KEWAL REAL ESTATE DEVELOPERS PRIVATE LTD.,PUNE vs. PR. COMMISSIONER OF INCOME-TAX : 6, PUNE

आदेश आदेश / ORDER आदेश आदेश

PER D. KARUNAKARA RAO, AM :

This appeal is filed by the assessee against the order of Prl. CIT-6, Pune dated 30-03-2017 u/s.263 of the Act for the Assessment Year 2012-13.

2 ITA No.1047/PUN/2017 Kewal Real Estate Developers Pvt. Ltd.,

“Now, the Appellant wishes to inform your Honour s that pursuant to the order passed under section 263 of the Act by the Ld. Pr. CIT-6, Pune, the jurisdictional Assessing officer has concluded the revisionary assessment proceedings and has passed the order under section 143(3) r.w.s 263 of the Act on 22 December 2017. A copy of the order passed by the AO is enclosed herewith at page no. 781 to 783.The AO has passed the order accepting the income assessed in the original assessment proceedings (ie the original order passed under section 143(3) of the Act on 27 March 2015), after perusing the following submission on merits of the case:

a. Submission dated 27 December 2017 wherein completion certificates of Kumar Primavera Project was filed (Refer page no. 784 to 791);

b. Submission dated 20 December 2017 wherein the submission made before the Ld. Pr CIT-6 in response the notice issued under section 263 of the Act was filed (Refer page no. 792 to 793) and same points were reiterated before the AO to buttress the plea that original income assessed may kindly not be disturbed.

In view of the above, the Appellant wishes to submit that as the AO has accepted the income assessed originally during the course of regular assessment proceedings, therefore, the captioned appeal before your Honour’s has become academic and may kindly be disposed of accordingly.”

dt. 22-12-17 passed u/s.143(3) r.w.s.263 of the Act, Ld. AR for the

assessee demonstrated the fact of accepting the income originally

assessed in assessment order dated 27-03-2015 in the said fresh

assessment. On perusal of the said fresh assessment order dated

22-12-2017, we have noticed that no additional income is brought to

tax in this order of the AO after giving effect to the order of Prl.CIT-6

u/s.263 of the Act. For the sake of completeness, relevant operational

Para No.6 is reproduced hereunder :

“6. Subject to the above, the total income of the assessee is re-computed as under :

Income from business or profession Amount Rs. Assessed income as per order u/s.143(3) of the 3,90,63,080/- Income Tax Act, 1961 was passed on 27-03-2015 Total taxable income u/s.143(3) rws 263 of the 3,90,63,080/- order

fact that no additional income is brought to tax u/s.143(3) r.w.s. 263

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of the Act, we are of the view that it is the case where the original order

of the AO is not prejudicial to the interest of the Revenue as

erroneously held by the Prl.CIT in the revision order passed u/s.263 of

the Act. Further, it is a settled legal proposition that when there is no

loss of revenue to the Department, the original assessment order of the

AO cannot be held to be erroneous in so far as it is prejudicial to the

interest of the Revenue. Before us, Ld. AR for the assessee submitted

that assessee seeks to withdraw the appeal as the same constitutes an

academic exercise only. On hearing the Ld. DR for the Revenue, we

find no reason to object the request for dismissal of the appeal as

withdrawn. Accordingly, the appeal of the assessee is dismissed as

“withdrawn”.

Order pronounced in the open court on this 05th day of January, 2018.

Sd/- Sd/- (VIKAS AWASTHY) (D. KARUNAKARA RAO) �याियक �याियक सद�य �याियक �याियक सद�य सद�य /JUDICIAL MEMBER लेखा सद�य लेखा लेखा सद�य लेखा सद�य सद�य / ACCOUNTANT MEMBER सद�य

पुणे Pune; �दनांक Dated : 05th January, 2018. सतीश आदेश क� �ितिलिप अ�ेिषत आदेश क� �ितिलिप अ�ेिषत/Copy of the Order forwarded to : आदेश क� �ितिलिप अ�ेिषत आदेश क� �ितिलिप अ�ेिषत

स�यािपत �ित //True Copy// Senior Private Secretary //True Copy// आयकर अपीलीय अिधकरण ,पुणे / ITAT, Pune