HIKAL LTD, MUMBAI V. DCIT CIR 3(1), MUMBAI

ITA 220/MUM/2014

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 4262 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 2 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-04-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: H
• Assessment Year: 2002-2003
• Appeal Filed On: 08-01-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: E SRIDHAR
• Section: 27

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH H, MUMBAI BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER AND SHRI RAJESH KUMAR, ACCOUNTANT MEMBER ITA NO.220/M/2014 ASSESSMENT YEAR: 2002-03 M/S. HIKAL LTD., 717/718, MAKER CHAMBERS V, NARIMAN POINT, MUMBAI -21 PAN: AAACH 0383A VS. DY. COMMISSIONER OF INCOME TAX, CIRCLE 3(1), MUMBAI (APPELLANT) (RESPONDENT) PRESENT FOR: ASSESSEE BY : SHRI SANJAY PARIKH, A.R. REVENUE BY : SHRI E. SRIDHAR, D.R. DATE OF HEARING : 04.04.2016 DATE OF PRONOUNCEMENT : 04.04.2016 O R D E R PER SANJAY GARG, JUDICIAL MEMBER: THE PRESENT APPEAL HAS BEEN PREFERRED BY THE ASSES SEE AGAINST THE ORDER DATED 14.10.2013 OF THE COMMISSIONER OF INCOME TAX (APPEALS) [HEREINAFTER REFERRED TO AS THE CIT(A)] RELEVANT TO ASSESSMENT Y EAR 2002-03 AGITATING THE CONFIRMATION OF THE PENALTY LEVIED UNDER SECTION 27 1(1)(C) OF THE ACT. 2. AT THE OUTSET, THE LD. A.R. OF THE ASSESSEE HAS STATED THAT THE QUANTUM ADDITIONS IN RESPECT OF WHICH THE PENALTY IN QUESTI ON WAS LEVIED BY THE ASSESSING OFFICER (HEREINAFTER REFERRED TO AS THE A O) HAVE BEEN MADE PURSUANT TO THE REOPENING OF THE ASSESSMENT. HE HAS FURTHER INVITED OUR ATTENTION TO THE ORDER OF THE TRIBUNAL DATED 17.02.16 PASSED IN ITA NO.4493/M/2012 RELEVANT TO A.Y. 2002-03 VIDE WHICH THE VERY REOPENING OF TH E ASSESSMENT HAS BEEN HELD TO BE INVALID AND THE CONSEQUENTIAL ADDITIONS MADE PURSUANT TO REOPENING HAVE BEEN SET ASIDE. ITA NO.220/M/2014 M/S. HIKAL LTD. 2 3. IN VIEW OF THIS, THE VERY BASE UPON WHICH THE PE NALTY IN THIS CASE WAS LEVIED HAS CEASED TO EXIST, HENCE, THE CONSEQUENT P ENALTY HAS NO LEGS TO STAND AND THE SAME IS ACCORDINGLY ORDERED TO BE DELETED. 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS HER EBY ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 04.04.2016. SD/- SD/- (RAJESH KUMAR) (SANJAY GARG) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 07.04.2016. * KISHORE, SR. P.S. COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT (A) CONCERNED, MUMBAI THE DR CONCERNED BENCH //TRUE COPY// [ BY ORD ER DY/ASSTT. REGISTRAR, ITAT, MUMBAI.