AMISHA B. KORADIA, MUMBAI V. ITO WD 9(2)(2), MUMBAI

ITA 2685/MUM/2013

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 79370 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 3 month(s) 1 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-07-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Assessment Year: 2007-2008
• Appeal Filed On: 08-04-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: SAMBIT MISHRA
• Keywords: Deemed dividend

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL A B ENCH, MUMBAI . , !' , #$ %&'( , #) *+ # ' BEFORE SHRI D.MANMOHAN, VICE PRESIDENT AND SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER ./ I.T.A. NO.2685/MUM/2013 ( , , , , / ASSESSMENT YEAR :2007-08 MRS. AMISHA B. KORADIA, C-402, GOKUL DIVINE, IRLA, S.V. ROAD, VILE PARLE (W), MUMBAI-400 056 / VS. THE ITO, WARD 9(2)(2), MUMBAI +- #) ./ ./ ./ PAN/GIR NO. : AABPK 6364L ( -0 / APPELLANT ) .. ( 12-0 / RESPONDENT ) -0 3 # / APPELLANT BY: SHRI VIMAL PUNMIYA 12-0 4 3 # / RESPONDENT BY: SHRI SAMBIT MISHRA 4 5) / DATE OF HEARING :10.07.2014 6, 4 5) / DATE OF PRONOUNCEMENT :10.07.2014 *#7 / O R D E R PER N.K. BILLAIYA, AM: THIS APPEAL BY THE ASSESSEE IS PREFERRED AGAINST T HE ORDER OF THE LD. CIT(A)-20, MUMBAI DT.21.1.2013 PERTAINING TO A .Y. 2007-08. 2. THE SOLE GRIEVANCE OF THE ASSESSEE IS THAT THE L D. CIT(A) ERRED IN CONFIRMING A PENALTY OF RS. 22,21,426/- LEVIED U/S. 271(1)(C) OF THE ACT. ITA NO. 2685/M/2013 2 3. AT THE VERY OUTSET, THE LD. COUNSEL FOR THE ASSE SSEE STATED THAT THE TRIBUNAL IN ITA NO. 03/MUM/2011 HAS REDUCED THE QUA NTUM ADDITION OF DEEMED DIVIDEND AMOUNTING TO RS. 65,99,604/-. IT I S THE SAY OF THE LD. COUNSEL THAT SINCE THE PENALTY IS LEVIED ON THE ORI GINAL ADDITION OF RS. 65,99,604/- AND SINCE RS. 58 LAKHS HAVE BEEN DELETE D BY THE TRIBUNAL, THE PENALTY NEED TO BE RECOMPUTED. 4. THE LD. DEPARTMENTAL REPRESENTATIVE FAIRLY CONCE DED TO THIS. 5. WE HAVE CAREFULLY PERUSED THE ORDERS OF THE LOWE R AUTHORITIES AND THE ORDER OF THE TRIBUNAL IN ITA NO. 03/M/2011. WE FIND FORCE IN THE CONTENTION OF THE LD. COUNSEL. THE TRIBUNAL AT PAR A 5.2 OF ITS ORDER HAS GIVEN A CATEGORICAL FINDING WHILE DELETING THE ADD ITION OF RS. 58 LAKHS OUT OF RS. 65,99,604/- THEREBY CONFIRMING THE ADDITION OF RS. 7,99,604/-. WE, THEREFORE, RESTORE THIS ISSUE TO THE FILE OF THE AO . THE AO IS DIRECTED TO RE-COMPUTE THE PENALTY U/S. 271(1)(C) OF THE ACT IN THE LIGHT OF THE FINDINGS OF THE TRIBUNAL IN QUANTUM APPEAL VIDE ITA NO. 03/M/2011. 6. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSE. ORDER PRONOUNCED IN THE OPEN COURT AT THE TIME OF H EARING ON 10 TH JULY, 2014. *#7 4 , ) # 8 9*: 10/07/2014 4 ; SD/- SD/- (D.MANMOHAN ) (N.K. BILLAIYA) !' /VICE PRESIDENT #) *+ / ACCOUNTANT MEMBER MUMBAI; 9* DATED : 10.07.2014 . . ./ RJ , SR. PS ITA NO. 2685/M/2013 3 *#7 *#7 *#7 *#7 4 44 4 15% 15% 15% 15% <#%,5 <#%,5 <#%,5 <#%,5 / COPY OF THE ORDER FORWARDED TO : 1. -0 / THE APPELLANT 2. 12-0 / THE RESPONDENT. 3. = ( ) / THE CIT(A)- 4. = / CIT 5. %>; 15 , , / DR, ITAT, MUMBAI 6. ; ? / GUARD FILE. *#7 *#7 *#7 *#7 / BY ORDER, 2%5 15 //TRUE COPY// / . . . . (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI