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Income Tax Appellate Tribunal, MUMBAI BENCHES “H”, MUMBAI
Per Amit Shukla, Judicial Member
The aforesaid appeal has been filed by the assessee against impugned order dated 13.10.2014, passed by Ld. CIT(Appeals)-34, Mumbai for the quantum of assessment passed u/s. 143(3) r.w.s. 263 of the I.,T.Act for A.Y. 2005-06.
Before us, the learned counsel submitted that the impugned proceedings is arising out of order u/s. 263 passed by learned CIT-24 in his revisionary jurisdiction. He pointed out that the order of the learned CIT was challenged before the Tribunal in wherein, the Tribunal vide order dated 18.11.2016 has quashed the order of the learned CIT and restored the assessment order allowing quantum of deduction u/s. 80IB.
Before us, the learned DR admitted that the impugned assessment proceedings are arising out of the order u/s. 263 and once such order has been passed then the impugned proceedings have become infructuous.
After considering the aforesaid facts and material on record, we find that the AO in his order passed u/s.143(3) r.w.s. 254 (in pursuance of ITAT’s direction), had allowed the deduction u/s. 80IB.
Thereafter, the learned CIT in his revisionary jurisdiction u/s 263 had cancelled the said assessment order and directed the AO to pass a fresh assessment. This order of the learned CIT now stands cancelled by the Tribunal and whence the order u/s. 263 itself has been quashed then as a consequence all such proceedings initiated in pursuance of such an order have been rendered infructuous.
Accordingly, appeal of the assessee is treated as allowed and the impugned orders are set aside.
In the result, the appeal of the assessee is allowed.
Order pronounced in the open court on this 17th day of January 2017