Nova Portfolio Management Services Pvt. Ltd., New Delhi V. ITO, New Delhi

ITA 2944/DEL/2013

• Counselvise Citation: [2014] 120 COUNSELVISE.COM (IT) 7444 (ITAT-DELHI)
• Duration Of Justice: 1 year(s) 7 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-12-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: E
• Next Hearing Date: 05-11-2014
• Assessment Year: 2004-2005
• Appeal Filed On: 13-05-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: A K SRIVASTAVA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: E: NEW DELHI BEFORE SHRI S.V. MEHROTRA, ACCOUNTANT MEMBER, AND SHRI C.M. GARG, JUDICIAL MEMBER ITA NO. 29 45/DEL/2013 ASSESSMENT YE AR 2004-05 NOVA POWER PVT. LTD. VS. ITO, WARD- 13(3), BA/8, WEA KAROL BAGH C.R. BUILDI NG, NEW DELHI. NEW D ELHI. (PAN AAACN3792K) (APPELLANT) (RESPONDENT ) AND ITA NO. 2944 /DEL/2013 ASSESSMENT YE AR 2004-05 NOVA PORTFOLIO MANAGEMENT SERVICES PVT. LTD. VS. ITO, WARD-13(3), BA/8, WEA KAROL BAGH, C.R. BUILDING, NEW DELHI NEW DELHI. (PAN AAACN0366P) (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI A.K. S RIVASTAVA, CA RESPONDENT BY : SHRI GUNJAN PRASHAD, CIT, DR, SHR I VIVAK KUMAR, SR. DR ORDER PER S.V. MEHROTRA, ACCOUNTANT MEMBER THESE TWO APPEALS HAVE BEEN FILED BY THE AS SESSEE AGAINST THE SEPARATE ORDERS OF CIT (A) XVI, DELHI DATED 3 RD APRIL, 2013 IN THE CASE OF M/S NOVA POWER PVT. LTD. AND 27 TH FEBRUARY, 2013 IN THE CASE OF M/S. NOVA PORTFOLIO MANAGEMENT ITA NO. 2945/DEL/2013 & ITA NO. 2944/DEL/2013 2 SERVICE PVT. LTD. CONFIRMING IN BOTH THE CASES PENA LTY LEVIED U/S 271(1)(C). AT THE OUTSET LD. COUNSEL FOR THE ASSESSEE FILED BEFORE US COPY OF THE TRIBUNAL ORDER IN ITA NO. 4055/DEL/2009 AND ITA NO. 4056/DEL/2009 AN D SUBMITTED THAT THE ADDITIONS MADE BY AO HAVE BEEN SET ASIDE AND THE MA TTER HAS BEEN RESTORED BACK TO THE FILE OF AO FOR FRESH CONSIDERATION . H E, THEREFORE, SUBMITTED THAT THE PENALTIES CONFIRMED BY LD. CIT(A) HAVE TO BE SET A SIDE AND THE MATTER IS REQUIRED TO BE RESTORED BACK TO THE FILE OF THE AO. LD. CIT(DR) AGREED WITH LD. ARS SUBMISSION. WE HAVE CONSIDERED THE SUBMISSIONS OF BOTH THE PARTIES AND HAVE PERUSED THE RECORD OF THE CASE. AS THE ADDITIONS MADE IN BO TH THE CASES HAVE BEEN SET ASIDE BY THE TRIBUNAL AND MATTER HAS BEEN RESTORED BACK TO THE FILE OF THE AO, THEREFORE, WE SET ASIDE THE ORDER OF LD. CIT(A) CON FIRMING THE PENALTIES AND RESTORE THE MATTER TO THE FILE OF THE AO TO DECIDE THE ISSUE REGARDING THE PENALTY AFTER THE ASSTT. ORDER IS FINALIZED AS PER THE DIR ECTIONS OF THE TRIBUNAL IN QUANTUM APPEAL. IN THE RESULT BOTH THE APPEALS ARE ALLOWE D FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 31 ST DECEMBER, 2014. SD/- SD/- (C.M. GARG) ( S .V. MEHROTRA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATE 31 ST DECEMBER, 2014 VEENA ITA NO. 2945/DEL/2013 & ITA NO. 2944/DEL/2013 3 COPY OF ORDER FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT(A) 4. CIT 5. DR BY ORDER DEPUTY REGISTRAR, ITAT