ITO 3(3)(2), MUMBAI vs. SANSKRUTI DEVELOPERS P.LTD, MUMBAI

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ITA 7508/MUM/2016Status: DisposedITAT Mumbai26 April 2022AY 2012-132 pages

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

AI SummaryDismissed

What did the Tribunal hold?

The Third Member decided the issue in favor of the assessee, concurring with the Judicial Member. The majority view upheld the deletion of the addition.

What were the facts?

The revenue appealed against the deletion of an addition of Rs. 7.85 crores made by the Assessing Officer. There was a difference of opinion between the original bench members, leading to a reference to a Third Member.

What were the issues?

Whether the learned CIT(A) was justified in deleting the addition made by the Assessing Officer under Section 41(1)/28(iv) of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 41(1),Section 28(iv)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI ‘E’ BENCH, MUMBAI

Assessment Year: 2012-13 Page 1 of 2 INCOME TAX APPELLATE TRIBUNAL MUMBAI ‘E’ BENCH, MUMBAI [Coram: Pramod Kumar (Vice President)] and Pavan Kumar Gadale (Judicial Member)] Assessment Year: 2012-13 Income Tax Officer-3(3)(2) …………………….. Appellant Mumbai Vs. M/s. Sanskruti Developers Pvt. Ltd. ………………….Respondent Raheja Chambers, Office No. 317, 3rd Floor, Free Press Journal Marg, Nariman Point Mumbai 400021 [PAN: AABCS4085R] Appearances: Chandan Sharma for the appellant Satya Pinisetty for the respondent Date of concluding the hearing : January 28, 2022 Date of pronouncement the order : April 26, 2022

O R D E R Per Pramod Kumar, VP:

1.

When this appeal originally came up for hearing before a division bench, there was a difference of opinion between the Members then constituting the division bench. The following point of difference was thus referred for the opinion of a Third Member.

2. Whether in the facts and circumstances of the case and in law learned CIT(A) is right in deleting the addition of Rs. 7.85 crores made by the Assessing Officer u/s. 41(1)/28(iv) of the I.T Act 1961.

2.

Learned Third Member has decided this point in favour of the assessee and thus concurred with the learned Judicial Member on the original division bench. That was effectively the only issue raised in this revenue’s appeal. In accordance with the majority view, therefore, the appeal filed by the Assessing Officer is dismissed.

Assessment Year: 2012-13 Page 2 of 2

In the result, appeal is dismissed. Pronounced in the open court today on the 26th day of 3. April 2022.

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