Income-tax Officer, V. Shri Mahmood H. Musavi, Pune

ITA 1619/PUN/2015

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 1706 (ITAT-PUNE)
• Duration Of Justice: 6 month(s) 8 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-06-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2007-2008
• Appeal Filed On: 09-12-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SUDHANSHU SHEKHAR
• Keywords: Unexplained cash credit

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH B, PUNE . . , ! , # $ BEFORE SHRI R.K. PANDA, AM AND SHRI VIKAS AWASTHY, JM . / ITA NO.1619/PN/2015 #& & / ASSESSMENT YEAR : 2007-08 ITO, WARD - 6(3), PUNE . / APPELLANT V/S SHRI MAHMOOD H. MUSAVI, 301/302, SUNNY CLIMES, 951, NANA PETH, PUNE 411 001 PAN NO. ABBPN0508R . / RESPONDENT / ASSESSEE BY : SHRI NIKHIL PATHAK / REVENUE BY : SHRI SUDHANSHU SHEKHAR / ORDER PER R.K.PANDA, AM : THIS APPEAL FILED BY THE REVENUE IS DIRECTED AGAINST THE O RDER DATED 30-10-2015 OF THE CIT(A)-IV, PUNE RELATING TO THE ASSESSMENT YEAR 2007-08. 2. THE REVENUE IN THE GROUNDS OF APPEAL HAS CHALLENGED THE ORDER OF THE CIT(A) IN DELETING THE PENALTY OF RS.13,08,818/ - LEVIED BY THE AO U/S.271(1)(C) OF THE I.T. ACT. 3. THE LD. COUNSEL FOR THE ASSESSEE AT THE OUTSET SUBM ITTED THAT THE ADDITION OF RS.38,76,523/- MADE BY THE AO ON ACC OUNT OF UNEXPLAINED CASH CREDIT U/S.68 OF THE I.T. ACT HAS BEEN D ELETED BY / DATE OF HEARING :16.06.2016 / DATE OF PRONOUNCEMENT:17.06.2016 2 ITA NO.1619/PN/2015 THE TRIBUNAL IN ITA NO.1232/PN/2010 ORDER DATED 30-04-3 015 FOR A.Y. 2007-08. SINCE THE VERY BASIS ON WHICH PENALTY WAS LE VIED HAS BEEN DELETED BY THE TRIBUNAL, THEREFORE, THE PENALTY D OES NOT SURVIVE. SINCE THE CIT(A) HAS DELETED THE PENALTY ON THE BASIS OF THE ORDER OF THE TRIBUNAL, THEREFORE, THE GROUNDS RAISED B Y THE REVENUE SHOULD BE DISMISSED. 4. THE LD. DEPARTMENTAL REPRESENTATIVE FAIRLY CONCEDED THAT THE TRIBUNAL HAS DELETED THE QUANTUM ADDITION AND THEREFORE PENALTY DOES NOT SURVIVE. 5. AFTER HEARING BOTH THE SIDES, WE FIND THE TRIBUNAL IN ASSESSEES OWN CASE IN ITA NO.1232/PN/2010 ORDER DATE D 30-04-2015 FOR A.Y. 2007-08 HAS DELETED THE ADDITION OF RS.38,76,523/-MADE BY THE AO U/S.68 OF THE I.T. ACT, 1961 /-. SINCE THE VERY BASIS ON WHICH PENALTY WAS LEVIED DOES NOT SURVIVE, THEREFORE, THERE IS NO QUESTION OF LEVY OF PENALTY U/S.271(1)(C ) OF THE I.T. ACT. SINCE THE CIT(A) IN THE INSTANT CASE HAS CANCELL ED THE PENALTY ON THE BASIS OF THE ORDER OF THE TRIBUNAL DELETING THE ADDITION MADE BY THE AO U/S.68 OF THE I.T. ACT, THEREFORE, WE DO NOT FIND ANY INFIRMITY IN THE SAME. GROUNDS RAISED BY THE REVEN UE ARE ACCORDINGLY DISMISSED. 6. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 17-06-2016. SD/- SD/- ( VIKAS AWASTHY ) ( R.K. PANDA ) JUDICIAL MEMBER ACCOUNTANT MEMBER PUNE ; DATED : 17 TH JUNE, 2016. 3 ITA NO.1619/PN/2015 ) *#,! -! / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT 3. THE CIT(A),IV, PUNE 4. 5. 6. THE CIT-IV, PUNE $ ''(, (, / DR, ITAT, B PUNE; - / GUARD FILE. / BY ORDER , // TRUE COPY // // $ ' //TRUE /0 ' ( / SR. PRIVATE SECRETARY (, / ITAT, PUNE