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Income Tax Appellate Tribunal, ‘B‘ BENCH
Before: SHRI M.BALAGANESH, AM & SHRI RAVISH SOOD, JM
आदेश / O R D E R PER M. BALAGANESH (A.M):
This appeal in A.Y.2011-12 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-4, Mumbai in appeal No.CIT(A)-4/Tf-223/DCIT-2(1)(1)/2016-17 dated 04/06/2019 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) r.w.s. 263 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 30/12/2016 by the ld. Dy. Commissioner of Income Tax, Circle 2(1)(1), Mumbai (hereinafter referred to as ld. AO).
The only ground raised by the Revenue is that the ld. CIT(A) erred in holding that assessment order passed by the ld. AO u/s.143(3) r.w.s. 263 of the Act is infructuous in the facts and circumstances of the case.
We have heard rival submissions and perused the materials available on record. We find that assessee is a stock exchange and filed its return of income for the A.Y.2011-12 on 29/09/2011 declaring total income of Rs.161,30,38,755/- under normal provisions of the Act and book profit of Rs.196,10,30,550/- u/s.115 JB of the Act. Subsequently, assessee filed its revised return of income on 26/03/2013 declaring total income of Rs.156,61,38,798/- under normal provisions of the Act and Rs.191,41,30,593/- u/s.115JB of the Act. The assessment was completed u/s.143(3) of the Act dated 15/03/2014 determining total income at Rs.162,69,25,590/- under normal provisions of the Act and Rs.200,55,71,463/- u/s.115JB of the Act. This assessment completed on 15/03/2014 was sought to be revised by the Principal Commissioner of Income Tax (PCIT) u/s.263 of the Act on 21/03/2016 with certain directions. Against the order of ld. PCIT u/s.263 of the Act, the assessee preferred an appeal before this Tribunal and this Tribunal vide its order dated 03/04/2018 had quashed the revision proceedings.
3.1. The present proceeding is the order giving effect to the said revision proceedings of the ld. PCIT. We find that the ld. CIT(A) had treated the existing order passed by the ld. AO u/s. 143(3) r.w.s. 263 of the Act on 30/12/2016 as infructuous in view of the fact that the section 263 order passed by the ld. PCIT was quashed by this Tribunal in dated 03/04/2018. Since the primary order i.e. the 263 order of the ld. PCIT has been quashed by this Tribunal, the subsequent proceedings giving effect to the said primary order would have no legs to stand, which has been rightly treated as infructuous by the ld. CIT(A). Hence, we do not find any infirmity in the order of the ld. CIT(A). Accordingly, the ground raised by the Revenue is dismissed.
In the result, appeal of the Revenue is dismissed.
Order pronounced on 24/03/2021 by way of proper mentioning in the notice board.