AVACADO PROPERTIES & TRADING (INDIA) P. LTD.,MUMBAI vs. DY CIT -CC-4(2), MUMBAI

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ITA 464/MUM/2021Status: DisposedITAT Mumbai28 October 2024AY 2013-14Bench: SHRI OM PRAKASH KANT (Accountant Member), SHRI RAHUL CHAUDHARY ( (Judicial Member)1 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?

At the outset, the assessee's counsel submitted that the assessee wished to withdraw the appeal, supported by a written request. The Revenue did not object to this request.

What were the facts?

The assessee filed an appeal against the order dated 29.01.2021 passed by the CIT(A) for assessment year 2013-14. The grounds raised by the assessee pertained to the disallowance of Rs 8,62,96,444 under section 14A of the Act, both for total income and book profits.

What were the issues?

Whether the appeal should be dismissed as withdrawn by the assessee.

Which sections of the Income-tax Act were involved?

Section 14A,Section 153A,Section 143(3),Section 115JB

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCH “A” MUMBAI

Before: SHRI OM PRAKASH KANT & SHRI RAHUL CHAUDHARY

For Appellant: Ms. Disha Jain, Dr. K.R. Subhash, CIT-DR
Hearing: 28/10/2024

This appeal has been filed by the assessee against order dated 29.01.2021 passed by the Ld. Commissioner of Income-tax (Appeals)-52, Mumbai [in short ‘the Ld. CIT(A)’] for assessment year 2013-14, raising following grounds:

Ground No.1:

On the facts and circumstances of the case and in law, the Ld . On the facts and circumstances of the case and in law, the Ld . On the facts and circumstances of the case and in law, the Ld . CIT(A) erred in , by upholding the action of CIT(A) erred in , by upholding the action of the AO, wherein the AO the AO, wherein the AO had mechanically adopted the total income under the normal had mechanically adopted the total income under the normal had mechanically adopted the total income under the normal provisions of the Income provisions of the Income-tax Act, 1961 (Act) while passing the order tax Act, 1961 (Act) while passing the order under Section 153A of the Act as was determined in the order under Section 153A of the Act as was determined in the order under Section 153A of the Act as was determined in the order under section 143(3) of the Act dated 30.03. under section 143(3) of the Act dated 30.03.2016, thereby 2016, thereby disallowing Rs 8,62,96,444 under section 14A of the Act. The disallowing Rs 8,62,96,444 under section 14A of the Act. The disallowing Rs 8,62,96,444 under section 14A of the Act. The appellant humbly prays before your Honor that the said appellant humbly prays before your Honor that the said appellant humbly prays before your Honor that the said disallowance may please be deleted. disallowance may please be deleted. Ground No. 2: On the facts and circumstances of the case and in law, the Ld. On the facts and circumstances of the case and in law, the Ld. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in by upholding the action of the AO, wherein the AO in by upholding the action of the AO, wherein the AO in by upholding the action of the AO, wherein the AO had mechanically adopted the book profits under section 115JB of had mechanically adopted the book profits under section 115JB of had mechanically adopted the book profits under section 115JB of the Act while passing the order under Section 153A of the Act as the Act while passing the order under Section 153A of the Act as the Act while passing the order under Section 153A of the Act as was determined in the order under section 143(3) of the Act dated was determined in the order under section 143(3) of the Act dated was determined in the order under section 143(3) of the Act dated 30.03.2016, thereby disallowing Rs 8,62,96,444 under section 14A 016, thereby disallowing Rs 8,62,96,444 under section 14A 016, thereby disallowing Rs 8,62,96,444 under section 14A of the Act. The appellant humbly prays before your Honor that the of the Act. The appellant humbly prays before your Honor that the of the Act. The appellant humbly prays before your Honor that the said disallowance may please be deleted. said disallowance may please be deleted.

2.

At the outset, the Ld. counsel on behalf of the assessee At the outset, the Ld. counsel on behalf of the assessee At the outset, the Ld. counsel on behalf of the assessee submitted that the assessee wis submitted that the assessee wishes to withdraw the appeal to withdraw the appeal and in regard filed a written request form the assessee regard filed a written request form the assessee. The Revenue did The Revenue did not object for the same. not object for the same. Accordingly, the appeal of the assessee is he appeal of the assessee is dismissed as withdrawn. dismissed as withdrawn.

3.

In the result, the appeal of the assessee is dismissed. In the result, the appeal of the assessee is dismissed. In the result, the appeal of the assessee is dismissed.

Order pronounced in the open Court on nounced in the open Court on 28/10/2024. /10/2024.

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