JT. CIT (OSD) CIRCLE- 2(3), , MUMBAI V. M/S STOCK TRADERS P. LTD., MUMBAI

ITA 1816/MUM/2020

• Counselvise Citation: [2021] 104 COUNSELVISE.COM (IT) 8385 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 1 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-11-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Assessment Year: 1999-2000
• Appeal Filed On: 24-09-2020
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 271(1)(c); 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E” MUMBAI BEFORE SHRI C.N. PRASAD (JUDICIAL MEMBER) AND SHRI S. RIFAUR RAHMAN (ACCOUNTANT MEMBER) ITA No. 1816/MUM/2020 Assessment Year: 1999-2000 Jt. CIT (OSD) Circle-2(3)(2), Room No. 552, 5 th floor, Aayakar Bhavan, M.K. Road, Mumbai-400020. Vs. M/s Stock Traders Pvt. Ltd., 63, Sonowala Co-op Housing Society Bombay Samachar Marg, Fort, Mumbai-400 001. PAN No. AAACS 7235 A AppellantRespondent Revenueby:Mr. B.K. Bagchi, DR Assessee by:None D at e o f H e a r i n g:16/11/2021 D a t e o f p r o n o u n c e m e n t:16/11/2021 ORDER PER S. RIFAUR RAHMAN, A.M. The present appeal filed by the assessee is against the order of Commissioner of Income Tax (Appeals)-6, Mumbai [in short ‘CIT(A)’] for the assessment year 1999-2000 dated 19.02.2020 and arises out of assessment completed u/s 143(3) of the Income Tax Act, 1961 (in short the Act). 2.At the outset, it is noticed that none appeared on behalf of assessee in spite of calls and even no application for adjournment was moved. On the other hand, Ld. DR is present in the court and is ready with arguments. Therefore, we M/s Stock Traders Pvt. Ltd. ITA No. 1816/M/2020 2 have decided to proceed with the hearing of the caseex-partewith the assistance of the Ld. DR and the material placed on record. 3.At the time of hearing, it is brought to our notice that this appeal pertains to penalty levied by the Assessing Officer u/s 271(1)(c) of the Income Tax Act. It is levied on the quantum appeal which was settled by the assessee under VSV Scheme and the same was accepted by the Revenue. Accordingly, the assessee has paid the relevant tax. In support of the above claim, the AR of the assessee filed the relevant Forms 1 to 5 under VSV Scheme. The above appeal was pending before the Hon’ble High Court. Since the assessee preferred to settle the quantum appeal under VSV Scheme. The relevant penalty appeal pending before us becomes infructuous. Accordingly, the same is dismissed. 4.In the result, the appeal filed by the Revenue is dismissed. Order pronounced in the open Court on 16/11/2021. Sd/-Sd/- (C.N. PRASAD)(S. RIFAUR RAHMAN) JUDICIAL MEMBERACCOUNTANT MEMBER Mumbai; Dated: 16/11/2021 Rahul Sharma, Sr. P.S. Copy of the Order forwarded to : 1.The Appellant 2.The Respondent. 3.The CIT(A)- 4.CIT 5.DR, ITAT, Mumbai 6.Guard file. M/s Stock Traders Pvt. Ltd. ITA No. 1816/M/2020 3 BY ORDER, //True Copy// (Sr. Private Secretary) ITAT, Mumbai