KOYNA GLASS WORKS P. LTD, MUMBAI V. ITO 8(2)(3), MUMBAI

ITA 1206/MUM/2010

• Counselvise Citation: [2010] 119 COUNSELVISE.COM (IT) 6181 (ITAT-MUMBAI)
• Duration Of Justice: 9 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-11-2010
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: G
• Assessment Year: 1999-2000
• Appeal Filed On: 15-02-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SANJIV DUTT

Judgement Text

THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH G, MUMBAI BEFORE SHRI S.V. MEHROTRA, ACCOUNTANT MEMBER AND SMT. ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER I.T.A.NOS. 1206 & 1207/MUM/2010 ASST. YEARS : 1999-2000 & 2000-01 M/S. KOYNA GLASS WORKS PVT. LTD., 2/C, LAWRENCE & MAYO HOUSE, 276,D.N. ROAD, FORT, MUMBAI 400 001 PAN: AACCK 7983 K VS. THE INCOME-TAX OFFICER, WARD 1(2)(2), MUMBAI. (APPELLANT) (RESPONDENT) APPELLANT BY : NONE REVENUE BY : SHRI SANJIV DUTT O R D E R PER S.V. MEHROTRA, AM : THESE APPEALS BY THE ASSESSEE ARE DIRECTED AGAINST THE IMPUGNED ORDERS DATED 24.11.2009 PASSED BY THE COMMISSIONER OF INCO ME-TAX (APPEALS)-II, MUMBAI, FOR THE ASSESSMENT YEARS 1999-2000 AND 2000-01. 2. THE EFFECTIVE GROUND TAKEN IN THESE APPEALS PER TAINS TO THE CONFIRMATION OF PENALTY U/S.271(1)(C) OF THE ACT BY THE LEARNED CIT (A) OF RS. 35,68,026/- FOR THE ASSESSMENT YEAR 1999-2000 AND RS. 2,42,49,393/- FOR THE ASSESSMENT YEAR 2000-01. 3. AT THE TIME OF HEARING, THE LEARNED COUNSEL FOR THE ASSESSEE FILED BEFORE US A COPY OF I.T.A.T ORDER DATED 20 TH AUGUST, 2010 IN ITA NOS. 3885 & 3921/MUM/2008 FOR THE RESPECTIVE TWO ASSESSMENT YEARS IN THE QUAN TUM APPEAL AND POINTED OUT THAT THE MATTER HAS BEEN RESTORED BACK TO THE FILE OF TH E ASSESSING OFFICER TO FRAME THE ASSESSMENT AFRESH AS PER LAW BY OBSERVING IN PARA 5 AS UNDER: WE HAVE HEARD BOTH THE SIDES AND PERUSED THE RECOR D OF THE CASE. WE FIND THE PRESENT CASE IS SQUARELY COVERED BY THE DECISION OF THE I.T.A.T IN THE CASE OF PRECISION SHEARS & KNIVES PV T. LTD. (SUPRA). IN THIS CASE, PANCHANAMA WAS DRAWN AND, THEREFORE, WE, IN THE INTEREST OF JUSTICE, SET ASIDE THE ORDER OF THE CIT(A) AND R ESTORE THE MATTER TO THE FILE OF THE AO TO FRAME THE ASSESSMENT AFRES H AS PER LAW AFTER ALLOWING REASONABLE OPPORTUNITY TO THE ASSESSEE. ITA NOS.1206-07/M/10 KOYNA GLASS WORKS PVT. LTD. 2 4. WE HAVE HEARD THE LEARNED DEPARTMENTAL REPRESE NTATIVE AND PERUSED THE RECORDS OF THE CASE. IN VIEW OF THE TRIBUNAL FINDIN GS IN THE QUANTUM APPEALS NOTED ABOVE, THE ORDER OF THE CIT(A) IS SET ASIDE AND THE MATTER IS RESTORED BACK TO THE FILE OF THE A.O. TO TAKE NECESSARY ACTION AFRESH IN ACCO RDANCE WITH LAW AFTER PASSING THE FRESH ASSESSMENT ORDER IN TERMS OF THE TRIBUNALS FINDINGS NOTED ABOVE. 5. IN THE RESULT, BOTH THE APPEALS ARE ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON THIS 3 0 TH DAY OF NOVEMBER, 2010. SD. SD. (ASHA VIJAYARAGHAVAN) (S.V. MEHROTRA) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI DATED THE 30 TH NOVEMBER, 2010. KN COPY TO: 1. THE ASSESSEE 2. THE REVENUE 3. THE CIT-L, MUMBAI 4. THE CIT(A)-II, MUMBAI 5. THE DR G BENCH, MUMBAI BY ORDER /TRUE COPY/ ASST. REGISTRAR, ITAT, MUMBAI