ITA No.-4877/Del/2015.
Aquiss Private Ltd.
IN THE INCOME TAX APPELLATE TRIBUNAL
(DELHI BENCH: `F': NEW DELHI)
BEFORE SHRI K.N. CHARY, JUDICIAL MEMBER
AND
SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER
ITA No:- 4877/Del/2015
(Assessment Year: 2011-12)
Aquiss Private Ltd., Asst. Commissioner of
30 Community, Centre, Saket, Vs. Income Tax,
New Delhi-110017 Central Circle 23 (Presently
known as CC-32), ARA
Centre, Jhandewalan Extn.,
New Delhi.
PAN No: AAACS0576L
APPELLANT RESPONDENT
Assessee by : Shri Amol Sinha, Adv. and
Shri. Ashvini Kumar, Adv.
Revenue by : Smt. Sulekha Verma, CIT(DR),
ORDER
PER: ANADEE NATH MISSHRA, AM
This appeal by the Assessee is filed against the order of Learned Commissioner
of Income Tax (Appeals)-30, New Delhi-110055, dated 19.03.2015 for Assessment Year
2011-12. The grounds of appeal are as under:
1. The CIT(A)-30 has erred in law as also in the facts and circumstances of
the case to hold the assessee company as a bogus /shell /paper/ conduit
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/dummy company created for providing accommodation entries whereas the
assessee company is being assessed regularly for the last two decades and the
Income Tax Department has been accepting it as a genuine company, and in no
assessment other than the present assessment, the Department has ever alleged
it of giving any accommodation entries.
2. The CIT(A) -30 has erred in law as also in the facts and circumstances of
the case to hold the funds advanced as `advance against land purchase' as
accommodation entry, when the source of these funds in the hands of the
assessee company has duly been accepted by the Income Tax Department in the
assessments completed u/s 153C of the Income Tax Act, 1961 on 28.03.2013.
3. The CIT(A)-30 has erred in law as also in the facts and circumstances of
the case to hold that amount, if any, received on finalization of arbitration award
would be taxed in the hands of the assessee " as pr provision of law", when
there is no provision of law, as such, which may enable the Department to tax
the refund back of one's own money.
3.1 The direction of Ld. CIT(Appeals) that the award, if decided in favour of
the assessee, would be taxed in the hands of the assessee, is self contradictory,
since at one hand, he gives a clear cut-finding that MOU is a colourable device
and that the funds belong to BPTP group companies and in the same breath, he
talks of taxing the same funds in the hands of the assessee on the basis of a
future even, which may or may not occur.
3.2 The CIT(A)-30 has erred in law as also in the facts and circumstances of
the case to pre-decide the issue and give his advance finding on award of
arbitration, which is clearly a future event, which may turn out to be in the
favour of disfavor of any of the parties to the arbitration.
4. The appellant craves leave to add and alter grounds of appeal at the time
of hearing."
(2) At the time of hearing before us, Ld. Counsel for Assessee informed that the
assessee did not wish to press this appeal; and that the assessee wished to withdraw
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Aquiss Private Ltd.
this appeal. The Ld. Commissioner of Income Tax (Departmental Representative) did
not object to withdrawal of the appeal by assessee. Accordingly, the appeal is
dismissed as withdrawn and not pressed.
(3) In the result, appeal of the assessee is dismissed.
Order pronounced in the open court on 09th day of January, 2019.
Sd/- Sd/-
(K.N. CHARY) (ANADEE NATH MISSHRA)
JUDICIAL MEMBER ACCOUNTANT MEMBER
Dated: 09.01.2019
Pooja/-
Copy forwarded to:
1. Appellant
2. Respondent
3. CIT
4. CIT(Appeals)
5. DR: ITAT
ASSISTANT REGISTRAR
ITAT NEW DELHI
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Aquiss Private Ltd.
Date of dictation 09/01/19
Date on which the typed draft is placed before the 09/01/19
dictating Member
Date on which the typed draft is placed before the
Other Member
Date on which the approved draft comes to the Sr.
PS/PS
Date on which the fair order is placed before the
Dictating Member for pronouncement
Date on which the fair order comes back to the Sr.
PS/PS
Date on which the final order is uploaded on the
website of ITAT
Date on which the file goes to the Bench Clerk
Date on which the file goes to the Head Clerk
The date on which the file goes to the Assistant
Registrar for signature on the order
Date of dispatch of the Order
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