CHHATTISGARH JEWELLERS PVT. LTD.,RAIPUR vs. PRINCIPAL COMMISSIONER OF INCOME TAX RAIPUR-1, RAIPUR

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ITA 40/RPR/2022Status: DisposedITAT Raipur19 April 2023AY 2017-18Bench: SHRI RAVISH SOOD (Judicial Member), SHRI ARUN KHODPIA (Accountant Member)4 pages
AI SummaryWithdrawn

What did the Tribunal hold?

The Tribunal permitted the withdrawal of the appeal. Consequently, the appeal filed by the assessee was dismissed as withdrawn.

What were the facts?

The assessee filed an appeal against an order passed by the Pr. CIT. During the hearing, the assessee sought to withdraw the appeal. This was because a subsequent order by the AO accepted the genuineness of unsecured loans previously in dispute.

What were the issues?

The primary issue was the genuineness of unsecured loans. However, the appeal became infructuous as the Assessing Officer later accepted the assessee's claim.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 263,Section 144B

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, RAIPUR BENCH, RAIPUR

Before: SHRI RAVISH SOOD & SHRI ARUN KHODPIA

For Appellant: Shri R.B Doshi, CA
Hearing: 17.04.2023Pronounced: 19.04.2023

आदेश / ORDER

PER RAVISH SOOD, JM:

1.

The present appeal filed by the assessee is directed against the order passed by the Pr. Commissioner of Income Tax, Raipur-1 (for short ‘Pr. CIT’) dated 02.03.2022, which in turn arises from the order passed by the A.O. u/s.143(3) of the Income-tax Act, 1961 (for short ‘Act’) dated 29.12.2019 for A.Y. 2017-18.

2.

At the very outset of hearing of the appeal, it was submitted by the Ld. Authorized Representative (for short ‘AR’) for the assessee that as per instruction he seeks to withdraw the present appeal. Elaborating on the reasons leading to the withdrawal of the present appeal, it was submitted by the Ld. AR that pursuant to the order of the Pr. CIT u/s. 263 of the Act dated 02.03.2022 the A.O had vide his order passed u/s.143(3) r.w.s. 263 r.w.s.144B dated 24.03.2023 accepted the assessee’s claim as regards the genuineness of the unsecured loans that were raised from two parties, viz. (i) M/s. Gangotri Tracon Pvt. Ltd. and (ii) M/s. Pioneer Max Business Pvt. Ltd. In sum and substance, it was the claim of the Ld. AR that as the very genesis of the controversy does no more survive, therefore, the present appeal for the said reason is sought to be withdrawn.

3 Chhattisgarh Jewellers Pvt. Ltd. Vs. Pr. CIT, Raipur-

3.

The respondent-department despite having been intimated about the hearing of the appeal had neither put up an appearance nor moved any application seeking adjournment before us.

4. On a perusal of the record, it transpires that the A.O while giving effect to the order of the Pr. CIT u/s. 263 of the Act vide his order passed u/s.143(3) r.w.s. 263 r.w.s.144B, dated 24.03.2023, had after considering the replies filed by the assessee company in the course of the set-aside proceeding as well as the report of the verification unit accepted its claim of having received genuine unsecured loans from the aforementioned parties, observing as under:

“3.4. Reason for inference drawn that no variation is required on this issue. Reply of the assessee as well as report of Verification Unit is perused and all the documentary evidences as furnished by the assessee have been examined. Considering the facts of the case and submission made by the assessee, no variation is proposed.

4.

Table of variations : Sl Description Amount (in Rs.) No. 1 Income as per Return of income filed 0 2 Income as computed u/s.143(3) of the IT 0 Act 3 Variation in respect of issue 0 4 Total Income/loss proposed as per the above 0 Proposal ”

4 Chhattisgarh Jewellers Pvt. Ltd. Vs. Pr. CIT, Raipur- We, thus, considering the aforesaid factual position permit the withdrawal of the present appeal.

5.

Resultantly, the appeal filed by the assessee is dismissed as withdrawn in terms of our aforesaid observations.

Order pronounced in open court on 19th day of April, 2023.

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