DEEPANU STOCK BROKERS P LTD, MUMBAI V. ACIT CC 46, MUMBAI

ITA 1080/MUM/2015

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 0657 (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
• Assessee Lawyers: MUKESH CHOKSHILD
• Section: 143(3); 27

Judgement Text

ITA.NO1080/MUM/2015 DEEPANU STOCK BROKERS 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.1080/MUM/2015 ( ASSESSMENT YEAR: 2010-11) DEEPANU STOCK BROKERS PRIVATE LT D BLOCK H, SHRI SADASHIV CHS LIMITED 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. AACCD-4561-G ( '$ 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-1018/2013-14 DATED 14/11/2014 QUA CONFIRMATION OF PENALTY U/S 271AAA FOR RS.4,380/-. THE ASSESSMENT FOR IMPUGNED AY WAS FRAMED BY LD. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-46, MUMBAI U/S 143(3) OF THE INCOME TAX ITA.NO1080/MUM/2015 DEEPANU STOCK BROKERS PRIVATE LIMITED ASSESSMENT YEAR-2010-11 2 ACT,1961 ON 08/12/2011 WHEREAS THE IMPUGNED PENALTY U/S 27 1AAA WAS LEVIED BY LD. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCL E- 46 ON 18/12/2013 . THE ASSESSEE HAS BEEN SADDLED WITH PENALTY OF RS.4,380/- AGAINST QUANTUM ADDITIONS OF RS.43,804/- , WHICH UPON CONFIRMATION BY LD. CIT(A) IS BEING CONTESTED BEFOR E US. 2. THE DIRECTOR OF THE ASSESSEE COMPANY [AR], AT TH E OUTSET, DREW OUR ATTENTION TO THE ORDER OF TRIBUNAL ITA NOS. 324 & 3 25/MUM/2013 ORDER DATED 01/05/2013 AGAINST QUANTUM ADDITION AND POINT ED OUT THAT THE QUANTUM ADDITIONS WERE BASED ON MERE ESTIMATIONS AN D THE TRIBUNAL REDUCED THE ESTIMATION FROM 2% TO 0.5% AND THEREFOR E, THE PENALTY COULD NOT BE LEVIED ON MERE ESTIMATIONS. THE LD. DR DEFEN DED THE LEVY OF PENALTY. 3. UPON PERUSAL OF THE SAME, WE FIND THAT THE ASSES SEE SUFFERED QUANTUM ADDITION ON ESTIMATED BASIS @2%. HOWEVER, T HE SAME, UPON APPEAL BEFORE THIS TRIBUNAL, HAS BEEN REDUCED TO 0. 5%. THE QUANTUM ADDITIONS, THUS WORKS OUT TO RS.43,804/- AGAINST WH ICH THE ASSESSEE HAS BEEN SADDLED WITH PENALTY @10%. IN OUR OPINION, THE ADDITIONS ON MERE ESTIMATED BASIS DO NOT WARRANT IMPOSITION OF PENALT Y AND THEREFORE, BY DELETING THE SAME, WE ALLOW ASSESSEES APPEAL. 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.NO1080/MUM/2015 DEEPANU STOCK BROKERS 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