SYNDICATE FASHIONS PRIVATE LIMITED,CHENNAI vs. PCIT-3, CHENNAI

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ITA 186/CHNY/2021Status: DisposedITAT Chennai17 May 2022AY 2015-162 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 tribunal noted that a consequential order passed under Section 143(3) read with Section 263 accepted the returned income. Therefore, the appeal was rendered infructuous.

What were the facts?

The assessee challenged the revisional jurisdiction exercised by the appropriate authority under Section 263. A delay in filing the appeal was condoned by the tribunal.

What were the issues?

The primary issue was the validity of the revisional order under Section 263, which became moot due to a subsequent favorable assessment order.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A” BENCH, CHENNAI

Before: HON’BLE SHRI MAHAVIR SINGH & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Shri. K. Ravi (Advocate) – Ld. AR, Shri. Ajit Kumar (JCIT) –Ld. DR
For Respondent: Shri. Ajit Kumar (JCIT) –Ld. DR

आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member)

1.

In this appeal, the assessee challenges the exercise of revisional jurisdiction u/s 263 by appropriate authority. The registry has noted a delay of 12 days in the appeal, the condonation of which has been sought by Ld. AR. Considering the period of delay, we condone the delay and proceed for adjudication of the same.

2.

The Ld. AR, at the outset, placed on record letter dated 09.05.2022 and submitted that in the consequential order passed u/s 143(3) r.w.s. 263 on 31.03.2022, the returned of income as per original order dated 29.11.2017 has been accepted and therefore, the appeal may be treated as closed. The copy of the assessment order has been placed on record. The Ld. Sr. DR did not raise any material objection to the same.

3.

In view of the foregoing, the appeal stands dismissed as infructuous. Order pronounced on 17th May, 2022.

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