Case Number: ITA 1319/DEL/2021
Appellant: Amrit Steels Pvt. Ltd.
Respondent: Principal Commissioner of Income-tax, Ghaziabad
Assessment Year: 2015-16
Case Filed On: 2021-10-04
Order Type: Final Tribunal Order
Date of Order: 2022-09-26
Pronounced On: 2022-09-26
Amrit Steels Pvt. Ltd. filed an appeal against the decision of the Principal Commissioner of Income-tax, Ghaziabad, concerning an order under Section 263 of the Income Tax Act, 1961, which pertained to the reassessment for the fiscal year 2015-16.
The company challenged the revisionary order which was believed to have impacted the previously filed return showing a substantial loss. The primary contention revolved around the procedural aspects under Section 263 of the Income Tax Act, which allows for revision of orders deemed prejudicial to the interests of the revenue.
Detailed hearings were held, where the assessee was represented by Shri Akhilesh Kumar, Advocate, and the department by Shri R.K. Gupta, CIT DR. During the proceedings, it was revealed that subsequent assessments under a new order accepted the originally returned loss, effectively rendering the issues raised moot.
The appellant subsequently requested withdrawal of the appeal, which was unopposed by the Department. The tribunal permitted the withdrawal, thus dismissing the appeal as withdrawn.
This case highlights the dynamics of tax assessments and the appeals process within the realms of corporate taxation and the rectification of orders deemed erroneous or prejudicial. The tribunal’s decision to allow withdrawal post the acceptance of the filed losses underlines the importance of accurate initial assessments and compliance with procedural fairness.
Order pronounced in the open court on 26/09/2022.
Accountant Member: Shri Anil Chaturvedi
Judicial Member: Shri N.K. Choudhry
Order Dated: 26/09/2022
Amrit Steels Pvt. Ltd. vs. Principal Commissioner of Income-tax, Ghaziabad: Assessment Year 2015-16
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