Malayil Bankers, Trivandrum V. DCIT, Trivandrum

CO 70/COCH/2007

• Counselvise Citation: [2012] 122 COUNSELVISE.COM (IT) 6949 (ITAT-COCHIN)
• Duration Of Justice: 4 year(s) 3 month(s) 10 day(s)
• Appeal Type: Cross Objection
• Pronouncement Date: 02-02-2012
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 28-11-2011
• Assessment Year: misc
• Appeal Filed On: 22-10-2007
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: S R SENAPATI
• Assessee Lawyers: T N SREEDHARAN

Judgement Text

1 I.T (SS)A. NO 39/COCH/2007 IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE SHRI N.R.S. GANESAN (JM) & SHRI SANJAY ARORA (AM) IT(SS)A NO.39/COCH/2007 (BLOCK PERIOD 01-04-1987 TO 05-09-1997) DY.CIT, CIR.1(1) VS M/S MALAYIL BANKERS, AGRA TRIVANDRUM KASAWARKAL ROAD, NALAMCHIRA TRIVANDRUM PAN : NOT AVAILABLE (APPLICANT) (RESPONDENT) C.O. NO.70/COCH/2007 (ARISING OUT OF IT(SS)A NO.39/COCH/2007) (BLOCK PERIOD 01-04-1987 TO 05-09-1997) M/S MALAYIL BANKERS VS DY.CIT, CIR.1(1) TRIVANDRUM TRIVANDRUM (CROSS OBJECTOR) (RESPONDENT) REVENUE BY : SHRI S.R. SENAPATI ASSESSEE BY : SHRI T.N. SREEDHARAN DATE OF HEARING : 30-12-2011 DATE OF PRONOUNCEMENT : 02-02-2012 O R D E R PER N.R.S. GANESAN (JM) THIS APPEAL OF THE REVENUE IS DIRECTED AGAINST TH E ORDER OF COMMISSIONER OF INCOME-TAX(A)-I, TRIVANDRUM DATED 1 8-04-2007 FOR THE BLOCK PERIOD 01-04-1987 TO 05-09-1997. THE ASSESSEE HAS FILED THE CROSS OBJECTION. 2 I.T (SS)A. NO 39/COCH/2007 THEREFORE, WE HEARD BOTH THE APPEAL OF THE REVENUE AND THE CROSS OBJECTION OF THE ASSESSEE TOGETHER AND DISPOSE OF THE SAME BY THIS COMMON ORDER. 2. THE COMMISSIONER OF INCOME-TAX(A) DELETED THE PE NALTY IMPOSED BY THE ASSESSING OFFICER U/S 158BFA(2) ON THE GROUND T HAT THE APPEAL OF THE ASSESSEE WAS ALLOWED BY COMMISSIONER OF INCOME-TAX( A). DURING THE COURSE OF HEARING IT IS BROUGHT TO THE NOTICE OF THE TRIBU NAL THAT IN RESPECT OF THE QUANTUM ADDITION, THIS TRIBUNAL HAS REMITTED BACK T HE MATTER TO THE FILE OF THE ASSESSING OFFICER FOR RECONSIDERATION. THE COM MISSIONER OF INCOME- TAX(A) HAS CANCELLED THE PENALTY AND GIVEN THE ASSE SSING OFFICER LIBERTY TO PASS A FRESH ORDER AFTER COMPLETING THE ASSESSMENT AS PER THE DIRECTION OF THE TRIBUNAL. 3. WE HEARD SHRI T.M. SREEDHARAN, THE LD.SENIOR COU NSEL FOR THE ASSESSEE AND SHRI S.R. SENAPATI, THE LD.DR. IT IS NOT IN DI SPUTE THAT THIS TRIBUNAL, AFTER REVERSING THE ORDER OF THE COMMISSIONER OF INCOME-T AX(A) REMITTED BACK THE QUANTUM ADDITION TO THE FILE OF THE ASSESSING OFFIC ER FOR RECONSIDERATION. THEREFORE, AS ON DATE, THERE IS NO ASSESSMENT ORDER IN EXISTENCE. THEREFORE, NO ONE CAN SAY THAT THERE WAS ANY CONCEALMENT OF IN COME. IN VIEW OF THE ABOVE, THIS TRIBUNAL IS OF THE OPINION THAT THE COM MISSIONER OF INCOME-TAX(A) HAS RIGHTLY CANCELLED THE PENALTY LEVIED BY THE ASS ESSING OFFICER. HOWEVER, THE MATTER IS NOW PENDING BEFORE THE ASSESSING OFFI CER FOR RECONSIDERATION. THE COMMISSIONER OF INCOME-TAX(A) HAS GIVEN LIBERTY TO THE ASSESSING OFFICER 3 I.T (SS)A. NO 39/COCH/2007 TO PASS PENALTY ORDER AFRESH AFTER COMPLETING THE A SSESSMENT AFRESH. IN VIEW OF THIS LIBERTY, WE DO NOT FIND ANY MERIT IN THE AP PEAL OF THE REVENUE. 4. THE CROSS OBJECTION IS FILED TO SUPPORT THE ORDER OF COMMISSIONER OF INCOME-TAX(A). IT IS INFRUCTUOUS. IN OTHER WORDS, IN SUPPORT OF THE ORDER OF COMMISSIONER OF INCOME-TAX(A), THE CROSS OBJECTION I S NOT MAINTAINABLE. 5. IN THE RESULT, BOTH THE APPEAL OF THE REVENUE AN D THE CROSS OBJECTION OF THE ASSESSEE STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 02 ND DAY OF FEBRUARY, 2012. SD/- SD/- (SANJAY ARORA) (N.R.S. GANESAN) ACCOUNTANT MEMBER JUDICIAL MEMBER COCHIN, DT : 02 ND FEBRUARY, 2012 PK/- COPY TO: 1. DY.CIT, CIR.1(1), TRIVANDRUM 2. M/S MALAYIL BANKERS, AGRA 33, KUSAWARKAL ROAD, NA LANCHIRA, TRIVANDURM-695 015 3. THE COMMISSIONER OF INCOME-TAX(A)-I, TRIVANDRUM 4. THE COMMISSIONER OF INCOME-TAX, TRIVANDRUM 5. THE DR (TRUE COPY) BY ORDER ASSTT. REGISTRAR, INCOME-TAX APPELLATE TRIBUNAL, COCHIN BENCH