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Order u/s.254(1)of the Income-tax Act,1961(Act) अनुसार PER RAJENDRA, AM- लेखा सद"य सद"य राजे"" राजे"" केकेकेके अनुसार लेखा लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging the order dated 20th May 2014 of CIT(A)-40, Mumbai, the Assessing officer (AO) has filed the present appeal. Assessee- company had filed its return of income on 30/09/2010, declaring total income of Rs 46,144/-. The AO completed the assessment, on 30th Jan 2013, under section 143(3) of the Act, determining its income at Rs 40.42 lacs. While completing the assessment,he made disallowance of Rs 39.96 lacs with regard to profit on sale of shares. He issued a notice under section 274 r.w.s 271(1)(c) of the Act for filing inaccurate particulars of income.
2.Vide his order dated 27.08.2013, he levied penalty of Rs 12.34 lacs. Aggrieved by the order of the AO the assessee preferred appeal before the First Appellate Authority (FAA) and made detailed submissions. After considering the available material and relying upon the judgment of Reliance Petro Chemicals Product Limited (322 ITR 158), Sherwani Hospitalities Limited (261 CTR 449), Bacardy Martini India Limited 288 ITR 585), he allowed the appeal of the assessee.
In the meanwhile, the assessee challenged the additions in the quantum appeal. Vide its order dated 30th September 2015, the Tribunal (ITA 4216/Mum/2013) restored back issue of taxability of Long Term Capital gains on listed equity shares to the file of the AO for fresh adjudication. The issue of disallowance of business expenditure of Rs 39.96 lacs was also remanded to the file of the AO.
4.During the course of hearing before us the Departmental Representative (DR) and the Authorised Representative(AR) stated that after the order of the Tribunal dated 30/09/2015, the appeal filed by the AO would not survive, as the quantum appeal has been restored back to the file of the AO. Considering the above, we dismiss the appeal filed by the AO.