BAKLIWAL HOLDING PVT LTD,WEST BENGAL vs. PR,CIT (CENTRAL)-3, NEW DELHI

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ITA 389/DEL/2021Status: DisposedITAT Delhi27 June 2023AY 2010-20112 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal noted that relief was granted to the assessee in the giving effect proceedings. Consequently, the appeal was rendered infructuous.

What were the facts?

The assessee filed an appeal against an order passed by the PCIT under section 263. During the proceedings to give effect to the section 263 order, the AO did not make any addition regarding an unsecured loan.

What were the issues?

Whether the appeal is infructuous due to relief granted in subsequent proceedings.

Which sections of the Income-tax Act were involved?

Section 263

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH : A : DELHI

Before: SHRI M. BALAGANESH & SHRI ANUBHAV SHARMA

For Appellant: Shri Subhash Agarwal, CA
For Respondent: Shri Praveen Sidharth, CIT, DR
Hearing: 27.06.2023Pronounced: 27.06.2023

(Appellant) (Respondent) Assessee by : Shri Subhash Agarwal, CA Revenue by : Shri Praveen Sidharth, CIT, DR Date of Hearing : 27.06.2023 Date of Pronouncement : 27.06.2023 ORDER

PER M. BALAGANESH, AM:

1.

This is an appeal preferred against the order under section 263 of the IT Act, 1961 passed by the PCIT on 05.03.2021. The ld. AR made a statement that in the giving effect proceedings to order under section 263 of the Act, the ld. AO had not made any addition in respect of unsecured loan received from M/s Sofed Dealcom Pvt. Ltd. in the sum of Rs.8,50,00,000/-. Since the relief is granted to the assessee in the giving effect proceedings to section 263 order, this appeal becomes infructuous. Accordingly, the grounds raised by the assessee are hereby dismissed as withdrawn.

2.

In the result, the appeal of the assessee is dismissed as withdrawn.

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