HTS SECURITIES P.LTD, MUMBAI V. ITO 4(1)(2), MUMBAI

ITA 1545/MUM/2011

• Counselvise Citation: [2013] 120 COUNSELVISE.COM (IT) 1886 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 11 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-02-2013
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: H
• Assessment Year: 2001-2002
• Appeal Filed On: 22-02-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: DIGESH RAMBHIA
• Keywords: Bad and doubtful debts

Judgement Text

ITA NO.1545 OF 2011 HTS SECURITIES PVT LTD MUMBAI PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL 'H' BENCH, MUMBAI BEFORE SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA, JUDICIAL MEMBER AND ITA NO.1545/MUM/2011 (ASSESSMENT YEAR: 2001-02) HTS SECURITIES (P) LTD C/O GAWANDE CONSULTANTS PVT LTD 801-MAHALAXMI CHAMBERS, 22, BHULLABHAI DESAI ROAD, MUMBAI 400026 PAN: AAACH 2781 C VS. INCOME TAX OFFICER 4(1)(2) MUMBAI (APPELLANT) (RESPONDENT) ASSESSEE BY: SHRI DIGESH RAMBHIA DEPARTMENT BY: SMT. NEERAJA PRADHAN, DR DATE OF HEARING: 04/02/2013 DATE OF PRONOUNCEMENT: 04/02/2013 O R D E R PER B. RAMAKOTAIAH, A.M. THIS IS AN ASSESSEES APPEAL AGAINST THE ORDER OF THE CIT (A)- 11, MUMBAI, DATED 16-12-2010, CONFIRMING THE PENALT Y UNDER SECTION 271(1)(C) OF ` 25,41,439 WITH REFERENCE TO THE CLAIM OF BAD DEBTS AND SUB BROKERAGE EXPENSES. 2. AT THE OUTSET THE LEARNED COUNSEL INFORMED THAT ASS ESSEE GOT RELIEF ON THE ABOVE TWO DISALLOWANCES MADE BY AO CO NSEQUENT TO THE DELETION BY THE CIT (A), WHICH WAS CONFIRMED BY ITA T IN REVENUE APPEAL IN ITA NO.2051/MUM/2011 DATED 30.03.2012. ON THE DELETION OF THE ADDITIONS ON WHICH THE PENALTY WAS LEVIED, THE QUESTION OF PENALTY UNDER SECTION 271(1)(C) DOES NO T ARISE. IN VIEW OF ITA NO.1545 OF 2011 HTS SECURITIES PVT LTD MUMBAI PAGE 2 OF 2 THIS, WE SET ASIDE THE ORDERS OF AO AND THE CIT (A) AND CANCEL THE PENALTY. GROUNDS ARE DEEMED ALLOWED. 3. IN THE RESULT APPEAL FILED BY ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 4 TH FEBRUARY, 2013 SD/- SD/- (AMIT SHUKLA) (B. RAMAKOTAIAH) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED 4 TH FEBRUARY, 2013. VNODAN/SPS COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CONCERNED CIT(A) 4. THE CONCERNED CIT 5. THE DR, H BENCH, ITAT, MUMBAI BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCHES, MUMBAI