REYNOLD TRADERS P.LTD,MUMBAI vs. ASST CIT 8(1)(1), MUMBAI

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ITA 7558/MUM/2016Status: DisposedITAT Mumbai08 November 2017AY 2012-133 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's application for withdrawal of the appeal. Consequently, the appeal filed by the assessee was dismissed as withdrawn.

What were the facts?

The assessee filed an appeal against the CIT(A)'s order which upheld the AO's disallowance under Section 14A. The assessee later sought to withdraw the appeal as the AO had rectified the assessment order and the company had paid the outstanding tax.

What were the issues?

The primary issue was the disallowance of expenses under Section 14A. However, the appeal was withdrawn before adjudication on merits.

Which sections of the Income-tax Act were involved?

Section 14A,Section 143(3),Section 154

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, MUMBAI BENCHES “H”, MUMBAI

Before: SHRI R.C. SHARMA (AM) & SHRI RAM LAL NEGI (JM)

For Respondent: Shri M.C. Omi Ningshen (DR)
Hearing: 08/11/2017Pronounced: 08/11/2017

O R D E R

PER RAM LAL NEGI, JM

1.

This appeal has been filed by the assessee against order dated 19/10/2016 passed by the Ld. Commissioner of Income Tax (Appeals)-14, Mumbai, for the assessment year 2012-13, whereby the Ld. CIT (A) has dismissed the appeal filed by the assessee against assessment order passed u/s 143(3) of the Income Tax Act, 1961 (for short ‘the Act’).

2.

The assessee has preferred this appeal before the Tribunal by raising the following effective grounds:-

1. “On the facts and circumstance of the case and in the Law, the Learned Commissioner of Income Tax (Appeals) (hereinafter “the Ld. CIT (A) erred in upholding the action of the Learned Assessing Officer (hereinafter “the AO”) of rejecting the method ofcomputation of disallowance u/s 14A of the Income-tax Act, 1961 (hereinafter “the Act”) adopted by the Appellant, without 2 Assessment Year: 2012-13 recording his dissatisfaction as required under section 14A (2) of the Act.

2. On the facts and circumstance of the case and in law, the Ld. CIT (A) erred in upholding the action of the Learned Assessing Officer (hereinafter “the LAO”) of re-computing the disallowance u/s 14A at Rs. 2,53,955 as against Rs. 1,92,344 computed by the Appellant by not considering the contention of the Appellant that the expenses for disallowance under section 14A be apportioned on the basis of taxable income to non-taxable income.”

3.

This appeal was fixed for hearing for today. Shri A.Y. Joshi, Director, Reynold Trader Pvt. Ltd. had submitted the application dated 06.11.2017 for permission to withdraw the appeal on the ground that the AO has rectified the assessment order passed u/s 143 (3) of the Act vide order dated 23/10/2015 passed u/s 154 of the Act and the company has paid the total outstanding tax amounting to Rs. 23,110/- on 31/08/2017.

4.

The Ld. Departmental Representative submitted that the department has no objection in case the application for withdrawal of the appeal is allowed. In view of the written submissions made by Shri A.Y. Joshi, we allow the application and dismiss the appeal as withdrawn.

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