ALAG SECURITIES P.LTD, MUMBAI V. ACIT CC 46, MUMBAI

ITA 1079/MUM/2015

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 0676 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 10 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-01-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: E
• Assessment Year: 2010-2011
• Appeal Filed On: 20-02-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: V JUSTIN LD DR
• Assessee Lawyers: MUKESH CHOKSHILD
• Section: 143(3)

Judgement Text

ITA.NO.1079/MUM/2015 ALAG SECURITIES PRIVATE LIMITED ASSESSMENT YEAR-2010-11 IN THE INCOME TAX APPELLATE TRIBUNAL E BENCH, MUMBAI , BEFORE SHRI D.T. GARASIA, JM AND SHRI MANOJ KUMAR AGGARWAL, AM I.T.A. NO.1079/MUM/2015 ( ASSESSMENT YEAR: 2010-11) ALAG SECURITIES PRIVATE LIMITED BLOCK H, SHRI SADASHIV CHS LTD 6 TH ROAD, SANTACRUZ(E) MUMBAI-400 055 VS. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-46 ROOM NO.659,6 TH FLOOR AAYAKAR BHAVAN, M.K.ROAD MUMBAI-400 020 ! ' PAN/GIR NO. AAICA-0101-F ( !# APPELLANT ) : ( $%!# RESPONDENT ) A SSESSEE BY : MUKESH CHOKSHI,LD.AR RE VENUE BY : V.JUSTIN, LD. DR & DATE OF HEARING : 18/12/2017 '() & / DATE OF PRONOUNCEMENT : 17/01/2018 O R D E R PER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. THE CAPTIONED APPEAL BY ASSESSEE FOR ASSESSMENT YEAR [AY] 2010-11 CONTEST THE ORDER OF THE LD. COMMISSIONER OF INCOME-TAX (APPEALS)-38 [CIT(A)], MUMBAI, APPEAL NO. CIT(A)-38/IT-1028/2013-14 DATED 14/11/2014 QUA CONFIRMATION OF PENALTY U/S 271AAA FOR RS.11,50,670/-. THE ASSESSMENT FOR IMPUGNED AY WAS FRAMED BY LD. ITA.NO.1079/MUM/2015 ALAG SECURITIES PRIVATE LIMITED ASSESSMENT YEAR-2010-11 2 DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-46 , MUMBAI U/S 143(3) OF THE INCOME TAX ACT,1961 ON 08/12/2011 WHEREAS PENALTY U/S 271AAA WAS LEVIED BY LD. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-46 VIDE ORDER DATED 20/03/2014 . THE ASSESSEE SUFFERED QUANTUM ADDITIONS OF RS.115.06 LACS AND CONSEQUENTL Y SADDLED WITH PENALTY U/S 271AAA COMPUTED @10% AMOUNTING TO RS.11 ,50,657/-. 2. THE DIRECTOR OF THE ASSESSEE COMPANY [AR], AT TH E OUTSET, DREW OUR ATTENTION TO THE ORDER OF TRIBUNAL ITA NO. 6055/MUM /2012 ORDER DATED 07/07/2016 AGAINST QUANTUM ADDITION AND POINTED OUT THAT SINCE THE QUANTUM HAS BEEN RESTORED TO THE FILE OF LD. AO, TH E IMPUGNED PENALTY DO NOT SURVIVE. THE LD. DR FAIRLY CONCEDED THE SAME . THE COPY OF THE TRIBUNALS ORDER HAS BEEN PLACED BEFORE US. 3. UPON PERUSAL OF THE SAME, WE CONCUR WITH THE STA ND OF LD. AR. THE QUANTUM ADDITION, VIDE PARAGRAPH NO. 7 OF THE CITED ORDER, HAS BEEN SET ASIDE FOR FRESH ADJUDICATION WITH CERTAIN DIRECTION S. SINCE, QUANTUM ADDITION HAS BEEN SET ASIDE, THE CONSEQUENTIAL PENA LTY DO NOT SURVIVE. HENCE, BY DELETING THE SAME, WE ALLOW ASSESSEES AP PEAL. NEEDLESS TO SAY THAT THE REVENUE IS FREE TO RE-INITIATE THE SAM E ON THE BASIS OF OUTCOME OF QUANTUM ADDITIONS IN SET ASIDE PROCEEDIN GS. 4. RESULTANTLY, THE ASSESSEES APPEAL STANDS ALLOWE D. ORDER PRONOUNCED IN THE OPEN COURT ON 17 TH JANUARY,2018 SD/- SD/- (D.T. GARASIA) (MANOJ KUMAR AGGARW AL) / JUDICIAL MEMBER / ACCOUNTANT MEMBER * MUMBAI; DATED : 17.01.2018 SR.PS:- THIRUMALESH ITA.NO.1079/MUM/2015 ALAG SECURITIES PRIVATE LIMITED ASSESSMENT YEAR-2010-11 3 ! COPY OF THE ORDER FORWARDED TO : 1. !# / THE APPELLANT 2. $%!# / THE RESPONDENT 3. + / THE CIT(A) 4. + / CIT CONCERNED 5. , $&- - ) * / DR, ITAT, MUMBAI 6. . / GUARD FILE ' / BY ORDER, # '$ % (DY./ASSTT. REGISTRAR) * / ITAT, MUMBAI