YES POWER & INFRASTRUCTURE LTD ( FORMERLY KNON AS YAMUNA ENGINEERS & SUPPLIERS LTD), MUMBAI V. ITO 4(3)(3), MUMBAI

ITA 1977/MUM/2012

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 88498 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 11 month(s) 7 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-03-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: G
• Next Hearing Date: 02-03-2015
• Assessment Year: 2005-2006
• Appeal Filed On: 26-03-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PAVAN KUMAR BEER LA
• Assessee Lawyers: MAHESH O RAJORA
• Section: 143(3)

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL G BE NCH, MUMBAI , ! '# $ $ $ $ , '# % BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI VIVEK VARMA, JUDICIAL MEMBER ./I .T.A. NO. 1977.MUM/2012 ( & & & & / ASSESSMENT YEAR : 2005-06 M/S.YES POWER & INFRASTRUCTURE LTD., (FORMERLY KNOWN AS YAMUNA ENGINEERS & SUPPLIERS PVT. LTD.) R. NO. 173, VIJAY NIWAS, NEAR OLD WATER TANK, G.B. ROAD, THANE (W), MUMBAI-400 606 / VS. THE ITO-4(3)(3), AAYAKAR BHAVAN, M.K. ROAD, MUMBAI-400 020 #' ! ./ ( ./ PAN/GIR NO. : AAACY 1055A ( ') / APPELLANT ) .. ( *+') / RESPONDENT ) ') , / APPELLANT BY: SHRI MAHESH O. RAJORA *+') - , / RESPONDENT BY: SHRI PAVAN KUMAR BEERLA - ./! / DATE OF HEARING :02.03.2015 01& - ./! / DATE OF PRONOUNCEMENT :02.03.2015 '2 / O R D E R PER N.K. BILLAIYA, AM: THIS APPEAL BY THE ASSESSEE IS PREFERRED AGAINST T HE ORDER OF THE LD. CIT(A)-8, MUMBAI DT.187.01.2012 PERTAINING TO A SSESSMENT YEAR 2005-06. ITA NO. 1977/M/2012 2 2. THE SOLE GRIEVANCE OF THE ASSESSEE IS THAT THE L D. CIT(A) ERRED IN CONFIRMING THE LEVY OF PENALTY OF RS. 38 LAKHS U/S. 271(1)(C) OF THE ACT. 3. AT THE VERY OUTSET, THE LD. COUNSEL FOR THE ASSE SSEE STATED THAT THE QUANTUM ADDITIONS MADE IN THE ASSESSMENT PROCEEDING S HAVE BEEN DELETED BY THE TRIBUNAL IN ITA NO. 2228/M/2010. 4. THE LD. DEPARTMENTAL REPRESENTATIVE FAIRLY CONCE DED TO THIS. 5. WE HAVE CAREFULLY PERUSED THE ORDERS OF THE AUTH ORITIES BELOW AND THE DECISION OF THE TRIBUNAL BROUGHT TO OUR NOTICE BY THE LD. COUNSEL. WE FIND THAT THE PENALTY HAS BEEN LEVIED ON ACCOUNT OF THE ADDITION MADE FOR SHORTFALL IN GROSS PROFIT IN THE ASSESSMENT ORD ER MADE U/S. 143(3) OF THE ACT DT. 31.12.2007. WE FIND THAT THE ADDITIONS MADE IN THE ASSESSMENT PROCEEDINGS HAVE BEEN DELETED BY THE TRIBUNAL IN IT A NO. 2228/M/10 VIDE PARA-14 OF THE ORDER. 6. AS THE VERY BASIS FOR THE LEVY OF PENALTY HAS BE EN REMOVED BY THE TRIBUNAL, THERE REMAINS NO REASON FOR THE LEVY OF P ENALTY. WE, ACCORDINGLY DIRECT THE AO TO DELETE THE PENALTY LEV IED U/S. 271(1)(C) OF THE ACT. 7. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF H EARING ON 2 ND MARCH, 2015 SD/- SD/- (VIVEK VARMA ) (N.K. BILLAIYA) '# /JUDICIAL MEMBER ! '# / ACCOUNTANT MEMBER MUMBAI; 3' DATED : 2 ND MARCH, 2015 . . ./ RJ , SR. PS ITA NO. 1977/M/2012 3 '2 '2 '2 '2 - -- - *. *. *. *. 4&. 4&. 4&. 4&. / COPY OF THE ORDER FORWARDED TO : 1. ') / THE APPELLANT 2. *+') / THE RESPONDENT. 3. 5 ( ) / THE CIT(A)- 4. 5 / CIT 5. 67 *. , , / DR, ITAT, MUMBAI 6. 78 9 / GUARD FILE. '2 '2 '2 '2 / BY ORDER, +. *. //TRUE COPY// : :: : / ; ; ; ; (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI