M/S. NANDI STEELS LTD.,BANGALORE vs. ACIT, BANGALORE

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ITA 546/BANG/2008Status: DisposedITAT Bangalore26 August 2021AY 2003-042 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 the assessee was not pressing the appeal further. Therefore, the appeal was dismissed as not pressed.

What were the facts?

The assessee's appeal was restored to the ITAT by the High Court. The High Court decided issues on merits in favor of the assessee but remanded the matter regarding the validity of reassessment proceedings.

What were the issues?

The primary issue was the validity of reassessment proceedings under Section 147/148 of the Income Tax Act, which was remanded by the High Court. However, the assessee chose not to press the appeal.

Which sections of the Income-tax Act were involved?

Section 147,Section 148

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BANGALORE BENCHES “A”, BANGALORE

Before: Shri George George K, JM & Shri B.R.Baskaran, AM

Hearing: 26.08.2021Pronounced: 26.08.2021

O R D E R

Per George George K, JM

1.

This appeal was restored to the I.T.A.T. by the Hon’ble High Court in (judgment dated 23.02.2021). Before the Hon’ble High Court, there were four substantial questions of law for adjudication. The question of law 1 and 2 was regarding the issue on merits whereas the questions of law 3 and 4 were regarding validity of proceedings u/s 148 of the I.T.Act. The Hon’ble High Court in the above judgment, decided the issues raised on merits (ground No.1 and 2) in favour of the assessee. As regards the issue on jurisdiction for completing reassessment u/s 147 of the I.T.Act, the Hon’ble High Court restored the matter to the Tribunal (ground No.3 and 4).

2.

When the matter had came up for hearing today, the learned AR submitted that the assessee is not pressing Initial Date 1. Draft dictated on 26.08.2021 Sr.PS 2. Draft placed before author 26.08.2021 Sr.PS 3. Draft proposed & placed before JM/AM the second member 4. Draft discussed/approved by JM/AM Second Member.

5.

Approved Draft comes to the Sr.PS/PS Sr.PS/PS 6. Kept for pronouncement on Sr.PS 7. Date of uploading the order on website 8. If not uploaded, furnish the reason 8. File sent to the Bench Clerk Sr.PS 9. Date on which file goes to the AR 10. Date on which file goes to the Head Clerk.

11.

Date of dispatch of Order.

12.

Draft dictation sheets are Sr.PS attached

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