RAMESH SUMERMAL SHAH, MUMBAI V. DCIT CEN CIR 36, MUMBAI

ITA 1936/MUM/2013

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 8985 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 10 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-01-2017
• Appeal Filed By: Assessee
• Bench Allotted: D
• Next Hearing Date: 08-12-2015
• Assessment Year: 2001-2002
• Appeal Filed On: 11-03-2013
• Court: TRIBUNAL
• Assessee Lawyers: KENYURI DESAI
• Keywords: Unexplained cash credit; Gift
• Section: 54F; 153A; 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH, MUMBAI BEFORE SHRI B.R. BASKARAN (AM) & SHRI RAVISH SOOD (JM) I.T.A. NO. 1936 /MUM/20 13 (ASSESSMENT YEAR 20 01 - 02 ) SHRI RAMESH SUMERMAL SHAH 220, COMMERCE HOUSE 140, N.M. ROAD FORT MUMBAI - 400 023. VS. DC IT CC - 36 11/43 GR. FLOOR AAYAKAR BHAVAN M.K. ROAD MUMBAI - 400 020. ( APPELLANT ) ( RESPONDENT ) PAN NO . AAGPS9863H ASSESSEE BY MS. KENYURI DESAI DEPARTMENT BY S HRI PURUSHOTTAM KUMAR DATE OF HEARING 1 1 .1 . 201 7 DATE OF PRONOUNCEMENT 11 . 1 . 201 7 O R D E R PER B.R. BASKARAN (AM) : - THE APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER DATED 17.1.2013 PASSED BY THE LEARNED CIT(A) - 41, MUMBAI CONFIRMING THE PENALTY LEVIED BY THE ASSESSING OFFICER U/S. 271(1)(C) OF THE I.T. ACT FOR A.Y. 200 1 - 02. 2. LEARNED COUNSEL APPEARING FOR THE ASSESSEE SUBMITTED THAT THE ASSESSING OFFICER LEVIED PENALTY ON THE DISALLOWANCE OF EXEMPTION CLAIMED U/S. 54F OF THE ACT AND ALSO ON ASSESSMENT OF GIFT OF ` 2.25 CRORES RECEIVED BY THE ASSESSEE U/S. 68 OF THE AC T. THE LEARNED CIT(A) DELETED THE PENALTY LEVIED ON WITHDRAWAL OF DEDUCTION U/S. 54F OF THE ACT AND CONFIRMED THE PENALTY LEVIED ON THE ASSESSMENT OF GIFT RECEIVED REFERRED ABOVE. LEARNED COUNSEL SUBMITTED THAT THE ASSESSEE HAS CHALLENGED THE ASSESSMENT OF GIFT AS UNEXPLAINED CASH CREDIT U/S. 68 OF THE ACT BY FILING APPEAL BEFORE THE TRIBUNAL. SHE SUBMITTED THAT THE TRIBUNAL HAS DECIDED THE ISSUE IN FAVOUR OF THE ASSESSEE , VIDE ITS ORDER DATED 28.11.2016 PASSED IN ITA NO. 414/MUM/2010, WHEREIN THE TRIBUNAL DELETED THE ADDITION OF ` 2.25 CRORES MADE BY THE ASSESSING OFFICER U/S. 68 OF SHRI RAMESH SUMERMAL SHAH 2 THE ACT ON THE GROUND THAT THE ASSESSING OFFICER HAS NO JURISDICTION U/S. 153A OF THE ACT TO ASSESS THE GIFT U/S. 68 OF THE ACT. ACCORDINGLY, LEARNED AR SUBMITTED THAT THE IMPUG NED PENALTY WILL NOT SURVIVE IN THE FACTS STATED ABOVE. 3. LEARNED DEPARTMENTAL REPRESENTATIVE DID NOT CONTRADICT THE FACTUAL ASPECT S PRESENTED BY LEARNED AR. 4. HAVING HEARD THE RIVAL SUBMISSIONS, WE AGREE WITH THE SUBMISSIONS MADE BY LEARNED AR THAT TH E IM PUGNED PENALTY ON THE CASH CREDIT ADDITION WILL NOT SURVIVE , SINCE THE ADDITION ON WHICH THE PENALTY WAS LEVIED HAS BEEN DELETED BY THE TRIBUNAL. ACCORDINGLY, WE SET ASIDE THE ORDER PASSED BY THE LEARNED CIT(A) ON THIS ISSUE AND DIRECT THE ASSESSING OF FICER TO DELETE THE PENALTY LEVIED ON THE CASH CREDIT REFERRED ABOVE. 5. IN THE RESULT, APPEAL FILED BY THE ASSESSEE IS ALLOWED. ORDER HAS BE EN PRONOUNCED IN THE COURT ON 11 . 1 .201 7. SD/ - SD/ - (RAVISH SOOD ) (B.R.BASKARAN) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED : 11 / 1 / 20 1 7 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. BY ORDER, //TRUE COPY// ( DY./ASSTT. REGISTRAR) PS ITAT, MUMBAI