MONEY MISHRA FINANCIAL SERVICES,NOIDA vs. PR. CIT, NOIDA

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ITA 1136/DEL/2022Status: HeardITAT Delhi31 July 2023AY 2017-184 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 Tribunal considered the application filed by the assessee seeking withdrawal of the appeal. The assessee's application stated that a subsequent assessment order had been passed by the NFAC on 27.03.2023 under Section 143(3) read with Section 263 and 144B of the Act. Furthermore, an appeal against this new assessment order had been filed before the CIT(Appeals) on 24.05.2023 and was pending. In light of these developments, the assessee requested to withdraw the present appeal filed before the ITAT. The Tribunal, after considering the application, allowed the withdrawal. The operative direction was to dismiss the appeal as withdrawn. No specific issue was left undecided; the entire appeal was disposed of based on the withdrawal request.

What were the facts?

The assessee, Money Mishra Financial Services, filed an appeal before the Income Tax Appellate Tribunal (ITAT) challenging an order dated 16.03.2022 passed by the Principal Commissioner of Income Tax (Pr. CIT), Noida, under Section 263 of the Income Tax Act, 1961. The assessment year in question is 2017-18. During the pendency of this appeal, a fresh assessment order was passed by the National Faceless Assessment Centre (NFAC) on 27.03.2023 under Section 143(3) read with Sections 263 and 144B of the Act. The assessee has subsequently filed an appeal against this new assessment order before the Commissioner of Income Tax (Appeals) on 24.05.2023, which is currently pending. Consequently, the assessee filed an application before the ITAT seeking to withdraw the present appeal.

What were the issues?

1. Whether the assessee is entitled to withdraw the appeal filed against the order of the Pr. CIT dated 16.03.2022 under Section 263 of the Income Tax Act, 1961, in light of a subsequent assessment order passed by the NFAC and a pending appeal before the CIT(Appeals) against that subsequent order. Assessee's Contention: The assessee, through its authorized representatives, requested to withdraw the appeal. The reasoning provided was that a new assessment order had been passed by the NFAC on 27.03.2023 under Section 143(3) read with Section 263 and 144B of the Act. An appeal against this subsequent order has already been filed before the CIT(Appeals) on 24.05.2023 and is pending. Therefore, the assessee sought permission to withdraw the present appeal before the ITAT. Revenue's Contention: The judgment does not record any specific arguments or contentions from the revenue's side regarding the withdrawal application.

Which sections of the Income-tax Act were involved?

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

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH ‘E’, NEW DELHI

Before: SH. N. K. BILLAIYA & MS. ASTHA CHANDRA

Hearing: 31/07/2023Pronounced: 31/07/2023

ORDER PER N. K. BILLAIYA, AM:

This appeal by the assessee is preferred against the order dated 16.03.2022 by the Pr. CIT, Noida framed u/s. 263 of the Act. 2. The assessee moved the following application :-

3.

In the light of the above the appeal of the assessee is dismissed as withdrawn.

4.

Decision announced in the open court on 31.07.2023.

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