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

ITA 1081/MUM/2015

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 0935 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 2 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-05-2017
• Appeal Filed By: Assessee
• Bench Allotted: SMC
• Assessment Year: 2010-2011
• Appeal Filed On: 20-02-2015
• Court: TRIBUNAL
• Department Lawyers: M C OMI NINGSHEN

Judgement Text

H IN THE INCOME TAX APPELLATE TRIBUNAL H BENCH, MUMBAI BEFORE SHRI R.C. SHARMA, AM AND SHRI SANDEEP GOSAIN, JM ./I.T.A. NO.1081/M/2015 ( / ASSESSMENT YEAR: 2010 - 2011 ) M/S. ALEMBIC SECURITIES PVT LTD., BLOCK H, SHRI SADASHIV CHS LTD, 6 TH ROAD, SANTACRUZ (E), MUMBAI 400055. / VS. ACIT - CENTRAL CIRCLE - 46, R.NO.659, 6 TH FLOOR, AAYAKAR BHAVAN, M.K. ROAD, MUMBAI. ./ PAN : AAACA7087 N ( / APPELLANT) .. ( / RESPONDENT ) / APPELLANT BY : SHRI MUKESH CHOKSHI / RESPONDENT BY : SHRI M.C. OMI NINGSHEN, DR / DATE OF HEARING : 01.05.2017 / DATE OF PRONOUNCEMENT : 01 .05.2017 / O R D E R PER R.C. SHARMA, AM: THIS APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF THE CIT (A) FOR THE ASSESSMENT YEAR 2010 - 2011, IN THE MATTER OF PENALTY U/S 271AAA OF THE INCOME TAX ACT, 1961. 2. AT THE OUTSET, LD COUNSEL FOR THE ASSESSEE BROUGHT OUR ATTENTION TO THE ORDER OF THE TRIBUNAL IN QUANTUM APPEAL IN ASSESSEES OWN CASE VIDE ORDER DATED 30.9.2016 , WHEREIN QUANTUM ADDITION HAS BEEN RESTORED BACK TO THE FILE OF THE AO TO RE - DETERMINE THE TOTAL INC OME AS PER THE DIRECTIONS GIVEN IN THE SAID ORDER. 3. WE HAVE CAREFULLY GONE THROUGH THE ORDER OF THE TRIBUNAL IN QUANTUM APPEAL OF THE ASSESSEE IN ITA NOS. 243 TO 245/M/2013 FOR THE AYS 2006 - 07, 2010 - 11 AND 2009 - 10, WHEREIN THE TRIBUNAL, AFTER DISCUSSING THE ISSUE IN DETAIL, RESTORED THE MATTER BACK TO THE FILE OF THE AO TO RE - DETERMINE THE TOTAL INCOME AS PER THE DIRECTIONS GIVEN IN PARAS 3 TO 9.2 OF ITS ORDER. CONSIDERING THE SAME, WE ARE OF THE OPINION, SINCE THE QUANTUM APPEAL ITSELF HAS BEEN SET ASID E, THE PENALTY ORDER IS ALSO REQUIRED TO BE SET ASIDE AND MATTER IS RESTORED BACK 2 TO THE FILE OF THE AO DECIDING THE ISSUE AFRESH AFTER DECIDING THE QUANTUM APPAL. WE DIRECT ACCORDINGLY. 4. IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNC ED IN THE OPEN COU RT ON 0 1 S T MAY, 2017. S D / - S D / - ( SANDEEP GOSAIN) (R.C. SHARMA) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; 01.05.2017 . . ./ OKK , SR. PS / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE . //TRUE COPY// / BY ORDER, / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI