HIM TEKNOFORGE LTD.,BADDI vs. INCOME TAX OFFICER, , PARWANOO

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ITA 6/CHANDI/2024Status: DisposedITAT Chandigarh09 January 2025AY 2017-18Bench: SHRI. VIKRAM SINGH YADAV, AM आयकर अपील सं. / ITA No. 06/CHD/2024 निर्धारण वर्ष / Assessment Year : 2017-18 Him Teknoforge Ltd. बनाम The ITO Billanwali, Baddi, Solan Parwanoo (H.P) Himachal Pradesh-173205 स्थायी लेखा सं./PAN NO:AAACG8584G अपीलार्थी/Appellant प्रत्यर्थी/Respondent निर्धारिती की ओर से/Assessee by : Shri Vineet Krishan, Advocate राजस्व की ओर से/ Revenue by : Shri Vivek Vardhan, Addl. CIT सुनवाई की तारीख/Date of Hearing : 07/01/2025 उदघोषणा की तारीख/Date of Pronouncement : 09/011 pages

AI SummaryDismissed

Facts

The assessee filed an appeal against the order of CIT(A)/NFAC for AY 2017-18. During the hearing, the assessee submitted an application for withdrawal of the appeal as it had become infructuous due to subsequent developments, including acceptance of nil income by the IT Officer.

Held

The Tribunal heard both parties and considered the withdrawal application. The appeal was dismissed as withdrawn.

Key Issues

The primary issue was the withdrawal of the appeal by the assessee, rendering further adjudication unnecessary.

Sections Cited

250, 143(1), 115JB

AI-generated summary — verify with the full judgment below

िनधा"रती क" ओर से/Assessee by : Shri Vineet Krishan, Advocate राज"व क" ओर से/ Revenue by : Shri Vivek Vardhan, Addl. CIT सुनवाई क" तारीख/Date of Hearing : 07/01/2025 उदघोषणा क" तारीख/Date of Pronouncement : 09/01/2025 आदेश/Order

PER VIKRAM SINGH YADAV, AM

This is an appeal filed by the Assessee against the order of the Ld. CIT(A)/NFAC Delhi dt. 10/11/2023 pertaining to Assessment Year 2017-18.

During the course of hearing, the Ld. Counsel for the Assessee submitted an application for withdrawal of appeal, contents of which read as under:

The appellant is a Public Limited Company registered under the Companies Act, 1956 and also listed with Bombay Stock Exchange having its Registered Office at Baddi (Himachal Pardesh). The Assesee is engaged in the business of manufacturing Automotive components for Tractors, Agricultural Implements. Commercial Vehicles. Defence and other Non-Automotive Components. It has its manufacturing Units at Baddi (Himachal Pradesh) and at Pitampur, District Dhar (Madhya Pradesh) and Badodra (Gujarat). It is submitted that originally two returns were filed for the AY 2017-18. One in respect of Him Teknoforge Ltd. (PAN: AAACH3906R) and second in respect of M/s Gujrat Automative Gears Ltd. (PAN:AAACG8584G). As per the Order dated 9.01.2018 of Hon'ble National Company Tribunal, Chandigarh Bench approving the Scheme of Amalgamation (Scheme), Company named as M/s Him Teknoforge Limited having PAN-AAACH3906R is merged with Company M/s Gujarat Automotive Gears Limited having PAN AAACG8484G w.e.f. 1.04.2016. As per the Scheme, the name of the merged entity- Appellant Company is Him Teknoforge Limited with PANAAACG8584G. Accordingly, revised return clubbing Income, Expenditure, Assets and Liabilities of the both the Companies, was filed under the name and style of M/s. Him Teknoforge Limited having having PAN: AAACG8584G on 01.12.2018 showing an income of Rs. NIL. It is submitted that the Ld. Assessing Officer while computing the income did not take into consideration of clubbed return of income and has made addition of Rs. 19,65,068/- which was received from the employees towards ESI/PF on the ground that the same was not deposited before the due date of ESI/PF Act. Another addition of Rs. 4,18,800/- was made on account of dividend income. When the appeal was filed in respect of said additions, the decision of Hon'ble Supreme Court was in favour of the appellant. However, later on Hon'ble Supreme Court reversed the order which the appellant accepts. While computing the income as per CIT(A) order, unabsorved depreciation as on 01.04.2016 was at Rs 7,42,70,568/-. It is further submitted that Ld. Income Tax Officer, Parwanoo as per order under section 250 r.w.s. 143(1) dated 31.07.2024 has given the appeal effect to the order of the CIT(Appeals), NFAC, passed vide Appeal No. NFAC/2016-17/10018673 dated 10.11.2023 and nil income of the appellant was accepted and even otherwise the income of the assesse is assessed under section 115JB is Rs. 10,17,93,995/-. Now, we have no grievance as per the order of the Ld. Income Tax Officer, Parwanoo. The copy of order dated 31.07.2024, under Section 250 r.w.s. 143(1) passed by Income Tax Officer, Parwanoo is enclosed herewith for your ready reference. In view of the above submissions, it is humbly prayed that appeal filed by the appellant may kindly be treated as withdrawn as the appeal has become infructous.