OLYMPIC ADVERTISING LTD, MUMBAI V. ITO 4(3)(1), MUMBAI

ITA 1078/MUM/2011

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 75202 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 11 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-01-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Next Hearing Date: 08-01-2014
• Assessment Year: 1997-1998
• Appeal Filed On: 07-02-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S C TEJPAL

Judgement Text

, LH LHLH LH IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL C CC C BENCH, BENCH, BENCH, BENCH, MUMBAI MUMBAI MUMBAI MUMBAI , . !' !' !' !' BEFORE BEFORE BEFORE BEFORE SHRI SHRI SHRI SHRI VIJAY PAL RAO, JM VIJAY PAL RAO, JM VIJAY PAL RAO, JM VIJAY PAL RAO, JM & & & & SHRI SHRI SHRI SHRI RAJENDRA RAJENDRA RAJENDRA RAJENDRA, AM , AM , AM , AM ./ I.T.A. NO. I.T.A. NO. I.T.A. NO. I.T.A. NO.10 1010 1078/MUM/2011 78/MUM/2011 78/MUM/2011 78/MUM/2011 ( #$ #$ #$ #$ % % % % / ASSESSMENT YEAR :1997-98) OLYMPIC ADVERTISING LTD., 42, GOPAL BHAVAN, 199, PRINCESS STREET, MUMBAI-400002 $ $ $ $ / VS. ITO-4(3)(1), AAYKAR BHAVAN, MUMBAI '& ./ ' ./ PAN/GIR NO. :AAACO1421C ( &( / AP APAP APPELLANT PELLANT PELLANT PELLANT) .. ( )*&( / RESPONDENT RESPONDENT RESPONDENT RESPONDENT) #$ #$#$ #$ +, +, +, +, - . - . - . - . /ASSESSEE BY : SHRI VIMAL PUNMIYA ' ' ' ' - . - . - . - . / REVENUE BY : SHRI S. C. TEJPAL $ $ $ $ - -- - , , , , / DATE OF HEARING : 8 TH JANUARY 2014 /0% /0% /0% /0% - -- -, , , , /DATE OF PRONOUNCEMENT: 10 TH JANUARY 2014 !1 / O R D E R PER : , . . / VIJAY PAL RAO, JM THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER DATED 3.12.2010 OF COMMISSIONER OF INCOME TAX(APPEALS) AR ISING FROM THE PENALTY ORDER PASSED U/S 271(1)(C) FOR THE ASSESSME NT YEAR 1997-98. 2. THE ONLY EFFECTIVE GROUND RAISED BY THE ASSESSEE AS UNDER: ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE THE LEARNED CIT(A) HAS ERRED IN FACTS AND IN LAW IN CONFIRMING THE PENALTY OF ` 1,50,000/- U/S 271(1)(C). THE AUTHORITIES BELOW FURTHER ERRED IN LAW AND ON F ACTS IN IGNORING THE FACT THAT THE ORIGINAL ASSESSMENT ORDE R WAS SET ASIDE BY THE INCOME TAX APPELLATE TRIBUNAL AND REMA NDED BACK TO THE ASSESSING OFFICER. THE ASSESSING OFFICE R HAS NOT MADE ANY ADDITION IN THE REVISED ORDER. ITA NO.1078/M/2011 OLYMPIC ADVERTISING LTD. 2 3. WE HAVE HEARD THE LD. A.R AS WELL AS LD. D.R AND CONSIDERED THE RELEVANT MATERIAL ON RECORD. THE PENALTY IN THIS CA SE HAS BEEN LEVIED BY THE A.O IN RESPECT OF THE ADDITION OF ` 2,57,800/- MADE U/S 68 OF THE INCOME TAX ACT. THE LD. A.R OF THE ASSESSEE HAS POI NTED OUT THAT THIS TRIBUNAL HAS SET ASIDE THE ORDER OF CIT(A) ON THIS ISSUE AND RESTORED THE MATTER TO THE FILE OF THE ASSESSING OFFICER VIDE OR DER DATED 17.8.2007. HE HAS FURTHER SUBMITTED THAT IN GIVING EFFECT ORDE R THE ASSESSING OFFICER HAS DELETED THE ADDITION IN QUESTION VIDE O RDER DATED 24.12.2008. HE HAS FILED A COPY OF THE ORDER PASSED BY THE ASSESSING OFFICER IN PURSUANT TO THE DIRECTIONS OF THE TRIBUN AL. THUS, THE LD. A.R HAS SUBMITTED THAT THE ADDITION IN QUESTION IS NO M ORE IN EXISTENCE AND ACCORDINGLY THE PENALTY DOES NOT SURVIVE. ON THE OT HER HAND, THE LD. D.R HAS NOT DISPUTED THE FACT THAT THE MATTER WAS R EMANDED BY THIS TRIBUNAL TO THE RECORD OF THE ASSESSING OFFICER AND CONSEQUENTLY THE A.O HAS DELETED THE ADDITION IN QUESTION. 4. HAVING CONSIDERED THE RIVAL SUBMISSIONS AND THE FACT THAT THE ADDITION IN QUESTION IS NO MORE IN EXISTENCE IN VIE W OF THE ASSESSMENT ORDER PASSED IN PURSUANT TO THE DIRECTIONS OF THIS TRIBUNAL WHEREBY THE A.O HAS DELETED THE ADDITION OF ` 2,57,800/- MADE U /S 68 OF THE INCOME TAX ACT. ACCORDINGLY, THE PENALTY IN QUESTION IS DE LETED. 5. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED. ITA NO.1078/M/2011 OLYMPIC ADVERTISING LTD. 3 ORDER PRONOUNCED IN THE OPEN COURT ON THIS 10 TH DAY OF JANUARY 2014 SD/- SD/- ( ) !' (RAJENDRA) ACCOUNTANT MEMBER ( ) # !' (VIJAY PAL RAO) JUDICIAL MEMBER PLACE: MUMBAI : DATED: 10 TH JANUARY 2014 SUBODH COPY FORWARDED TO: 1 APPELLANT 2 RESPONDENT 3 CIT 4 CIT(A) 5 DR /TRUE COPY/ BY ORDER DY /AR, ITAT, MUMBAI