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Aquiss Private Ltd., 30 Community, Centre, Saket, New Delhi-110017 vs. Asst. Commissioner of Income Tax, Central Circle 23 (Presently known as CC-32), ARA Centre, Jhandewalan Extn., New Delhi.
January, 10th 2019
                                                                     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

                                       Page 1 of 4
                                                                          ITA No.-4877/Del/2015.
                                                                               Aquiss Private Ltd.

       /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

                                           Page 2 of 4
                                                                  ITA No.-4877/Del/2015.
                                                                       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




                                      Page 3 of 4
                                                           ITA No.-4877/Del/2015.
                                                                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




                                Page 4 of 4

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