M/s Venus Woollen Mills, Ludhiana V. CIT III, Ludhiana

ITA 1051/CHANDI/2013

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 80955 (ITAT-CHANDIGARH)
• Duration Of Justice: 10 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-10-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 16-12-2015
• Assessment Year: 2008-2009
• Appeal Filed On: 18-11-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: DR AMA RVEER SINGH
• Keywords: Revision of order
• Section: 263

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL CHANDIGARH BENCHES B CHANDIGARH BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI T.R. SOOD, ACCOUNTANT MEMBER ITA NO. 1051/CHD/2013 ASSESSMENT YEAR: 2008-09 M/S VENUS WOOLLEN MILLS, VS. THE CIT-III 424, INDUSTRIAL AREA A LUDHIANA LUDHIANA PAN NO.AAAFV8368E (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI SUDHIR SEHGAL RESPONDENT BY : DR. AMARVEER SINGH DATE OF HEARING : 09/10/2014 DATE OF PRONOUNCEMENT : 14/10/2014 ORDER PER T.R.SOOD, A.M. THE APPEALS BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER PASSED BY THE LD. CIT-III, LUDHIANA ON 17/09/2013. IN THIS APPEAL ONLY DISPUTE WHICH HAS BEEN RAISED B Y THE ASSESSEE IS REGARDING LEVY OF PENALTY U/S 271(I)(C). THE PENALT Y HAS BEEN LEVIED ON THE BASIS OF ORDER PASSED U/S 263 BY CIT III, LUDHIANA THROUGH WHICH THE LD. COMMISSIONER HAD ENHANCED THE INCOME BY RS. 1,83,80 ,208/- ON THIS AMOUNT PENALTY U/S 271(I)(C) IS LEVIED AT MINIMUM 1 00%. 2. WE HAVE HEARD THE RIVAL SUBMISSION CAREFULLY. TH E LD. COUNSEL FOR THE ASSESSEE POINTED OUT THAT ORDER PASSED UNDER SECTIO N 263 HAS BEEN QUASHED BY THE TRIBUNAL IN ITA NO. 407/CHD/2013, TH EIR PENALTY WILL NOT SURVIVE. THE LD. DR HAD SIMPLY RELIED ON THE ORDER OF CIT(A). AFTER CONSIDERING THE RIVAL SUBMISSION WE FIND THAT THE O RIGINAL ORDER PASSED U/S 263 ITSELF HAS BEEN SET ASIDE BY THE TRIBUNAL IN IT A NO. 407/CHD/2013 AND THEREFORE CONSEQUENT ASSESSMENT AS WELL AS PENALTY WILL NOT SURVIVE. ACCORDINGLY WE SET ASIDE THE ORDER OF LD. CIT AND D ELETE THE PENALTY. 3. IN THE RESULT APPEAL IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 14/10/2014 SD/- SD/- (BHAVNESH SAINI) (T.R. SOOD) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 14 TH OCTOBER 2014 AG COPY TO: THE APPELLANT, THE RESPONDENT, THE CIT, TH E CIT(A), THE DR