TMI Blog2022 (5) TMI 1452X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act is rendered academic in nature and therefore, is dismissed as infructuous. Appeal by the assessee is dismissed. - ITA No.686/Mum./2021 - - - Dated:- 5-5-2022 - SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER Assessee by : Shri Snehal Shah Revenue by : Shri O.P. Sharma, CIT-DR O R D E R PER SANDEEP SINGH KARHAIL, J.M. The present appeal has been filed by the assessee challenging the impugned order dated 11th March 2021, passed under section 263 of the Income Tax Act, 1961 ( the Act ) by the Learned Commissioner of Income Tax, Mumbai ( learned CIT ), for the assessment year 2016 17. 2. In this appeal, the assessee has raised following grounds: The fol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the contents of the aforesaid claim of Accumulation of Rs.2,76,00,000/- made vide such letter dated 25th August 2018 and reiterated vide letter dated 10th March 2021 also goes undisputed. (d) The letter dated 22 ' November, 2018 actually refers to Ledger Extracts of' amount deployed towards various projects in subsequent years and does not relate to averments made by the Learned CIT(Exemption), Mumbai and hence the inference drawn by him deserves to be 'Dismissed in liminee. 2. The learned CIT (Exemption), Mumbai, failed to appreciate that as per section 11(2) of the Act, the responsibility of the Learned Assessing Officer is to merely ascertain as to whether the amount is set aside for various projects or not. There is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held the assessment order to be erroneous insofar as it is prejudicial to the interests of Revenue and set aside the same with a direction to the Assessing Officer to examine the details produced by the assessee during the course of revision proceedings. Being aggrieved, the assessee is in appeal before us. 6. During the course of hearing, both the parties made elaborate arguments on the grounds raised in the present appeal. 7. However, subsequently, the assessee, vide letter dated 27th April 2022, submitted the copy of order dated 26th March 2022 passed by the Assessing Officer under section 143(3) r/w section 263 of the Act, wherein the assessee s total income has been assessed at Rs. Nil and no disallowance has been made on the iss ..... X X X X Extracts X X X X X X X X Extracts X X X X
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