One more opportunity can be allowed to assessee in presence of number of cases pending against him

IN THE INCOME TAX APPELLATE TRIBUNAL

MUMBAI BENCH ‘D’, MUMBAI

BEFORE SHRI G. E. VEERABHADRAPPA, HON'BLE PRESIDENT,

& SHRI VIVEK VARMA, JUDICIAL MEMBER

I.T.A.NO. 2649 & 2650/Mum/2006

Assessment Years: 1995-96 & 1996-97

M/s. Pivotal Remedies Pvt. Ltd.,

C/o. Shri Nagendra Sharma,

Director, 502, Jogani Apt.,

Dongarshi Road,

Walkeshwar, Mumbai-400 006

(Appellant)

Vs.

ACIT, Cir. 6(1)

Aayakar Bhavan, M. K. Marg,

Mumbai-400 020

 (Respondent)

Appellant by: Shri Nagendra Sharma, Director

Respondent by: Shri N. K. Mehta

Date of Hearing: 06.08.2012

Date of Pronouncement: 05.09.2012

O R D E R

Per Vivek Varma, J.M.:

The appeals were first disposed off by the coordinate Bench at Mumbai, on non prosecution vide order dated 04.07.2008. The consolidated order was recalled and fresh proceedings were initiated, consequent to the order on MAs No. 609 & 610/Mum/2008.

2. At the time of hearing, Mr. Nagendra Sharma, Director attended with a prayer for adjournment, as all the relevant records in connection with the impugned issue were in the factory, taken over by MSFC and the assessee itself was in liquidation and it will take time for getting the same.

3. We have considered the prayer for adjournment and have also gone through the orders and the Affidavit filed by the appellant company, we find that even the revenue authorities are aware that the assessee and its directors are involved in a number of court cases, filed by the various institutions and creditors and also that the factory premises has been taken over by MSFC against the loan outstanding on the assessee. Looking into the financial and factual position of the assessee and the circumstance in which the assessee is involved in, we feel that in the overall interest of justice and compassion, the assessee can be given one more opportunity to present its case on merits before the revenue authorities.

4. We, therefore, set aside the orders of the revenue authorities and direct the A.O. to proceed denovo in framing the assessments afresh, in the impugned years, after giving a reasonable opportunity of being heard.

5. The cases are thus treated as allowed for statistical purposes.

Order pronounced in the open court on this day of 05/09/2012.

                                                Sd/-                                     Sd/-

                          (G.E. VEERABHADRAPPA)    (VIVEK VARMA)

                                       PRESIDENT                JUDICIAL MEMBER

Mumbai, Date: 05/09/2012

Roshani

Copy to-

1) Appellant

2) Respondent

3) CITA Mumbai.

4) CIT City Mumbai

5) DR Bench Mumbai

True Copy

By Order

Dy/Asst.Registrar,ITAT MUMBAI.