M/s. Spacevision Impex (P) Ltd., New Delhi V. ACIT, New Delhi

ITA 269/DEL/2014

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 7434 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 4 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-05-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: G
• Next Hearing Date: 30-05-2016
• Assessment Year: 2007-2008
• Appeal Filed On: 15-01-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ANIMA BARNWAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH G , NEW DELHI BEFORE SHRI J. SUDHAKAR REDDY, ACCOUNTANT MEMBER AND SHRI KULDIP SINGH , JUDICIAL MEMBER ITA NO. 269 /DEL/20 14 AY: 200 7 - 08 SPACEVISION OMPEX (P) LTD. VS. ACIT, CIRCLE 9(1) C/O RAJ KUMAR & ASSOCIATES, CAS NEW DELHI 4435/7, ANSARI ROAD, DARYA GANJ NEW DELHI 110 002 PAN: ICS 0922 Q (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI RAJ KUMAR, C.A. RESPONDENT BY : SMT. AN IMA BARNWAL, SR. D.R. ORDER PER J.SUDHAKAR REDDY, ACCOUNTANT MEMBER THIS IS AN APPEAL FILED BY THE ASSESSEE DIRECTED AGAINST THE ORDER OF THE LD.COMMISSIONER OF INCOME TAX (APPEALS) - XII, NEW DELHI DATED 13.11.2013 PERTAINING TO THE ASSESSMENT YEAR (A.Y.) 2007 - 08, WHEREIN PENALTY LEVIED U/S 271(1)(C ) OF THE INCOME TAX ACT, 1961 (HEREINAFTER REFERRED TO AS THE ACT ) ON THE FOLLOWING ADDITIONS CONFIRMED BY THE FIRST APPELLATE AUTHORITY . ( I ) INTEREST ON NSC - RS.62,075/ - ( II ) REIMBURSEMENT OF PLANT EXPENSES - RS.2,37,263/ - ( III ) DEEMED INTEREST - RS.2,84,405/ - 2. WE HAVE HEARD SHRI RAJ KUMAR, THE LD.COUNSEL FOR THE ASSESSEE AND SMT.ANIMA BARNWAL, LD.SR.D.R. ON BEHALF OF THE REVENUE . ITA NO. 269/DEL/2014 A.Y. 2007 - 08 SPACEVISION IMPEX P LTD., NEW DELHI 2 3. ON A CAREFUL CONSIDERATION OF THE FACTS AND CIRCUMSTANCES OF THE CASE, ORDERS OF LOWER AUTHORITIES AND CASE LAWS CITED, WE HOLD AS FOLLOWS. 4. WE FIND THAT AS REGARDS PENALTY LEVI ED ON ADDITION OF INTEREST ON NSCS, SIMILAR ISSUE AROSE IN THE ASSESSEE S OWN CASE FOR THE EARLIER A.Y. AND THE ITAT IN ITA NO.773/DEL/2014 A.Y. 2006 - 07 ORDER DT. 24.2.2016 DELETED THE PENALTY. 4.1 . CONSISTENT WITH THE VIEW TAKEN THEREIN , WE DELETE THE PENALTY LEVIED ON THIS ADDITION. 4.2. AS REGARDS THE OTHER TWO ADDITIONS, WE FIND THAT THE TRIBUNAL IN THE QUANTUM PROCEEDINGS HAS DELETED THE ADDITIONS. HENCE THE PENALTY LEVIED ON THESE ADDITIONS CANNOT SURVIVE. IN THE RE SULT WE QUASH THE PENALTY ORDER. 5 . IN THE RESULT THE APPEAL FILED BY THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 31 ST MAY, 2016. SD/ - SD/ - ( KULDIP SINGH ) (J.SUDHAKAR REDDY) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: THE 31 ST MAY, 2016 *MANGA VATHY GUDIPATI ITA NO. 269/DEL/2014 A.Y. 2007 - 08 SPACEVISION IMPEX P LTD., NEW DELHI 3 COPY OF THE ORDER FORWARDED TO: 1. APPELLANT; 2.RESPONDENT; 3.CIT; 4.CIT(A); 5.DR; 6.GUARD FILE BY ORDER ASST. REGISTRAR