ITO, New Delhi V. M/s Zeta Investment Pvt. Ltd., New Delhi

ITA 1389/DEL/2011

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 6954 (ITAT-DELHI)
• Duration Of Justice: 7 year(s) 4 month(s) 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-07-2018
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: D
• Next Hearing Date: 18-07-2017
• Assessment Year: 2003-2004
• Appeal Filed On: 17-03-2011
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

PAGE | 1 INCOME TAX APPELLATE TRIBUNAL DELHI BENCH D : NEW DELHI BEFORE SMT DIVA SINGH , JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA NO. 1089/DEL/2011 (ASSESSMENT YEAR: 2002 - 03 ) ZETA INVESTMENT PRIVATE LTD, 282/2, BASANT LOK, SANGAM VIHAR JHARODA GAON, MAZRA, BURARI, DELHI PAN: AAACZ1635P VS. ITO, WARD - 18(4), NEW DELHI (APPELLANT) (RESPONDENT) ITA NO. 1389/DEL/2011 (ASSESSMENT YEAR: 2003 - 04 ) ITO, WARD - 18(4), ROOM NO. 248, CR BUILDING, NEW DELHI VS. ZETA INVESTMENT PVT LTD. 3, DR. GC NARANG MARG, MALL ROAD, NEW DELHI PAN: AAACZ1635P (APPELLANT) (RESPONDENT) ASSESSEE BY : NONE REVENUE BY: SHRI AMIT JAIN, SR. DR DATE OF HEARING 30/07 / 2018 DATE OF PRONOUNCEMENT 3 1 / 07 / 2018 O R D E R PER BENCH 1 . THIS APPEAL IS FILED BY THE ASSESSEE AGAINST THE ORDER OF THE LD CIT(A) - XXI, NEW DELHI DATED 11.01.2011 FOR THE ASSESSMENT YEAR 2002 - 03, WHEREIN, THE ADDITION ON ACCOUNT OF SHAM TRANSACTION WAS UPHELD AMOUNTING TO RS. 1.50 CRORES. DESPITE REPEATED NOTICE THE ASSESSEE HAS NOT REMAIN ED PRESENT. IN VIEW OF THIS WE DO NOT HAVE ANY OTHER ALTERNATIVE BUT TO DISMISS THE APPEAL OF THE ASSESSEE FOR NON PROSECUTION. THE SAME APPEAL WAS EARLIER ALSO DI SMISSED ON 05.07.2011 FOR SIMILAR REASONS. IN VIEW OF THIS IT IS APPARENT THAT THE ASSESSEE IS NOT INTERESTED FOR PROSECUTING THE ABOVE APPEAL. THEREFORE, FOR THE SIMILAR REASONS WE DISMISS THE APPEAL OF THE ASSESSEE FOR NON PROSECUTION. ZETA INVESTMENT PRIVATE LTD VS. ITO ITA NO.1089/DEL/2011 &ITA NO.1389/DEL/2011 (ASSESSMENT YEAR: 2002 - 03 AND 2003 - 04) PAGE | 2 2 . THIS APPEAL IS FOR ASSESSMENT YEAR 2003 - 04. COMING TO THE APPEAL OF THE REVENUE WHICH IS AGAINST THE DELETION OF ADDITION OF RS. 1.50 CRORES ON PROTECTIVE BASIS. ON LOOKING AT THE ORDER OF THE LD CIT(A) IT IS SEEN THAT FOR ASSESSMENT YEAR 2002 - 03 APPEAL OF THE ASSESSEE HAS BEEN DISMISSED ON ACCOUNT OF PURCHASE OF SHARES ON CREDIT FROM M/S. BASTI SUGAR MILLS LTD. THE LD CIT(A) HAS CONFIRMED THE ADDITION FOR ASSESSMENT YEAR 200 2 - 03 . IN ASSESSMENT YEAR 2002 - 03 THE ADDITION HAS BEEN MADE ON SUBSTANTIVE BASIS. A S THE SUBSTANTIVE ADDITION HAS BEEN CONFIRMED IN THE HANDS OF THE ASSESSEE FOR ASSESSMENT YEAR 2002 - 03 THERE IS N O REASON TO UPHOLD THE PROTECTIVE ADDITION IN ASSESSMENT YEAR 2003 - 04. HOWEVER, AS THE ISSUE IS NOT FINALLY SETTLED, THEREFORE, WE ALLOW THE AP PEAL OF THE REVENUE FOR ASSESSMENT YEAR 2003 - 04 ON THE BASIS THAT THE PROTECTIVE ADDITION SHALL ALSO CONTINUE TILL THE SUBSTANTIVE ADDITION IS FINALLY CONFIRMED IN THE HANDS OF THE ASSESSEE FOR ASSESSMENT YEAR 2002 - 03. IN VIEW OF THIS APPEAL OF THE REVENUE FOR ASSESSMENT YEAR 2003 - 04 IS ALLOWED AND APPEAL OF THE ASSESSEE FOR ASSESSMENT YEAR 2002 - 03 IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 3 1 / 07 / 2018 . - S D / - - S D / - ( DIVA SINGH ) (PRASHANT MAHARISHI) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED : 3 1 / 07 / 2018 A K KEOT COPY FORWARDED TO 1 . APPLICANT 2 . RESPONDENT 3 . CIT 4 . CIT (A) 5 . DR:ITAT ASSISTANT REGISTRAR ITAT, NEW DELHI