M/s. New Phaltan Sugar works ltd., Satara V. ACIT, Satara Cir., Satara

CO 54/PUN/2004

• Counselvise Citation: [2011] 122 COUNSELVISE.COM (IT) 6475 (ITAT-PUNE)
• Duration Of Justice: 6 year(s) 11 month(s) 10 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 21-09-2011
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 1991-1992
• Appeal Filed On: 11-10-2004
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B, PUNE BEFORE SHRI I.C. SUDHIR, JUDICIAL MEMBER AND SHRI G.S. PANNU, ACCOUNTANT MEMBER C.O. NO 54/PN/04 (ARISING OUT OF ITA NO 1245/PN/03) (ASSTT. YEAR 1991-92) NEW PHALTAN SUAR WORKS LTD., .. CROSS O BJECTOR SAKHARWADI, TAL. PHALTAN, DIST. SANGLI VS. ASSTT. COMMISSIONER OF INCOME-TAX, .. RESPONDENT SATARA CIR. SATARA CROSS OBJECTOR BY: NONE RESPONDENT BY : SHRI SANTOSH KUMAR DATE OF HEARING : 19.09.2011 DATE OF PRONOUNCEMENT : 21.09.2011 ORDER PER G.S. PANNU, AM THIS CROSS OBJECTION BY THE ASSESSEE IS PREFERRED MERELY TO SUPPORT THE ORDER OF THE COMMISSIONER OF INCOME-TAX (APPEALS)-II, PUNE DATED 21.08.2003 CANCELLING THE PENALTY OF RS 17,50,343/- LEVIED BY THE ASSESSING OFFICER UNDER SECTION 271(1 )(C) OF THE INCOME-TAX ACT, 1961 (IN SHORT THE ACT), PERTAINI NG TO THE ASSESSMENT YEAR 1991-92. 2. THE CONNECTED APPEAL FILED BY THE REVENUE AGAINS T THE CANCELLATION OF THE AFORESAID PENALTY BY THE COMMIS SIONER OF INCOME-TAX (APPEALS) HAS BEEN A SUBJECT-MATTER OF O UR CO-ORDINATE BENCH IN ASSESSEES OWN CASE IN ITA NO 1245/PN/03 A ND FOR THE DETAILED REASONS GIVEN IN THE ORDER DATED 26.09.200 6, THE TRIBUNAL 2 HAS CONFIRMED THE IMPUGNED ORDER OF THE COMMISSIONE R OF INCOME- TAX (APPEALS) CANCELLING THE PENALTY LEVIED BY THE ASSESSING OFFICER UNDER SECTION 271(1)(C) OF THE ACT. IN VIEW OF THIS FACT-SITUATION, THE CROSS OBJECTION BY THE ASSESSEE HAS BECOME INFRUCTO US AND IS, ACCORDINGLY, DISMISSED AS SUCH. 3. IN THE RESULT, THE CROSS OBJECTION OF THE ASSESS EE IS DISMISSED. DECISION PRONOUNCED IN THE OPEN COURT ON THIS 21 ST DAY OF SEPTEMBER, 2011. SD/- SD/- (I C SUDHIR) JUDICIAL MEMBER (G.S. PANNU) ACCOUNTANT MEMBER PUNE: DATED: 21 ST SEPTEMBER, 2011 B COPY OF THE ORDER IS FORWARDED TO : 1. CROSS OBJECTOR 2. RESPONDENT 3. THE CIT(A)-II PUNE 4. THE CIT-III, PUNE 5. THE D.R, B BENCH, PUNE 6. GUARD FILE TRUE COPY BY ORDER ASSISTANT REGISTRAR ITAT, PUNE BENCHES, PUNE