-tax Act were involved?

Section 24

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCHES “B”, MUMBAI

Before: Justice (Retd.) C V Bhadang, Hon’ble & Shri B R Baskaran, Hon’ble

Hearing: 23.01.2025Pronounced: 23.1.2025

Per Justice (Retd.) C V Bhadang, President :

1.

This is an appeal by the assessee challenging the order dated 11.08.2014, passed by the CIT(A). The learned CIT(A) has confirmed the order passed by the Assessing Officer, disallowing an amount of ₹62,11,864/- out of interest expenses claimed u/s. 24 of the Income Tax Act, 1961 (‘Act’ for short). The appeal pertains to assessment year 2008-09.

2.

The appellant-assessee has filed an application dated 20.01.2025, informing that the appellant has opted for resolution of the dispute under the Direct Tax Vivad Se Vishwas Scheme, 2024 (VsV). The learned counsel for the appellant has therefore sought for withdrawal of appeal.

3.

We have heard parties. Under the circumstances, the appeal is dismissed as withdrawn with liberty to the appellant-assessee to seek restoration of its appeal, if necessary and if so advised, subject to the final outcome of the application under the VsV Scheme. Order pronounced in the open court on 23rd January, 2025.

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