DCIT., Circle-16(2), Hyderabad, Hyderabad V. M/s Omicron Biogenesis Limited, Hyderabad

ITA 1623/HYD/2014

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 6110 (ITAT-HYDERABAD)
• Duration Of Justice: 2 year(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 26-10-2016
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 18-07-2016
• Assessment Year: 2007-2008
• Appeal Filed On: 21-10-2014
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: K J RAO

Judgement Text

ITA NO 1623 OF 2014 OMICRON BIO- GENESIS LTD HYDERABAD PAGE 1 OF 2 IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD B BENCH, HYDERABAD BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S.RIFAUR RAHMAN, ACCOUNTANT MEMBER ITA NO.1623/HYD/2014 (ASSESSMENT YEAR: 2007-08) ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE 16(2) HYDERABAD VS M/S. OMICRON BIOGENESIS LIMITED HYDERABAD PAN: AAACJ 7423 K FOR REVENUE: SHRI K.J. RAO, DR FOR ASSESSEE : SHRI KUMAR PAL O R D E R PER SMT. P. MADHAVI DEVI, J.M. THIS IS REVENUES APPEAL FOR THE A.Y 2007-08 AGAINST THE LEVYING OF PENALTY U/S 271(1)(C) OF THE ACT. 2. AT THE TIME OF HEARING, IT IS BROUGHT TO OUR NOT ICE BY THE LEARNED DR THAT THE QUANTUM APPEAL OF THE ASSES SEE FOR THE SAME A.Y 2007-08 HAD COME UP FOR HEARING BEFORE THIS TRIBUNAL IN ITA NO.88/HYD/2011 AND THE TRIBUNAL HAS REMITTED THE ISSUE TO THE FILE OF THE AO FOR DE NOVO CONSIDERATION. THEREFORE, THE PENALTY ALSO HAS TO BE SET ASIDE. A COPY OF THE ORD ER OF THE TRIBUNAL DATED 27.07.2016 IS ALSO FILED BEFORE US. ON GOING THROUGH THE SAME, WE FIND THAT THE QUANTUM APPEAL H AS BEEN SET ASIDE TO THE FILE OF THE AO FOR DE NOVO CONSIDERATION. WITHOUT THE ASSESSMENT ORDER, THE PENALTY HAS NO LEGS TO STAND. IN VIEW OF THE DATE OF HEARING : 19.10.2016 DATE OF PRONOUNCEMENT : 26.10.2016 ITA NO 1623 OF 2014 OMICRON BIO- GENESIS LTD HYDERABAD PAGE 2 OF 2 SAME, WE REMAND THE ISSUE OF LEVY OF PENALTY ALSO T O THE FILE OF THE AO WITH A DIRECTION TO ISSUE FRESH PROCEEDINGS IN T HE EVENT ANY ADDITIONS ARE MADE IN THE REMAND PROCEEDINGS AND TH E PROCEEDINGS U/S 271(1)(C) ARE ATTRACTED. 3. IN THE RESULT, REVENUES APPEAL IS ALLOWED FOR S TATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 26 TH OCTOBER, 2016. SD/- SD/- (S.RIFAUR RAHMAN) ACCOUNTANT MEMBER (P. MADHAVI DEVI) JUDICIAL MEMBER HYDERABAD, DATED 26 TH OCTOBER, 2016. VINODAN/SPS COPY TO: 1 ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE 16(2) H YDERABAD 2 M/S. OMICRON BIOGENESIS LTD, 202, SARAKA APARTMEN TS, SANJEEVA REDDY NAGAR, HYDERABAD 3 CIT (A)-V HYDERABAD 4 CIT IV HYDERABAD 5 THE DR, ITAT HYDERABAD 6 GUARD FILE BY ORDER