M/S INTEVA PRODUCTS INDIA AUTOMOTIVE PVT. LTD.,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-12(1), BANGALORE

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ITA 2612/BANG/2018Status: DisposedITAT Bangalore22 December 2020AY 2005-062 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 adjustment made in AY 2005-06 would be absorbed by available losses, and even if the appeal was decided in favour of the assessee, the losses would lapse, making the appeal academic.

What were the facts?

The assessee filed an appeal for Assessment Year 2005-06. During the hearing, the assessee submitted that shareholding changed in Assessment Year 2010-11, causing carried forward losses to lapse.

What were the issues?

Whether the appeal for AY 2005-06 has become academic due to subsequent events leading to the lapse of carried forward losses.

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C’’ BENCH: BANGALORE

Before: SHRI N.V. VASUDEVAN & SHRI CHANDRA POOJARI

For Appellant: Shri M.P. Lohia, A.R
For Respondent: Shri Pradeep Kumar, D.R
Hearing: 22.12.2020Pronounced: 22.12.2020

PER CHANDRA POOJARI, ACCOUNTANT MEMBER:

1.

The assessee has filed this appeal challenging the order dated 17.07.2018 passed by Ld CIT(A)-3, Bengaluru and it relates to the assessment year 2005-06. 2. At the time of hearing, Ld. A.R. drew our attention to the letter dated 21.12.2020, wherein he has submitted that the share holding of the assessee was changed during the assessment year 2010-11,

Inteva Products India Automotive Pvt. Ltd., Bangalore Page 2 of 2 accordingly carried forward losses of the assessee are lapsed in the A.Y. 2010-11. The appeal under consideration i.e. for AY 2005-06, would become academic as the adjustment made by the Ld. TPO during AY 2005-06 would be absorbed by the losses available to the assessee. Even if the appeal is decided in favour of the assessee, the losses would get lapsed and hence, the appeal would become academic in nature. Accordingly, prayed that the appeal may be dismissed as withdrawn. Keeping in view of the request made by the assessee, the appeal is hereby dismissed as withdrawn.

3.

In the result, the appeal filed by the assessee is dismissed. Order pronounced in the open court on 22nd Dec, 2020.

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