SHANTILAL L JAIN, MUMBAI V. ITO WD 14(1)(4), MUMBAI

ITA 2124/MUM/2015

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 0421 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 4 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-08-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2010-2011
• Appeal Filed On: 10-04-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: T A KHAN LD
• Assessee Lawyers: RITIKA AGARWAL LD
• Keywords: Deemed dividend
• Section: 143(3)

Judgement Text

ITA NO 2124/MUM/2015 SHANTILAL L.JAIN ASSESSMENT YEAR 2010-11 IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, MUMBAI . . , , BEFORE SHRI D.T. GARASIA, JM AND SHRI MANOJ KUMAR AGGARWAL, AM ./I.T.A. NO.2124/MUM/2015 ( / ASSESSMENT YEAR: 2010-11) SHANTILAL L. JAIN 2A, JAIHIND BUILDING NO.1, DR.A.M.ROAD BHULESHWAR MUMBAI 400 002 / VS. INCOME TAX OFFICER WARD 14(1)(4) 2 ND FLOOR, ROOM NO.203 EARNEST HOUSE NCP MARG MUMBAI -400 021 ! ./ ./PAN/GIR NO. AABPJ-9086-G ( !# /APPELLANT ) : ( $%!# / RESPONDENT ) ASSESSEE BY : RITIKA AGARWAL, LD. AR REVENUE BY : T.A.KHAN, LD. DR / DATE OF HEARING : 10/08/2017 / DATE OF PRONOUNCEMENT : 11 /08/2017 ITA NO 2124/MUM/2015 SHANTILAL L.JAIN ASSESSMENT YEAR 2010-11 2 / O R D E R PER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. THE CAPTIONED APPEAL BY ASSESSEE FOR ASSESSMENT YEAR [AY] 2010-11 ASSAILS THE ORDER OF LD. COMMISSIONER OF IN COME TAX (APPEALS)-29 [CIT(A)], MUMBAI DATED 27/02/2015 QUA CONFIRMATION OF PENALTY U/S 271(1)(C) FOR RS.26,23,461/-. 2. FACTS LEADING TO THE SAME ARE THAT THE ASSESSEE BEING RESIDENT INDIVIDUAL HAS BEEN ASSESSED FOR IMPUGNED AY U/S 143(3) ON 22/03/2013 WHERE THE ASSESSEE, INTER-ALIA, SUFFERED ADDITION OF RS.84,90,169/- ON ACCOUNT OF DEEMED DIVIDEND U/S 2(22)(E) OF THE INCOME TAX ACT, 1961. AGAINST THIS ADDITION, PENALT Y PROCEEDINGS U/S 271(1)(C) WERE INITIATED IN THE QUANTUM ASSESSMENT AND AN AMOUNT OF RS.26,23,461/- HAS BEEN IMPOSED ON THE ASSESSEE AS PENALTY U/S 271(1)(C) BY LD. AO VIDE PENALTY ORDER DATED 13/09/ 2013. THE SAME WAS CONTESTED WITHOUT ANY SUCCESS BEFORE LD. CIT(A) VIDE IMPUGNED ORDER DATED 27/02/2015 AND HENCE THE ASSESSEE IS IN SECOND APPEAL BEFORE US. 3. AT THE OUTSET, LD. REPRESENTATIVE FOR ASSESSEE [ AR] DREW OUR ATTENTION TO THE FACT THAT THE QUANTUM ADDITION U/S 2(22)(E) WERE CONTESTED BY THE ASSESSEE BEFORE THIS TRIBUNAL VIDE ITA NO. 2123/MUM/2015 VIDE ORDER DATED 11/01/2016 WHERE THE MATTER HAS BEEN RESTORED BACK TO THE FILE OF LD. CIT(A) FOR FRESH A DJUDICATION ON MERIT SINCE THE QUANTUM APPEAL BEFORE LD. CIT(A) WAS FILE D WITH A DELAY AND THE DELAY WAS NOT CONDONED. THE COPY OF THE ORDER H AS BEEN PRODUCED BEFORE US. IN VIEW OF THE SAME, THE LD. AR CONTENDE D THAT THE PENALTY, ITA NO 2124/MUM/2015 SHANTILAL L.JAIN ASSESSMENT YEAR 2010-11 3 BEING CONSEQUENTIAL TO QUANTUM ADDITION, MAY ALSO B E RESTORED BACK TO LD. CIT(A) FOR FRESH ADJUDICATION ON THE BASIS OF DECISION IN QUANTUM ADDITIONS. THE LD. DR RAISED NO SERIOUS CONTENTIONS AGAINST THE SAME. 4. AFTER PERUSAL OF THE TRIBUNALS ORDER AS CITED A BOVE, WE CONCUR WITH THE CONTENTIONS OF LD. AR AND THEREFORE, RESTORE TH E MATTER BACK TO THE FILE OF LD. CIT(A) FOR FRESH ADJUDICATION IN TERMS OF DECISION IN QUANTUM ADDITION. 5. RESULTANTLY, THE ASSESSEES APPEAL STANDS ALLOWE D FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 11 TH AUGUST, 2017. SD/- SD/- (D.T. GARASIA) (MANOJ KUMAR AGGARWAL) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI; DATED : 11 . 08.2017 SR.PS:- THIRUMALESH ! / COPY OF THE ORDER FORWARDED TO : 1. !# / THE APPELLANT 2. $%!# / THE RESPONDENT 3. , ( ) / THE CIT(A) 4. , / CIT CONCERNED 5. $'. , . , / DR, ITAT, MUMBAI 6. / / GUARD FILE / BY ORDER, / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI