LATE SHRI GOKULDAS H PARIKH, MUMBAI V. ITO 21(1)(4), MUMBAI

ITA 2466/MUM/2015

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 0814 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 8 month(s) 24 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-01-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Next Hearing Date: 10-07-2017
• Assessment Year: 2009-2010
• Appeal Filed On: 30-04-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 147; 144

Judgement Text

ITA.NO.2466/MUM/2015 LATE SH. GOKULDAS H.PARIKH ASSESSMENT YEAR-2009-2010 IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, MUMBAI , , BEFORE SHRI MAHAVIR SINGH, JM AND SHRI MANOJ KUMAR AGGARWAL, AM ./I.T.A. NO.2466/MUM/2015 ( / ASSESSMENT YEAR: 2009-10) LATE SH.GOKULDAS H.PARIKH ( REPRESENTED BY LEGAL HEIR RAJESH GOKULDAS PARIKH) GOKUL NIWAS, BAJAJ ROAD VILE PARLE (W) MUMBAI 400 057 / VS. INCOME TAX OFFICER - 21(1)(4) BANDRA (EAST) MUMBAI 400 051 ./ ./PAN/GIR NO. APNPP-5390-J ( /APPELLANT ) : ( !' / RESPONDENT ) A SSESSEE BY : PRADIP N.KAPASI, LD. AR RE VENUE BY : RAJAT MITTAL, LD. DR / DATE OF HEARING : 24/01/2018 / DATE OF PRONOUNCEMENT : 24/01/2018 / O R D E R PER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. THE CAPTIONED APPEAL BY ASSESSEE FOR ASSESSMENT YEAR [AY] 2009-10 CONTEST THE ORDER OF THE LD. COMMISSIONER OF INCOME-TAX (APPEALS)-39 [CIT(A)], MUMBAI, APPEAL NO. CIT(A)-39/ITO-21(1)(4)/IT- 19/13-14 DATED 23/02/2015 QUA CONFIRMATION OF PENALTY U/S 271(1)(C) FOR ITA.NO.2466/MUM/2015 LATE SH. GOKULDAS H.PARIKH ASSESSMENT YEAR-2009-2010 2 RS.1,95,57,614. THE QUANTUM ASSESSMENT FOR IMPUGNED AY WAS FRAMED BY LD. INCOME TAX OFFICER 21(1)(4), MUMBAI U/S 144 REA D WITH SECTION 147 OF THE INCOME TAX ACT,1961 ON 06/12/2010 WHEREAS PENALTY U/S 271(1)(C) WAS LEVIED VIDE ORDER DATED 25/09/2012 . THE PENALTY HAS BEEN LEVIED AGAINST ADDITION ON ACCOUNT OF CERTAIN UNDIS CLOSED CAPITAL GAINS EARNED BY THE ASSESSEE FOR RS.8,65,33,977/-. 2. THE LD. AUTHORISED REPRESENTATIVE FOR THE ASSESS EE [AR], AT THE OUTSET, DREW OUR ATTENTION TO THE ORDER OF TRIBUNAL AGAINST QUANTUM ADDITIONS VIDE ITA NOS. 5494/M/2012 & ITA NO. 7197/ M/2013 DATED 24/11/2017 AND POINTED OUT THAT QUANTUM ADDITIONS H AS BEEN RESTORED TO THE FILE OF LD. AO FOR RE-ADJUDICATION AND THEREFOR E, THE IMPUGNED PENALTY DO NOT SURVIVE. THE LD. DEPARTMENTAL REPRESENTATIVE [DR] FAIRLY CONCEDED THE SAME. 3. UPON PERUSAL OF THE CITED ORDER OF THE TRIBUNAL, WE AGREE WITH THE AFORESAID CONTENTION OF THE LD. AR AND FIND THAT QU ANTUM ADDITION AGAINST WHICH PENALTY HAS BEEN LEVIED HAS BEEN SET ASIDE TO THE FILE OF LD. AO FOR RE-ADJUDICATION AND THEREFORE, THE IMPUG NED PENALTY DOES NOT SURVIVE. THEREFORE, BY DELETING THE SAME, WE ALLOW ASSESSEES APPEAL. NEEDLESS TO SAY THAT THE REVENUE IS FREE TO RE-INIT IATE THE SAME ON THE BASIS OF OUTCOME OF QUANTUM ADDITIONS IN SET ASIDE PROCEEDINGS. 4. RESULTANTLY, THE ASSESSEES APPEAL STANDS ALLOWE D. ORDER PRONOUNCED IN THE OPEN COURT ON 24 TH JANUARY, 2018. ITA.NO.2466/MUM/2015 LATE SH. GOKULDAS H.PARIKH ASSESSMENT YEAR-2009-2010 3 SD/- SD/- (MAHAVIR SINGH) (MANOJ KUMAR AGGARWA L) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI; DATED : 24/01/2018 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