M/s. SHASHI INVESTMENT & FINANCE LTD., MUMBAI V. ITO Wd. - 8(3)(1), MUMBAI

ITA 1684/MUM/2007

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 1354 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 4 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-06-2010
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: E
• Next Hearing Date: 17-06-2010
• Assessment Year: 2001-2002
• Appeal Filed On: 23-02-2007
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: HEMANT J LAL
• Assessee Lawyers: R C JAIN
• Section: 271(1)(c)

Judgement Text

ITA NO. 1684/MUM/2007 ASSESSMENT YEAR : 2001-02 PAGE 1 OF 4 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI E BENCH, MUMBAI BEFORE SHRI D. MANMOHAN, (VICE PRESIDENT) AND SHRI PRAMOD KUMAR (ACCOUNTANT MEMBER) ITA NO. 1684/MUM/2007 ASSESSMENT YEAR 2001-02 DATE OF HEARING : 17.6.2010 SHASHI INVESTMENT & FINANCE LTD. ...... APPELLANT C/O K.K. KHADARIA & CO. CHARTERED ACCOUNTANTS 1-A, HILL VIEW APARTMENTS NR. NAVRANG CINEMA, J.P. ROAD AHDNERI (W), MUMBAI 400 058 PAN AAECS5940G VS. INCOME TAX OFFICER 8(3)(1) .. RESPONDE NT AAYAKAR BHAVAN, M.K. ROAD MUMBAI 400 020 APPELLANT BY : SHRI R.C. JAIN RESPONDENT BY : SHRI HEMANT J. LAL ITA NO. 1684/MUM/2007 ASSESSMENT YEAR : 2001-02 PAGE 2 OF 4 O R D E R PER PRAMOD KUMAR: 1. BY WAY OF THIS APPEAL, THE ASSESSEE HAS CHALLENG ED CORRECTNESS OF ORDER DATED 30 TH NOVEMBER 2006, PASSED BY THE LEARNED COMMISSIONER (APPEALS) XXIX, MUMBAI, UPHOLDING PENALTY OF RS.2,61,03,000/- IMPOS ED ON THE ASSESSEE U/S 271(1)(C) OF THE INCOME TAX ACT, 1961 FOR ASSESSME NT YEAR 2001-02. 2. WHEN THE APPEAL WAS CALLED OUT, LD. COUNSEL FOR THE ASSESSEE INVITED OUR ATTENTION TO THE ORDER DATED 20 TH AUGUST 2009, PASSED BY A CO-ORDINATE BENCH OF THIS TRIBUNAL IN RESPECT OF THE RELATED QU ANTUM PROCEEDINGS. BY WAY OF THE SAID ORDER, THE CO-ORDINATE BENCH HAS DELETE D THE QUANTUM ADDITION IN RESPECT OF WHICH THE IMPUGNED PENALTY WAS LEVIED. I T WAS SUBMITTED THAT THE RELATED QUANTUM PROCEEDINGS HAVE BEEN DELETED BY A CO-ORDINATE BENCH, THE VERY FOUNDATION OF THE IMPUGNED PENALTY CEASES TO E XIST. WE WERE, THUS, ASKED TO CANCEL THE PENALTY IN IMPUGNED BEFORE US. 3. LD. DEPARTMENTAL REPRESENTATIVE DOES NOT DISPUTE TH E FACTS EMBEDDED IN THE SUBMISSIONS OF THE LD. COUNSEL BUT RATHER BEAUTIFUL LY RELIES UPON THE ORDERS OF THE AUTHORITIES BELOW. 4. IN VIEW OF THE ABOVE DISCUSSION AND BEARING IN MIND THE FACT THAT THE RELATED QUANTUM ADDITION IS ITSELF DELETED, WE ARE OF THE C ONSIDERED VIEW THAT THE IMPUGNED ITA NO. 1684/MUM/2007 ASSESSMENT YEAR : 2001-02 PAGE 3 OF 4 PENALTY IS ALSO TO BE DELETED. CONSEQUENTLY, WE CAN CEL THE IMPUGNED PENALTY. THE ASSESSEE GETS RELIEF ACCORDINGLY. 5. IN THE RESULT, ASSESSEES APPEAL IS ALLOWED. PRONOU NCED IN THE OPEN COURT TODAY ON THIS 30 TH DAY OF JUNE 2010. SD/XX SD/XX (D. MANMOHAN) (PRAMOD KUMAR) VICE PRESIDENT ACCOUNTANT MEMBER MUMBAI; 30 TH DAY OF JUNE 2010. COPY FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. DIRECTOR OF INCOME TAX (INTERNATIONAL TAXATION), MUMBAI 4. COMMISSIONER (APPEALS) , MUMBAI 5. DEPARTMENTAL REPRESENTATIVE, E BENCH, ITAT, MUMB AI 6. GUARD FILE TRUE COPY BY ORDER ASSISTANT REGISTRAR PRADEEP J. CHOWDHURY INCOME TAX APPELLATE TRIBUNAL SR. PRIVATE SECRETARY MUMBAI BENCHES, MUMBAI ITA NO. 1684/MUM/2007 ASSESSMENT YEAR : 2001-02 PAGE 4 OF 4 DATE INITIAL 1. DRAFT DICTATED ON 21.6.2010 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 22.6.2010 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER 22.6.2010 JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER 22.6.2010 JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS 22.6.2010 SR.PS/PS 6. DATE OF PRONOUNCEMENT 30.6.2010 SR.PS 7. FILE SENT TO THE BENCH CLERK 30.6.2010 SR.PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER