HINDOOSTAN MILLS LTD.,MUMBAI vs. PRINCIPAL COMMISSIONER OF INCOME TAX-2, MUMBAI

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ITA 3122/MUM/2016Status: DisposedITAT Mumbai08 March 2017AY 2011-123 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 Assessing Officer accepted the assessee's contentions and determined the loss to be carried forward, making the appeal against the Section 263 order infructuous. The assessee sought to withdraw the appeal.

What were the facts?

The assessee filed an appeal against an order passed under Section 263 of the IT Act. Subsequently, the Assessing Officer, in giving effect to the Commissioner's order, accepted the assessee's contentions and determined the loss to be carried forward.

What were the issues?

Whether the appeal filed against the Section 263 order has become infructuous due to subsequent actions by the Assessing Officer. The assessee's request to withdraw the appeal.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 72A

AI-generated summary — verify with the full judgment below

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

For Appellant: Ms. Neha Paranjpe
Hearing: 08/03/2017Pronounced: 08/03/2017

आदेश / O R D E R

PER C.N.PRASAD (J.M.) : This appeal is filed by the Assessee against the order of the Principal Commissioner of Income Tax-2, Mumbai dated 21.03.2016 passed u/s 263 of the IT Act for the assessment year 2011-12.

2 M/s Hindoostan Mills Ltd. (formerly Sirdar Carbonic Gas Co. Ltd.

2.

At the outset, the Counsel for the Assessee submits that in the assessment order passed u/s 143(3) r.w.s. 263 of the Act on 27.12.2016 giving effect to the Ld. Commissioner’s order u/s 263, the Assessing Officer on verifying the facts and making enquiries accepted the contentions of the Assessee and determined the loss at Rs.88,07,62,670/-to be carried forward u/s 72A of the Act which is the same figure as it was determined in the assessment order dated 14.03.2014 originally passed u/s 143(3) of the Act. Therefore, the counsel submits that the appeal filed by the Assessee against the order passed u/s 263 becomes infructuous and therefore submits that the Assessee wants to withdraw the present appeal to which the Ld. DR has no objection. Considering the submissions of the Assessee in the letter dated 08.03.2017 furnished before us by the counsel, the appeal of the Assessee is dismissed as withdrawn.

Order pronounced in the open court on the 8th day of March 2017.

1.

Sd/- Sd/- RAMIT KOCHAR C.N.PRASAD लेखा सदस्य / न्याधयक सदस्य / ACCOUNTANT MEMBER JUDICIAL MEMBER मुंबई / Mumbai; दिनाुंक / Dated 08/03/2017 LR, SPS

3 M/s Hindoostan Mills Ltd. (formerly Sirdar Carbonic Gas Co. Ltd.

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