RAJAKUMARI SHOPPING MALL LLP. ,ATTINGAL vs. PRINCIPAL COMMISSIONER OF INCOME TAX, TRIVANDRUM

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ITA 470/COCH/2022Status: DisposedITAT Cochin16 May 2023AY 2016-2017Bench: Shri Sanjay Arora (Accountant Member), Shri Aby T.Varkey (Judicial Member)2 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal accepted the assessee's plea for withdrawal of the appeal, considering it inconsequential due to subsequent developments. The stay petition was also rendered infructuous.

What were the facts?

The assessee filed an appeal against a revision order under section 263 of the Income Tax Act. The assessee later sought to withdraw the appeal, explaining that subsequent assessments under section 153A following a search under section 132(1) would subsume the current assessment.

What were the issues?

Whether the appeal should be withdrawn due to subsequent assessments superseding the original assessment. The impact of a search and seizure on pending appeals.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 153A,Section 132(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN

Before: Shri Sanjay Arora & Shri Aby T.Varkey

For Appellant: Shri Anil D. Nair, Adv
For Respondent: Shri Prasanth V.K. CIT-DR
Hearing: 16.05.2023Pronounced: 16.05.2023

Heard together (2 matters)

ITA No. 470/Coch/2022
SA 13/Coch/2022

Read from the judgment's own cause title. This page is filed under one of them.

O R D E R Per: Sanjay Arora, AM This is an Appeal by the Assessee agitating the revision under section 263 of Income Tax Act, 1961 (‘the Act’hereinafter) of it’s assessment under section 143(3) of the Act dated 31.12.2018 for assessment year (AY) 2016-17 vide order dated 29.3.2021.

2.1 At the outset, it was submitted by Shri Nair, the learned counsel for the assessee, that the assessee wishes not to press it’s instant appeal and, accordingly prays for permission to withdraw the same, toward which he shallmake an endorsement on the appeal file itself. As explained by him, the assessee had since been subject to search u/s. 132(1) of the Act, leading to assessments u/s. 153A of the Act for back years as well, and which would subsume the instant assessment. 1 (AY: 2016-17) Rajakumari Shopping Mall LLP v. Asst. CIT 2.2 The ld. CIT-DR, on being asked, did not raise any objection to the same.

3.

In view of the given facts and circumstances, we have no hesitation in accepting the assessee’s plea for withdrawal of it’s appeal; the same being rendered inconsequential in view of the subsequent developments. We order accordingly. The assessee’s stay petition is rendered infructuous in consequence.

4.

In the result, the appeal by the assessee is dismissed as withdrawn. Order pronounced in open court on May 16, 2023

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