ITO, WARD-6(1), PUNE vs. M/S. SHRINIWAS ENGINEERING AUTO COMPONENTS PRIVATE LIMITED, PUNE

PDF · subscribers
ITA 1940/PUN/2019Status: DisposedITAT Pune12 July 2021AY 2013-143 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the order passed by the PCIT under Section 263 was previously quashed by the Tribunal in the assessee's own case. Therefore, the present appeal by the Revenue, which stems from the PCIT's order, also stands dismissed.

What were the facts?

The assessee filed returns for AY 2013-14, and the assessment was finalized. Subsequently, the PCIT invoked Section 263, directing the AO to re-examine certain receipts and share capital. The AO's revised assessment was challenged by the assessee before the CIT(A), who allowed the assessee's appeal.

What were the issues?

The primary issue was the maintainability of the Revenue's appeal, given that the underlying PCIT order had already been quashed by the Tribunal.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 68,Section 56(2)(viib)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “B” BENCH, PUNE

Before: SHRI INTURI RAMA RAO, AM & SHRI PARTHA SARATHI CHAUDHURY, JM

For Appellant: Shri Hari Krishan

This appeal preferred by the Revenue emanates from the order of the Ld. CIT(A)-4, Pune, dated 17.09.2019.

2.

Brief facts of the case are that the assessee filed return of income for A.Y. 2013-14 on 30.09.2013 declaring total income of Rs.9,59,99,520/- and a revised return on 29.11.2014 declaring income of Rs.7,24,92,650/-. The original assessment u/s 143(3) of the Income-tax Act, 1961 (hereinafter referred to as „the Act‟) was finalized on 23.03.2016 assessing the total income at Rs.10,76,64,484/-. Subsequently, the Pr. Commissioner of Income Tax – 3, Pune (hereinafter referred to as „PCIT‟) passed an order u/s 263 of the Act dated 30.03.2018 wherein the AO was directed to examine (a) the receipts under the head „Package Scheme Incentive Accrued‟ in the light of facts and findings in the case of Sahney Steel & Press Works Ltd. and (b) genuineness of share capital amount and share premium including applicability of section 68 and section 56(2)(viib)/Rule 11UA. The AO passed the order u/s 143(3) r.w.s. 263 of the Act on 26.12.2018 assessing the income at Rs.30.47,04,860/-. The assessee challenged the same before the ld. CIT(A). The ld. CIT(A) allowed the appeal of assessee, against which the Revenue is in appeal before us.

3.

At the very outset, Ld. Counsel for the assessee submitted that the order passed by the PCIT u/s 263 of the Act is not maintainable as the same has been quashed by the Pune Bench of Tribunal. The ld. DR fairly admitted the proposition raised by ld. AR.

4.

After considering the rival submissions and material on record, it is observed that the Pune Bench of Tribunal in assessee‟s own case in relating to A.Y. 2013-14 vide order date 28.02.2019 has quashed the order passed by PCIT u/s 263 of the Act on 30.03.2018 as null and void. In view of the order passed by PCIT has already been dismissed by the Tribunal, the present appeal also stands dismissed. Thus, the grounds raised by Revenue are dismissed.

5.

In the result, the appeal of Revenue is dismissed.

Order pronounced in the open court on 12th July, 2021.

Sd/- Sd/- (PARTHA SARATHI CHAUDHURY) (INTURI RAMA RAO) ACCOUNTANT MEMBER JUDICIAL MEMBER ऩुणे / Pune; ददनधांक / Dated : 12th July, 2021 GCVSR आदेश की प्रतिलऱपप अग्रेपिि / Copy of the Order forwarded to : अऩीऱधथी / The Appellant. 1. प्रत्यथी / The Respondent 2. 3. The CIT (Appeals)-4, Pune. 4. The Pr. CIT-3, Pune. 5. DR, ITAT, “B” Bench, Pune. गधर्ा फ़धइऱ / Guard File. 6. //सत्यधपऩत प्रनत// True Copy// आदेशधनुसधर / BY ORDER,

वररष्ठ ननजी सचिव / Sr. Private Secretary आयकर अऩीऱीय अचधकरण, ऩुणे / ITAT, Pune

More judgments on Section 263

All 13,616 judgments and leading authorities on Section 263 →

Recent GST High Court judgments

Search GST case law →