DCIT, CHENNAI V. Ramani Realtors Pvt Ltd., CHENNAI

ITA 1159/CHNY/2014

• Counselvise Citation: [2014] 120 COUNSELVISE.COM (IT) 7105 (ITAT-CHENNAI)
• Duration Of Justice: 3 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-08-2014
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Assessment Year: 2005-2006
• Appeal Filed On: 02-05-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S DASGUPTA
• Assessee Lawyers: D ANAND
• Section: 80IB

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL , D B ENCH, CHENNAI . , ' $ % , & ' BEFORE SHRI A.MOHAN ALANKAMONY ACCOUNTANT MEMBER AND SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER ./ I.T.A.NO.1159/MDS/2014 ( / ASSESSMENT YEAR: 2005-06) DEPUTY COMMISSIONER OF INCOME TAX OFFICER, COMPANY CIRCLE-V(3), 4 TH FLOOR, MAIN BUILDING, CHENNAI-600 034. VS M/S. RAMANI REALTORS PVT. LTD. 5,2 ND STREET, LAKSHMIPURAM CHENNAI-600 034. PAN: AAACR2683K ( /APPELLANT) ( /RESPONDENT) / APPELLANT BY : MR. S.DAS GUPTA, JCIT /RESPONDENT BY : MR. D.ANAND, ADVOCATE / DATE OF HEARING : 22 ND JULY, 2014 /DATE OF PRONOUNCEMENT : 8 TH AUGUST, 2014 / O R D E R PER CHALLA NAGENDRA PRASAD , JM: THIS APPEAL IS FILED BY THE REVENUE AGAINST THE ORD ER OF THE COMMISSIONER OF INCOME TAX (APPEALS)-V, CHENNAI DATED 10.12.2013 FOR THE ASSESSMENT YEAR 2005-06 IN DELET ING THE PENALTY LEVIED UNDER SECTION 271(1)(C) OF THE ACT. 2. IN THE COURSE OF HEARING, COUNSEL FOR THE ASSESS EE SUBMITS THAT THIS TRIBUNAL BY ORDER DATED 9.9.2010 IN ITA NO.1019/MDS/2010 DELETED THE ADDITION IN QUANTUM A PPEAL 2 ITA NO.1159/MDS/2014 AND THEREFORE SUBMITS THAT PENALTY ORDER PASSED UND ER SECTION 271(1)(C) WILL NOT SURVIVE. A COPY OF THE O RDER OF THIS TRIBUNAL IS PLACED ON RECORD. 3. ON A PERUSAL OF THE ORDER OF THE CO-ORDINATE BEN CH OF THIS TRIBUNAL, WE FIND THAT ASSESSING OFFICER DISAL LOWED THE CLAIM OF THE ASSESSEE UNDER SECTION 80IB OF THE ACT ON THE PROJECT MAYURI PROJECT . THE ASSESSING OFFICER WAS ALSO OF THE VIEW THAT ASSESSEE ATTEMPTED TO ALLOCATE ADMINI STRATIVE AND OTHER EXPENSES INCLUDING DIRECTORS REMUNERATI ON IN OTHER PROJECTS INSTEAD OF MAYURI PROJECT. THEREFOR E, CLAIM OF THE ASSESSEE UNDER SECTION 80IB WAS DENIED. THE TRI BUNAL, BY ORDER DATED 9.9.2010 IN ITA NO.1019/MDS/2010 FOR THE REASONS MENTIONED THEREIN ALLOWED THE CLAIM OF THE ASSESSEE UNDER SECTION 80IB OF THE ACT AS CLAIMED B Y IT ON MAYURI PROJECT. THEREFORE, SINCE THE TRIBUNAL DELE TED THE ADDITION MADE IN THE QUANTUM APPEAL PENALTY LEVIED UNDER SECTION 271(1)(C) OF THE ACT WILL NOT SURVIVE. THU S, THE APPEAL FILED BY THE REVENUE IS DISMISSED AS SUCH. 3 ITA NO.1159/MDS/2014 4. IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSE D. ORDER PRONOUNCED IN THE OPEN COURT ON FRIDAY THE 8 TH DAY OF AUGUST, 2014 AT CHENNAI. SD/- SD/- ( A.MOHAN ALANKAMONY ) ( CHALLA NAGEND RA PRASAD ) . ( ' )* ) ACCOUNTANT MEMBER / , JUDICIAL MEMBER/ ) , ) /CHENNAI, - /DATED, 8 TH AUGUST, 2014 SOMU /0 10 /COPY TO: 1. APPELLANT 2. /RESPONDENT 3. 2 () /CIT(A) 4. 2 /CIT 5. 0 6 /DR 6. /GF .