M/S. CHANDAN IMPEX,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE - 2, PUNE

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ITA 2305/PUN/2017Status: DisposedITAT Pune06 September 2022AY 2011-123 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 allowed the assessee to withdraw the appeal with liberty to pursue the rectification petition before the CIT(A). The assessee can challenge the consequential rectification order afresh if advised.

What were the facts?

The assessee's appeal for AY 2011-12 challenged an addition of Rs. 1,13,56,400/- made by the lower authorities under Section 68 involving unsecured loans. The assessee had also filed a rectification petition before the CIT(A) due to alleged factual and legal mistakes.

What were the issues?

The primary issue was the correctness of the addition made under Section 68. A secondary issue arose from the assessee's claim of factual and legal mistakes in the lower appellate proceedings, leading to a rectification petition.

Which sections of the Income-tax Act were involved?

Section 68,Section 143(3),Section 147

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “A”

Before: SHRI S.S.GODARA & SHRI INTURI RAMA RAO

For Appellant: Shri V L Jain – AR
For Respondent: Shri Ramnath P Murkunde – DR
Hearing: 05/09/2022Pronounced: 06/09/2022

ORDER

Per S.S.Godara, JM:

1.

This assessee’s appeal for Assessment Year 2011-12 is directed against the Commissioner of Income Tax(Appeals)-4, Pune’s order dated 19.05.2017 passed in case no.PN/CIT(A)- 4/DCIT, Circle-2, Pune/683/2013-14/339, in proceedings u/s.143(3) r.w.s 147 of the Income Tax Act, 1961 [in short “the Act”].

Heard both the parties. Case file perused.

2.

After having vehemently argued the assessee’s main as well as additional substantive grounds challenging correctness of both the lower authorities action making section 68 addition of Rs.1,13,56,400/- involving unsecured loans on both legality as well as merits, Mr.Jain invited our attention to its detailed rectification A.Y. 2011-12 (A) Chandan Impex petition filed before the ld.CIT(A)’s dated 21.09.2017 followed by reminder dated 03.09.2018(pages 57 – 62 in paper book) that there are glaring factual and legal mistakes in the lower appellate discussion. And that the same is yet to be adjudicated upon.

3.

The Revenue strongly supported the impugned addition made in both the lower proceedings.

4.

We have given our thoughtful consideration to the foregoing rival pleadings and find merit in learned counsel’s prayer seeking to withdraw the assessee’s appeal with liberty to pursue the above- stated rectification petition before the CIT(A). It is further made clear that it shall be very much open for the assessee to challenge the CIT(A) consequential rectification order afresh as per law; if so advised. Ordered accordingly.

5.

This assessee’s appeal is dismissed as withdrawn in above terms.

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