Dy. Commissioner of Income Tax , International Taxation-2, Hyderabad V. Sashi Parvatha Reddi, Hyderabad

ITA 173/Hyd/2019

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 6725 (ITAT-HYDERABAD)
• Duration Of Justice: 5 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-07-2019
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: DB-A
• Assessment Year: 2012-2013
• Appeal Filed On: 07-02-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: Y V S T SAI
• Assessee Lawyers: NIDA ZIA
• Keywords: Set aside
• Section: 271(1)(c)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH A, HYDERABAD BEFORE SHRI P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER ITA NO. 173/HYD/2019 ASSESSMENT YEAR: 2012-13 DCIT, INTERNATIONAL TAXATION-2 HYDERABAD. VS. SASHI PARVATHA REDDI, HYDERABAD. PAN ADYPR7774H (APPLICANT) (RESPONDENT) REVENUE BY : SHRI Y.V.S.T. SAI ASSESSEE BY : SMT. NIDA ZIA DATE OF HEARING : 24-07-2019 DATE OF PRONOUNCEMENT : 31-07-2019 ORDER PER S. RIFAUR RAHMAN, J.M.: THIS APPEAL IS FILED BY THE ASSESSEE FOR THE A.Y 2012- 13 AGAINST THE ORDER OF THE CIT(A)-10, HYDERABAD, DATED 28.11.2018. 2. BRIEF FACTS OF THE CASE ARE, ASSESSEE IS AN INDIVIDUAL, NRI, FILED HIS RETURN OF INCOME FOR THE A.Y 2012-13 DECLARED INCOME OF RS. 61.49 CRORES, WHICH INCLUDES LONG TERM CAPITAL GAINS, INCOME FROM OTHER SOURCES AND INCOME FROM HOUSE PROPERTY. THE CASE WAS SELECTED FOR SCRUTINY AND AT THE TIME OF ASSESSMENT PROCEEDINGS THE A.O NOTICED THAT ASSESSEE HAS PAID TAX @ 10% INSTEAD OF 20% ON LONG TERM CAPITAL GAINS. AGAINST THE ABOVE ORDER THE ASSESSEE PREFERRED AN APPEAL BEFORE THE CIT(A) AND ITAT. THE COORDINATE BENCH HAS DELETED THE QUANTUM APPEAL AND 2 ITA.NO. 173/HYD/2019 SRI SASHI PARVATHA REDDI, HYDERABAD. ADJUDICATED IN FAVOUR OF THE ASSESSEE, AGAINST THE ABOVE QUANTUM A.O INITIATED PENALTY PROCEEDINGS U/S 271(1)(C) OF THE ACT AND LEVIED PENALTY 200% OF THE TAX ON CONCEALED INCOME. 3. AGGRIEVED WITH THE ABOVE ORDER THE ASSESSEE PREFERRED AN APPEAL BEFORE THE CIT(A) AND LD. CIT(A) SET ASIDE THE ORDER OF THE A.O BY OBSERVING THAT ITAT HAS ALREADY DELETED THE QUANTUM ADDITION. ACCORDINGLY, HE DIRECTED THE A.O TO DELETE THE PENALTY LEVIED. AGGRIEVED WITH THE ABOVE ORDER THE REVENUE IS IN APPEAL BEFORE US. 4. AT THE TIME OF HEARING LD. DR BROUGHT TO OUR NOTICE THE ABOVE FACTS, THEREFORE WE NOTICED THAT THE QUANTUM OF ADDITION ON WHICH THE PENALTY PROCEEDINGS WERE INITIATED WAS ALREADY DELETED BY THE CO-ORDINATE BENCH. HENCE, THE PENALTY CANNOT BE LEVIED. THEREFORE, WE ARE INCLINED TO ACCEPT THE FINDINGS OF LD. CIT(A). SINCE THERE IS NO QUANTUM ADDITION, THERE IS NO REASON TO SUSTAIN THE PENALTY LEVIED. ACCORDINGLY DISMISS THE GROUND RAISED BY THE REVENUE. 5. IN THE RESULT APPEAL FILED BY THE REVENUE IS DISMISSED. PRONOUNCED IN THE OPEN COURT ON 31 ST JULY, 2019. SD/- SD/- (P. MADHAVI DEVI) (S. RIFAUR RAHMAN) JUDICIAL MEMEBR ACCOUNTANT MEMBER HYDERABAD, DATED: 31 ST JULY, 2019. 3 ITA.NO. 173/HYD/2019 SRI SASHI PARVATHA REDDI, HYDERABAD. KRK 1) SRI SASHI PARVATHA REDDI, 4056H, 45 JUBILEE HILLS, HYDERABAD. 2) DY. CIT, INTERNATIONAL TAXATION -2, HYDERABAD. 3) CIT(A)-10, HYDERABAD 4) CIT (IT & TP) HYDERABAD. 5) THE DEPARTMENTAL REPRESENTATIVE, I.T.A.T., HYDERABAD. 6) GUARD FILE.