Piyush Infrastructure (P) Ltd., New Delhi V. DCIT, Faridabad

CO 44/DEL/2013

• Counselvise Citation: [2013] 124 COUNSELVISE.COM (IT) 7393 (ITAT-DELHI)
• Duration Of Justice: 9 month(s) 19 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 31-12-2013
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: F
• Next Hearing Date: 18-12-2013
• Assessment Year: 2008-2009
• Appeal Filed On: 11-03-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: M B REDDY

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: F NEW DELHI BEFORE SHRI I. C. SUDHIR, JUDICIAL MEMBE R AND SHRI T. S. KAPOOR, ACCOUNTANT MEMBER I.T.A .NO. 610 /DEL/2013 ASSESSMENT YEAR:- 2008-09 DCIT CENTRAL CIRCLE-1 FARIDABAD (APPELLANT) VS PIYUSH INFRASTRUCTURE (P) LTD A-16/B-1, MOHAN COOP. IND. ESTATE, MAIN MATHURA ROAD NEW DELHI P AN-AADCP9044P (RESPONDENT) C.O NO.-44/DEL/2013 APPELLANT BY SH. M. B. REDDY, CIT DR RESPONDENT BY SH. SUDHIR SEHGAL, ADV ORDER PER I. C. SUDHIR, JM THE REVENUE HAS QUESTIONED THE ACTION OF THE LD. C IT(A) IN DELETING THE PENALTY LEVIED U/S 271(1) (C) OF THE ACT. 2. THE ASSESSEE ON THE OTHER HAND HAS PREFERRED THE CROSS OBJECTION IN SUPPORT OF THE RELIEF GRANTED BY THE LD. CIT(A). AT THE OU TSET OF HEARING THE LD. AR POINTED OUT THAT THE APPEAL PREFERRED BY THE REVENU E IS NOT MAINTAINABLE SINCE THE VERY BASIS I.E. THE ADDITION OF RS.12.75 CRORES MAD E ON ACCOUNT OF UNDISCLOSED PIYUSH INFRASTRUCTURE (P) LTD A-16/B-1, MOHAN COOP. IND. ESTATE, MAIN MATHURA ROAD NEW DELHI P AN-AADCP9044P (APPELLANT) VS DCIT CENTRAL CIRCLE-1 FARIDABAD (RESPONDENT) ITA NO610/DEL/13 & C.O NO.44/DEL/13 2 INVESTMENT ON WHICH PENALTY IN QUESTION WAS LEVIED U/S 271(1)(C) OF THE ACT WAS DELETED BY THE TRIBUNAL VIDE ITS ORDER DATED 25/10/ 2012 IN ITA NO. 1072/DEL/2011(ASSESSMENT YEAR 2008-09). CONSIDERIN G THIS DEVELOPMENT, THE LD. CIT (A) HAS DELETED THE PENALTY LEVIED U/S 271( 1)(C) OF THE ACT AT RS.12,75,06,762/-. HE SUBMITTED FURTHER THAT THE R EVENUE HAS PREFERRED APPEAL BEFORE THE HONBLE HIGH COURT AGAINST THE SAID ORDE R DATED 25/10/2012 OF THE TRIBUNAL BUT THERE IS NO INTERIM STAY AGAINST THE O PERATION OF THE ORDER DATED 25/10/2012 OF THE TRIBUNAL. 3. THE LD. DR DID NOT DISPUTE THE ABOVE SUBMISSION OF THE LD. AR. HE HOWEVER, TRIED TO JUSTIFY THE PENALTY LEVIED ON ACC OUNT OF CONCEALMENT OF PARTICULARS OF INCOME AND FURNISHING INACCURATE PAR TICULARS THEREOF ON THE PART OF THE ASSESSEE TOWARDS THE ADDITION OF RS.12.50 CRORE S I.E THE SUBJECT MATTER OF THE PENALTY. 4. CONSIDERING THE ABOVE SUBMISSION, WE DO NOT FIND REASON TO INTERFERE WITH THE FIRST APPELLATE ORDER IN QUESTION AS LD. CIT (A ) WAS JUSTIFIED IN DELETING THE PENALTY LEVIED U/S 271(1)(C) OF THE ACT AT RS.12.75 CRORE SINCE THE VERY BASIS (I.E ADDITION OF RS.12.50 CRORE MADE ON ACCOUNT OF UNDIS CLOSED INVESTMENT HAS BEEN DELETED BY THE TRIBUNAL VIDE THE CITED ORDER DATED 25/10/2012) DID NOT REMAIN IN OPERATION DURING THE HEARING OF THE FIRST APPEAL. SINCE NOTHING HAS BEEN BROUGHT TO OUR NOTICE THAT THE HONBLE HIGH COURT IN THE AP PEAL PREFERRED BY THE REVENUE AGAINST THE CITED ORDER DATED 25/10/2012 OF THE TRI BUNAL HAS BEEN PLEASED TO PASS INTERIM STAY AGAINST THE OPERATION OF THE SAID IMPU GNED ORDER DATED 25/10/2012 OF TRIBUNAL, THE PRESENT APPEAL AND CROSS-OBJECTION PR EFERRED BEFORE THE TRIBUNAL ARE NOT MAINTAINABLE. THESE MATTERS ARE DISMISSED AS S UCH. 5. CONSEQUENTLY, BOTH THE APPEALS AND CROSS-OBJECTI ON ARE DISMISSED. THE ORDER IS PRONOUNCED IN THE OPEN COURT ON 31 ST DECEMBER 2013. ITA NO610/DEL/13 & C.O NO.44/DEL/13 3 SD/- SD/- (T.S. KAPOOR) (I. C. SUDHIR) ACCOUNTANT MEMBER JUDICI AL MEMBER DATED: 31 /12/2013 *R. NAHEED* COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT RE GISTRAR ITAT NEW DELHI