ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), MUMBAI v. M/S. BSE LTD, MUMBAI

ITA 5654/MUM/2019 | 2011-2012
Pronouncement Date: 24-03-2021 | Result: Dismissed

Appeal Details

RSA Number 565419914 RSA 2019
Assessee PAN AACCB6672L
Bench Mumbai
Appeal Number ITA 5654/MUM/2019
Duration Of Justice 1 year(s) 6 month(s) 24 day(s)
Appellant ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), MUMBAI
Respondent M/S. BSE LTD, MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 24-03-2021
Appeal Filed By Department
Order Result Dismissed
Bench Allotted B
Tribunal Order Date 24-03-2021
Last Hearing Date 01-03-2021
First Hearing Date 01-03-2021
Assessment Year 2011-2012
Appeal Filed On 30-08-2019
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH MUMBAI BEFORE : SHRI M.BALAGANESH AM & SHRI RAVISH SOOD JM ITA NO. 5654 /MUM/ 20 19 ( ASSESSMENT YEAR : 2011 - 1 2 ) ACIT CIRCLE - 2(1)(1) ROOM NO.561 5 TH FLOOR AAYAKAR BHAVAN M.K.ROAD MUM BAI 400 020 VS. M/S. BSE LIMITED 25 TH FLOOR PHIROZE JEEJEEBOY TOWERS DALAL STREET FORT MUMBAI 400 001 PAN/GIR NO. AACCB6672L (APPELLANT ) .. (RESPONDENT ) REVENUE BY THARIAN OOMMEN ASSESSEE BY SHRI JAY SHAH DATE OF HEARING 01 / 03 /202 1 DATE OF PRONOUNCEMENT 24 / 03 /202 1 / O R D E R PER M. BALAGANESH (A.M) : THIS APPEAL IN ITA NO. 5654/MUM/2019 FOR A.Y. 2011 - 12 ARISES OUT OF THE ORDER BY THE LD. COMMISSIONER OF INCOME TAX (APPEALS) - 4 MUMBAI IN APPEAL NO. CIT(A) - 4/TF - 2 23/DCIT - 2(1)(1)/2016 - 17 DATED 04/06/2019 (LD. CIT(A) IN SHORT) AGAINST THE ORDER OF ASSESSMENT PASSED U/S.143(3) R.W.S. 263 OF THE INCOME TAX ACT 1961 (HEREINAFTER REFERRED TO AS ACT) DATED 30/12/2016 BY THE LD. DY. COMMISSIONER OF INCOME TAX CIRCLE 2(1) (1) MUMBAI (HEREINAFTER REFERRED TO AS LD. AO). ITA NO . 5654/MUM/2019 M/S. BSE LTD. 2 2. THE ONLY GROUND RAISED BY THE REVENUE IS THAT THE LD. CIT(A) ERRED IN HOLDING THAT ASSESSMENT ORDER PASSED BY THE LD. AO U/S.143(3) R.W.S. 263 OF THE ACT IS INFRUCTUOUS IN THE FACTS AND CIRCUMSTANCES OF THE CASE . 3. WE HAVE HEARD RIVAL SUBMISSIONS AND PERUSED THE MATERIALS AVAILABLE ON RECORD. WE FIND THAT ASSESSEE IS A STOCK EXCHANGE AND FILED ITS RETURN OF INCOME FOR THE A.Y.2011 - 12 ON 29/09/2011 DECLARING TOTAL INCOME OF RS . 161 30 38 755/ - UNDER NORM AL PROVISIONS OF THE ACT AND BOOK PROFIT OF RS.196 10 30 550/ - U/S.115 JB OF THE ACT. SUBSEQUENTLY ASSESSEE FILED ITS REVISED RETURN OF INCOME ON 26/03/2013 DECLARING TOTAL INCOME OF RS.156 61 38 798/ - UNDER NORMAL PROVISIONS OF THE ACT AND RS.191 41 30 5 93/ - U/S.115JB OF THE ACT. THE ASSESSMENT WAS COMPLETED U/S.143(3) OF THE ACT DATED 15/03/2014 DETERMINING TOTAL INCOME AT RS.162 69 25 590/ - UNDER NORMAL PROVISIONS OF THE ACT AND RS.200 55 71 463/ - U/S.115JB OF THE ACT. THIS ASSESSMENT COMPLETED ON 15/03 /2014 WAS SOUGHT TO BE REVISED BY THE PR INCIPAL COMMISSIONER OF INCOME TAX (PCIT) U/S.263 OF THE ACT ON 21/03/2016 WITH CERTAIN DIRECTIONS. AGAINST THE ORDER OF LD. PCIT U/S.263 OF THE ACT THE ASSESSEE PREFERRED AN APPEAL BEFORE THIS TRIBUNAL AND THIS TR IBUNAL VIDE ITS ORDER DATED 03/04/2018 HAD QUASHED THE REVISION PROCEEDINGS. 3.1. THE PRESENT PROCEEDING IS THE ORDER GIVING EFFECT TO THE SAID REVISION PROCEEDINGS OF THE LD. PCIT. WE FIND THAT THE LD. CIT(A) HAD TREATED THE EXISTING ORDER PASSED BY THE LD. AO U/S. 143(3) R.W.S. 263 OF THE ACT ON 30/12/2016 AS INFRUCTUOUS IN VIEW OF THE FACT THAT THE SECTION 263 ORDER PASSED BY THE LD. PCIT WAS QUASHED BY THIS TRIBUNAL IN ITA NO.3502/MUM/2016 DATED 03/04/2018. SINCE THE PRIMARY ORDER I.E. THE ITA NO . 5654/MUM/2019 M/S. BSE LTD. 3 263 ORDER OF THE LD. PCIT HAS BEEN QUASHED BY THIS TRIBUNAL THE SUBSEQUENT PROCEEDINGS GIVING EFFECT TO THE SAID PRIMARY ORDER WOULD HAVE NO LEGS TO STAND WHICH HAS BEEN RIGHTLY TREATED AS INFRUCTUOUS BY THE LD. CIT(A). HENCE WE DO NOT FIND ANY INFIRMITY IN THE ORD ER OF THE LD. CIT(A). ACCORDINGLY THE GROUND RAISED BY THE REVENUE IS DISMISSED. 4. IN THE RESULT APPEAL OF THE REVENUE IS DISMISSED. ORDER PRONOUNCED ON 24 / 03 /202 1 BY WAY OF PROPER MENTIONING IN THE NOTICE BOARD. SD/ - ( RAVISH SOOD ) SD/ - (M.BALAGANESH) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED 24 / 03 / 2021 KARUNA SR.PS COPY OF THE ORDER FORWARDED TO : BY ORDER ( ASSTT. REGISTRAR) ITAT MUMBAI 1. THE APPELLANT 2. THE RESPONDENT. 3. THE CIT(A) MUMBAI. 4. CIT 5. DR ITAT MUMBAI 6. GUARD FILE. //TRUE COPY//