SAF YEAST CO. P.LTD, MUMBAI V. ACIT CEN CIR 40, MUMBAI

ITA 2403/MUM/2010

• Counselvise Citation: [2014] 120 COUNSELVISE.COM (IT) 8001 (ITAT-MUMBAI)
• Duration Of Justice: 4 year(s) 4 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-08-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: F
• Next Hearing Date: 04-06-2014
• Assessment Year: 2004-2005
• Appeal Filed On: 26-03-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Depreciation
• Section: 143(3)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL 'F' BENCH, MUMBAI BEFORE SHRI D. MANMOHAN, VICE PRESIDENT AND SHRI B.R. BASKARAN, ACCOUNTANT MEMBER ITA NO. 2403/MUM/2010 (ASSESSMENT YEAR: 2004-05) M/S. SAF YEAST CO. PVT. LTD. VS. ACIT, CENTRAL CIRCLE 40 419, SWASTIK CHAMBERS CHEMBUR, MUMBAI 400071 AAYKAR BHAVAN, M.K. ROAD MUMBAI 400020 PAN - AADCS9080J APPELLANT RESPONDENT APPELLANT BY: SHRI J.P. BAIRAGRA RESPONDENT BY: SHRI SUNIL KUMAR SINGH DATE OF HEARING: 18.08.2014 DATE OF PRONOUNCEMENT: 18.08.2014 O R D E R PER D. MANMOHAN, V.P. THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE ORDER DATED 14.01.2010 PASSED BY THE CIT(A)-38, MUMBAI AND IT P ERTAINS TO AY 2004-05. 2. PENALTY LEVIED BY THE AO UNDER SECTION 271(1)(C) OF THE ACT CONSEQUENT TO THE DISALLOWANCE OF DEPRECIATION, IN THE ORDER P ASSED UNDER SECTION 143(3), IS THE SUBJECT MATTER OF DISPUTE BEFORE US. 3. AT THE TIME OF HEARING THE LEARNED COUNSEL PLACED B EFORE US A COPY OF THE ORDER OF THE ITAT E BENCH, MUMBAI (ITA NO. 10 74/PN/2007 & ITA NO. 5182/MUM/2007 DATED 03.10.2012) TO SUBMIT THAT THE ORDER PASSED UNDER SECTION 143(3) WAS QUASHED BY THE TRIBUNAL AND THUS THE ADDITIONS MADE THEREIN NO LONGER REMAIN IN WHICH EVENT PENALTY LEV IED UNDER SECTION 271(1)(C) OF THE ACT CONSEQUENT TO THE ADDITIONS MA DE UNDER SECTION 143(3) WILL HAVE NO LEGS TO STAND. 4. THE LEARNED D.R. FAIRLY ADMITTED THAT THE ISSUE STA NDS COVERED BY THE AFORESTATED DECISION. 2 5. HAVING REGARD TO THE CIRCUMSTANCES OF THE CASE WE C ANCEL THE PENALTY LEVIED BY THE AO AND ALLOW THE APPEAL FILED BY THE ASSESSEE. ORDER PRONOUNCED IN THE OPEN COURT ON 18 TH AUGUST, 2014. SD/- SD/- ( B.R. BASKARAN ) (D. MANMOHAN) ACCOUNTANT MEMBER VICE PRESIDENT MUMBAI, DATED: 18 TH AUGUST, 2014 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) 38, MUMBAI 4. THE CIT, CENTRAL-IV, MUMBAI CITY 5. THE DR, F BENCH, ITAT, MUMBAI BY ORDER //TRUE COPY// ASSISTANT REGISTRAR ITAT, MUMBAI BENCHES, MUMBAI N.P.