PRASAM TRADING AND FINANCE P.LTD, MUMBAI v. DCIT 8(2), MUMBAI

ITA 1340/MUM/2013 | 2009-2010
Pronouncement Date: 12-11-2014 | Result: Dismissed

Appeal Details

RSA Number 134019914 RSA 2013
Assessee PAN AAACP2326B
Bench Mumbai
Appeal Number ITA 1340/MUM/2013
Duration Of Justice 1 year(s) 8 month(s) 24 day(s)
Appellant PRASAM TRADING AND FINANCE P.LTD, MUMBAI
Respondent DCIT 8(2), MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 12-11-2014
Appeal Filed By Assessee
Order Result Dismissed
Bench Allotted C
Tribunal Order Date 12-11-2014
Date Of Final Hearing 12-11-2014
Next Hearing Date 12-11-2014
Assessment Year 2009-2010
Appeal Filed On 18-02-2013
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH MUM BAI BEFORE SHRI SANJAY ARORA AM AND SHRI AMIT SHUKLA JM ./ I.T.A. NOS. 1339 & 1340/MUM/2013 ( / ASSESSMENT YEARS: 2008-09 & 2009-10) PRASAM TRADING AND FINANCE PVT. LTD. 103 SPAN LAND MARK BUILDING ANDHERI KURLA ROAD CHAKALA ANDHERI (E) MUMBAI-400 093 / VS. DY. CIT-8(2) ROOM NO. 209 AAYAKAR BHAVAN MUMBAI-400 020 ! ./' ./PAN/GIR NO. AAACP 2326 B ( !# /APPELLANT ) : ( $%!# / RESPONDENT ) !# & ' / APPELLANT BY : SHRI ABHISHEK TILAK $%!# & ' / RESPONDENT BY : SHRI V. K. BORA () * & + / DATE OF HEARING : 12.11.2014 -. & + / DATE OF PRONOUNCEMENT : 12.11.2014 / O R D E R PER BENCH: THESE ARE TWO APPEALS BY THE ASSESSEE I.E. FOR TW O CONSECUTIVE YEARS BEING ASSESSMENT YEARS (A.YS.) 2008-09 AND 2009-10 CHALL ENGING THE SEPARATE ORDERS BY THE COMMISSIONER OF INCOME TAX (APPEALS)-17 MUMBAI (C IT(A) FOR SHORT) DISMISSING THE ASSESSEES APPEALS CONTESTING ITS ASSESSMENTS U/S. 143(3) OF THE INCOME TAX ACT 1961 (THE ACT HEREINAFTER) FOR THE RELEVANT YEARS. 2. THE ASSESSEE HAS NOW I.E. VIDE ITS LETTER DATE D 10.11.2014 (COPY ON RECORD) SOUGHT LEAVE OF THE TRIBUNAL TO WITHDRAW ITS APPEA LS. IT IS SUBMITTED THAT THE ASSESSEE HAD BROUGHT FORWARD LOSSES. EVEN AFTER THE IMPUGNED DIS ALLOWANCES THE LOSSES CONTINUE AND IN FACT STAND LAPSED POST AN AMALGAMATION VIDE A S CHEME DATED 10.10.2014. ACCORDINGLY THE APPEALS MAY BE PERMITTED TO BE WITHDRAWN. THE L D. DEPARTMENTAL REPRESENTATIVE 2 ITA NOS.1339 & 1340/M/13 (A.YS.08-09 & 09-10) PRASAM TRADING AND FINANCE PVT. LTD. VS. DY. CIT (DR) ON BEING QUERIED BY THE BENCH IN THE MATTER WOULD SUBMIT THAT THE REVENUE HAD NO OBJECTION TO THE SAID WITHDRAWAL. 3. WE HAVE HEARD THE PARTIES AND PERUSED THE MATER IAL ON RECORD. WE FIND THAT THE DISALLOWANCES BEING IMPUGNED BY THE ASSESSEE ARE U/ S.14A R/W R.8D OF THE ACT. NO QUESTION OF LAW OR ANY MATTER HAVING A BEARING ON I TS ASSESSMENTS FOR OTHER YEARS AS IT WOULD APPEAR TO US ARISES IN THE SAID APPEALS. THE ASSESSEE HAS ALSO CLARIFIED THE REASON FOR SEEKING THE WITHDRAWAL I.E. NON-CONSEQUENTIAL ITY IN VIEW OF THE BROUGHT FORWARD LOSS HAVING LAPSED. WE FIND THE ASSESSEE TO HAVE BEEN AS SESSED AT A LOSS FOR BOTH THE YEARS UNDER REFERENCE SO THAT THE ASSESSEES CLAIM APPEA RS TO BE CORRECT. THE REVENUE HAS ALSO NOT OBJECTED TO THE WITHDRAWAL. UNDER THE CIRCUMSTA NCES WE HAVE NO HESITATION IN ACCEPTING THE ASSESSEES APPLICATION PERMITTING TH E WITHDRAWAL OF ITS APPEALS BY THE ASSESSEE. WE DECIDE ACCORDINGLY. 4. IN THE RESULT THE APPEALS ARE DISMISSED AS WITH DRAWN. ORDER PRONOUNCED IN THE OPEN COURT ON NOVEMBER 12 2014 SD/- SD/- (AMIT SHUKLA) (SANJAY ARORA) / JUDICIAL MEMBER / ACCOUNTANT MEMBER /* MUMBAI; 0( DATED : 12.11.2014 ).(../ ROSHANI SR. PS !' # $%&' (!'% / COPY OF THE ORDER FORWARDED TO : 1. !# / THE APPELLANT 2. $%!# / THE RESPONDENT 3. ( ) / THE CIT(A) 4. / CIT - CONCERNED 5. 3)4 5 $(67 + 67. /* / DR ITAT MUMBAI 6. 5 9: ; * / GUARD FILE !' / BY ORDER )/* + (DY./ASSTT. REGISTRAR) /* / ITAT MUMBAI