SUSHANT SECURITIES & TRADING CO. P. LTD, MUMBAI V. ASST CIT CEN CIR 33, MUMBAI

ITA 2298/MUM/2013

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 93186 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 4 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-07-2015
• Appeal Filed By: Assessee
• Bench Allotted: E
• Next Hearing Date: 02-07-2015
• Assessment Year: 2002-2003
• Appeal Filed On: 22-03-2013
• Court: TRIBUNAL
• Department Lawyers: NEIL PHILIP
• Assessee Lawyers: MANISH SANGHAVI

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL E , BENCH MUMBAI . . , , BEFORE SHRI R.C.SHARMA , A M & SHRI SANJAY GARG , J M ./ ITA NO . 2298 / MUM/20 1 3 ( / ASSESSMENT YEAR : 20 02 - 03 ) M/S SUSHANT SECURITIES & TRADING CO. PVT. LTD., 806, JEEVAN VIHAR, 5, MANAV MANDIR ROAD, WALKESHWAR, MUMBAI - 400006 VS. ACIT, CENTRAL CIRCLE - 33, MUMBAI ./ ./ PAN/GIR NO. : A A D CS 4934 M ( / APPELLANT ) .. ( / RESPONDENT ) /ASSESSEE BY : SHRI MANISH SANGHAVI /REVENUE BY : SHRI NEIL PHILIP / DATE OF HEARING : 02 /0 7 / 2015 / DATE OF PRO NOUNCEMENT 24/07 /2015 / O R D E R PER R.C.SHARMA (A.M) : THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF CIT(A) , MUMBAI , FOR THE ASSESSMENT YEAR 20 02 - 03 , IN THE MATTER OF IMPOSITION OF PENALTY U/S.271(1)(C) OF THE I.T.ACT . 2. AT T HE OUTSET, LD. AR PLACED ON RECORD QUANTUM ORDER PASSED BY THE TRIBUNAL IN ASSESSEES OWN CASE WHEREIN THE ADDITION WAS RESTORED TO THE CIT(A). 3. LD. AR CONTENDED THAT SINCE THE ADDITION ITSELF HAS BEEN RESTORED BACK TO THE FILE OF CIT(A), THE PENALTY IMP OSED SHOULD ALSO BE RESTORED BACK TO THE CIT(A). ITA NO. 2298 /1 3 2 4. WE HAVE GONE THROUGH THE ORDER OF THE TRIBUNAL, DATED 31 - 12 - 2014 FOR THE ASSESSMENT YEAR 2002 - 03 IN ITA NO. 6200/ MUM/2009 , WHEREIN AT PARA 5, THE TRIBUNAL OBSERVED AS UNDER : - 5. WE HAVE GONE THROUGH THE RECORD AND FOUND THAT AS PER PANCHNAMA DATED 10 - 11 - 2006 PLACED ON RECORD, THE NAME OF THE ASSESSEE WAS NOT APPEARING. HOWEVER, THE PANCHNAMA DATED 8 - 1 - 2007 VACATING THE PROHIBITORY ORDER, THERE WAS NAME OF THE ASSESSEE. HOWEVER, THE DEPARTMENT COULD NOT P LACE ON RECORD ANY DOCUMENT IN SUPPORT OF THE CONTENTION THAT WARRANT WAS ALSO ISSUED IN THE NAME OF THE ASSESSEE M/S SUSHANT SECURITIES & TRADING CO. PVT. LTD.. AS THE LEGAL ISSUE RAISED BY THE ASSESSEE GOES TO THE ROOT OF THE ISSUE, IN THE INTEREST OF JU STICE, WE RESTORE THIS APPEAL TO THE FILE OF CIT(A) FOR DECIDING THE LEGAL ISSUE AFTER VERIFYING THE RECORDS TO FIND OUT WHETHER ANY WARRANT WAS ISSUED IN NAME OF ASSESSEE AND TO DECIDE THE SAME AFRESH AS PER LAW. 5 . IT IS CLEAR FROM THE ABOVE THAT THE A DDITION WITH RESPECT TO WHICH PENALTY WAS IMPOSED HAS BEEN RESTORED TO THE FILE OF CIT(A) FOR DECIDING THE LEGAL ISSUE . T HE PENALTY IMPOSED WITH REFERENCE TO THE SAID ISSUE IS ALSO RESTORED BACK TO THE FILE OF CIT(A) FOR DECIDING AFRESH AFTER PASSING NECES SARY QUANTUM ORDER WITH RESPECT TO THE LEGAL ISSUE RESTORED BY TRIBUNAL VIDE ORDER DATED 31.12.2014 . 6 . IN THE RESULT, APPEAL OF THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES . O RDER PRONOUNCED IN THE OPEN COURT ON THIS 24/07 / 201 5 . S D/ - SD/ - ( ) ( SANJAY GARG ) ( . . ) ( R.C.SHARMA ) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED 2 8 /07 /201 5 . . /PKM , . / PS / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. ITA NO. 2298 /1 3 3 / BY ORDER, / ( ASSTT. REGISTRAR) , / ITAT, MUMBAI 3. ( ) / THE CIT(A), MUMBAI. 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE. //TRUE COPY//