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2020 (1) TMI 1653 - AT - Income TaxRevision u/s 263 - consequent proceedings - direction to the AO to make a fresh assessment on the issue of foreign exchange fluctuation loss on O/S ECB, provision of Marked to Market Loss of foreign currency swaps and deduction u/s 10B - HELD THAT:- As rightly contended by assessee, the order passed by the AO u/s 143(3)/263 of the Act has become nullity as a result of the order in HIMADRI CHEMICALS & INDUSTRIES LTD. (NOW KNOWN AS HIMADRI SPECIALITY CHEMICAL LTD) [2018 (9) TMI 528 - ITAT KOLKATA] passed by the Tribunal setting aside the order passed by the Ld. Pr. CIT u/s 263 and consequently the proceedings arising from the said order including the appeal filed by the assessee against the order passed by the AO u/s 143(3)/263 before the Ld. CIT(A) has become infructuous as rightly held by the Ld. CIT(A) in his impugned order. The assessment order passed by the AO u/s 143(3) thus is restored by the order of the Tribunal and the second order passed u/s 143(3)/263 has become non-est which is liable to be cancelled. We, therefore, find no infirmity in the impugned order of the Ld. CIT(A) treating the appeal filed by the assessee before him against the order passed by the AO u/s 143(3)/263 as infructuous and upholding the same, we dismiss this appeal of the Revenue.
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