Appeal details
Counselvise Citation
231519914 RSA 2013
Assessee PAN
Bench
Appeal Number
Duration Of Justice
1 year(s) 3 month(s) 3 day(s)
Appellant
Respondent
Appeal Type
Income Tax Appeal
Pronouncement Date
25-06-2014
Appeal Filed By
Department
Order Result
Dismissed
Bench Allotted
F
Assessment Year
2002-2003
Appeal Filed On
22-03-2013
Judgement Text
IN THE INCOME TAX APPELLATE TRIBUNAL 'F' BENCH, MUMBAI BEFORE SHRI D. MANMOHAN, VICE PRESIDENT AND SHRI RAJENDRA, ACCOUNTANT MEMBER ITA NO. 2315/MUM/2013 (ASSESSMENT YEAR: 2002-03) INCOME TAX OFFICER - 9(3)-3 M/S. VIJAYSHREE REALTY P. LTD. ROOM NO. 227, 2ND FLOOR AAYAKAR BHAVAN, M.K. ROAD MUMBAI 400020 VS. 402, ABBAZ MANZIL, 4TH FLOOR 145, S.V. ROAD, KHAR (W) MUMBAI 400052 PAN - AAACV1780F APPELLANT RESPONDENT APPELLANT BY: CAPT. PRADEEP ARYA RESPONDENT BY: NONE DATE OF HEARING: 25.06.2014 DATE OF PRONOUNCEMENT: 25.06.2014 O R D E R PER D. MANMOHAN, V.P. THIS APPEAL BY THE REVENUE IS DIRECTED AGAINST THE ORDER DATED 22.01.2013 PASSED BY THE CIT(A) - 20, MUMBAI AND IT PERTAINS TO A.Y. 2002-03. 2. PENALTY LEVIED BY THE AO UNDER SECTION 271(1)(C) OF THE ACT, ON THE GROUND THAT THE ASSESSEE HAS WRONGLY SHOWN THE EXPE NDITURE IN RESPECT OF PROJECTS I & II, AMOUNTING TO ` 95,14,932/-, IN THE YEAR UNDER CONSIDERATION WAS SET ASIDE BY THE LEARNED CIT(A) IN VIEW OF THE FACT THAT THE CIT(A) ANNULLED THE ASSESSMENT ORDER (QUANTUM PROCEEDINGS) DATED 24.12.2009 AND THUS THE REVENUE IS IN APPEAL BEFORE THE TRIBUN AL. 3. AT THE TIME OF HEARING NONE APPEARED ON BEHALF OF T HE ASSESSEE BUT A LETTER DATED 17.06.2014 WAS FILED ON BEHALF OF THE ASSESSEE WHEREIN IT WAS CONTENDED THAT THE ITAT F BENCH, MUMBAI IN ITA NO . 8931/MUM/2010 CONSIDERED THE EXPENDITURE IN QUESTION AND OBSERVED THAT THE DISALLOWANCE OF EXPENDITURE IN THE REASSESSMENT PROCEEDINGS IS N OT JUSTIFIED. SINCE THE ITA NO. 2315/MUM/2013 M/S. VIJAYSHREE REALTY P. LTD. 2 VERY BASIS FOR LEVY OF PENALTY NO LONGER SUBSISTS, THE PENALTY PROCEEDINGS HAVE NO LEGS TO STAND. 4. THE LEARNED D.R., ON THE OTHER HAND, RELIED UPON TH E ORDER PASSED BY THE ASSESSING OFFICER. 5. HAVING REGARD TO THE CIRCUMSTANCES OF THE CASE WE H AVE NO OPTION EXCEPT TO AFFIRM THE ORDER OF THE CIT(A) AND THUS D ISMISS THE APPEAL FILED BY THE REVENUE. 6. IN THE RESULT, APPEAL FILED BY THE REVENUE IS DISMI SSED. ORDER PRONOUNCED IN THE OPEN COURT ON 25 TH JUNE, 2014. SD/- SD/- (RAJENDRA) (D. MANMOHAN) ACCOUNTANT MEMBER VICE PRESIDENT MUMBAI, DATED: 25 TH JUNE, 2014 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) 20, MUMBAI 4. THE CIT 9, MUMBAI CITY 5. THE DR, F BENCH, ITAT, MUMBAI BY ORDER //TRUE COPY// ASSISTANT REGISTRAR ITAT, MUMBAI BENCHES, MUMBAI N.P.
Mehul