PARASPRABHU GRANITE STONES P. LTD, MUMBAI V. ITO 8(3)(1), MUMBAI

ITA 1398/MUM/2011

• Counselvise Citation: [2015] 121 COUNSELVISE.COM (IT) 0770 (ITAT-MUMBAI)
• Duration Of Justice: 4 year(s) 3 month(s) 16 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-06-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Next Hearing Date: 04-03-2015
• Assessment Year: 2003-2004
• Appeal Filed On: 17-02-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PREMANAND J
• Keywords: Business income
• Section: 143(3)

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, MUMBAI , , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER AND SHRI N.K . BILLAIYA, A CCOUNTANT M EMBER / I .T.A. NO . 1398 /MUM/ 2011 ( / ASSESSMENT YEAR : 2003 - 04 SHRI PARASPRABHU GRANITE STONES PVT. LTD., C/O D.C. BOTHRA & CO. 297, TARDEO ROAD, WILLIE MANSION, 1 ST FLOOR, OPP. BANK OF INDIA, NANACHOWK, MUMBAI - 400 007 / VS. THE ITO 8(3)(1), 2 ND FLOOR, AAYAKAR BHAVAN, MUMBAI - 400 020 ./ ./ PAN/GIR NO. : AACCS 3235N ( / APPELLANT ) .. ( / RESPONDENT ) / APPELLANT BY: SHRI RAJKUMAR SINGH / RESPONDENT BY : SHRI PREMANAND J. / DATE OF HEARING : 0 4 . 0 6 .2015 / DATE OF PRONOUNCEMENT : 0 4 .0 6 .2015 / O R D E R PER N.K. BILLAIYA, AM: THIS APPEAL BY THE ASSESSEE IS PREFERRED AGAINST THE ORDER OF THE LD. CIT(A) - 1 8 , MUMBAI DT. 12.11.2010 PERTAINING TO ASSESSMENT YEAR 200 3 - 04 . ITA. NO. 1398/M/2011 2 2. THE SOLE GRIEVANCE OF THE ASSESSEE RELATES TO THE LEVY OF PENALTY U/S. 271(1)(C) OF THE ACT. 3. AT THE VERY OUTSET, LD. COUNSEL FOR THE ASSESSEE STATED THAT ON IDENTICAL SET OF FACT THE TRIBUNAL HAS DELETED THE PENALTY IN ITA NO. 7328/M/2007 AND ITA NO. 698/M/04 IN THE CASES OF GROUP CONCERN. 4. THE LD. DEPARTMENTAL REPRESENTATIVE FAIRLY CONCEDED TO THIS. 5. A CAREFUL PERUSAL OF THE PENALTY ORDER SHOWS THAT THE PENALTY HAS BEEN LEVIED ON THE ADDITIONS MADE IN THE ASSESSMENT MADE U/S. 143(3) VIDE ORDER DT. 31.10.2005 WHEREIN BUSINESS INCOME WAS TREATED AS INCOME FROM HOUSE PROPERTY. ON IDENTICAL SET OF FACT IN ITA NOS. 7328/M/2007 AND 698/M/04, THE TRIBUNAL HAS CANCELLED THE LEVY OF PENALTY. AS NO DISTINGUISHING FACT /DECISION HAS BEEN BROUGHT ON REC ORD, RESPECTFULLY FOLLOWING THE DECISION OF THE CO - ORDINATE BENCH, THE PENALTY LEVIED IS DIRECTED TO BE DELETED. 5. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED. OR DER PRONOUNCED IN THE OPEN COURT AT THE TIME OF HEARING ON 4 TH JU NE , 2015 SD/ - SD/ - ( JOGINDER SING H ) (N.K. BILLAIYA) /JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED : 22 ND JUNE , 2015 . . ./ RJ , SR. PS ITA. NO. 1398/M/2011 3 / 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 . / BY ORDER, //TRUE COPY// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI