ACIT(CENTRAL CIRCLE)-6(4), MUMBAI, MUMBAI vs. KEN FINANCIAL SERVICES LIMITED, MUMBAI

The Revenue has raised following grounds:-

Ken Financial Services Limited “1. Whether, on the facts and in the circumstances of the case and in law, the Ld. CIT(A) is justified in relying upon the decision of the Hon'ble ITAT vide order No. dated 31.05.2023 which has been challenged before the Hon'ble Bombay High court by the revenue as the Hon'ble ITAT has not considered the information which was received from the DDIT(Inv.), Unit-4, Mumbai that the assessee had repaid the loans taken from various concerns operated by Shri Vipul Vidur Bhatt, who was an entry operator and was controlling and managing various bogus-entities/companies?”

Here in this case, re-assessment order u/s.143(3) r.w.s. 263 was earlier completed on 29/12/2017. Thereafter, such an order was set aside under the revisionary jurisdiction by ld. PCIT u/s.263 vide order dated 30/03/2021. The said order of the ld. PCIT passed u/s.263 was challenged before the Tribunal and the Tribunal had quashed the order u/s.263 vide order dated 31/05/2023. Once the order u/s.263 has been quashed, then consequent assessment order passed u/s.147 r.w.s.263 had become infructuous. This precisely had held by the ld. PCIT. Accordingly, appeal of the Revenue is dismissed.

In the result, appeal of the Revenue is dismissed.