VJTF EDUSERVICES LTD ( ERSTWHILE VINAY JAINS TRAINING FORUM P.LTD), MUMBAI V. ITO WD 9(3)(3), MUMBAI

ITA 3007/MUM/2013

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 88596 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 10 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-03-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: F
• Next Hearing Date: 08-10-2014
• Assessment Year: 2007-2008
• Appeal Filed On: 18-04-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PAWAN KUMAR BIRLA
• Assessee Lawyers: SHLOKA JAIN
• Keywords: Depreciation; Unabsorbed depreciation

Judgement Text

, ,Q ,Q,Q ,Q INCOME TAX APPELLATE TRIBUNAL,MUMBAI - F BENCH , , BEFORE S/SH. I P BANSAL,JUDICIAL MEMB ER & RAJENDRA,ACCOUNTANT MEMBER /. ITA NO.3007/MUM/2013, ! ! ! ! ' ' ' ' / ASSESSMENT YEAR-2007-08 M/S VJTF EDUSERVICES LTD. 1ST FLOOR, NEEL KANTH APARTMENT, RAMCHANDRA LANE, NEAR ALLAHABAD BANK, MALAD (W), MUMBAI-64 PAN:AAACV8708P VS ITO-9(3)(3), MUMBAI. ( #$ / ASSESSEE) ( %&#$ / RESPONDENT) ! '( ! '( ! '( ! '( ) ) ) ) /ASSESSEE BY :SHRI SHLOKA JAIN * ) / REVENUE BY :SHRI PAWAN KUMAR BIRLA ! ! ! ! * ** * (+ (+ (+ (+ / DATE OF HEARING :16 -03-2015 ,-' * (+ / DATE OF PRONOUNCEMENT :16 -03-2015 ! ! ! ! , 1961 * ** * 254 )1 ( (.( (.( (.( (.( / / / / ORDER U/S.254(1)OF THE INCOME-TAX ACT,1961(ACT) PER RAJENDRA, A.M. ! : CHALLENGING THE ORDER DATED 20.02.2013 OF THE CIT(A )-20,MUMBAI,ASSESSEE-COMPANY HAS RAISED FOLLOWING GROUNDS OF APPEAL: ON THE FACTS & IN THE CIRCUMSTANCES OF THE CASE THE LD. COMM. OF INCOME TAX (APPEALS) -20 ERRED IN SUSTAINING THE LEVY OF PENALTY U/S 271(1)(C) OF THE INCOME TAX ACT,1961 TO THE EXTENT OF RS.1,79,292/- WITHOUT UNDERSTANDING THE FACTS & CIR CUMSTANCES OF THE CASE & THE REASONS ASSIGNED FOR DOING SO ARE WRONG & CONTRARY TO THE PROVISIONS OF THE INCOME TAX ACT & THE RULES MADE THERE UNDER. THE APPELLANT CRAVES LEAVE TO ADD, ALTER, AMEND AND / OR MODIFY ALL OR ANY OF THE ABOVE GROUND OF APPEAL ON OR BEFORE THE DATE OF HEARING. EFFECTIVE GROUND OF APPEAL IS ABOUT LEVY OF PENALTY U/S.271(1)(C)OF THE ACT FOR FURNISHING INACCURATE PARTICULARS AND CONCEALING INCOME. 2. ASSESSEE-COMPANY,ENGAGED IN THE BUSINESS OF RUNNING AN EDUCATIONAL INSTITUTION,FILED ITS RETURN OF INCOME ON 08.01.2007,DECLARING NIL INOCME.ASSESS ING OFFICER (AO)FINALISED THE ASSESSMENT U/S.143(3) OF THE ACT,ON 29.12.2009,DETERMINING THE TOTAL INCOME AT RS.51,80,949/-U/S.115JB OF THE ACT.DURING THE ASSESSMENT PROCEEDINGS,THE AO MA DE CERTAIN ADDITIONS WITH REGARD TO BROUGHT FORWARD AND UNABSORBED DEPRECIATION UNDER CL.(III)O F EXPLANATION 1 TO SECTION 115JB(2)OF THE ACT.HE ALSO AND INITIATED PENALTY PROCEEDINGS U/S. 271(1)(C)OF THE ACT. 3. MEANWHILE THE ASSESSEE,AGGRIEVED BY THE ORDER OF TH E AO,PREFERRED AN APPEAL BEFORE THE FIRST APPELLATE AUTHORITY(FAA),WHO GAVE PART RELIEF TO TH E IT.THE ASSESSEE CHALLENGED THE ORDER OF THE FAA BEFORE THE ITAT AND VIDE ITS ORDER DATED 28.06. 2013, (ITA / 2154/ MUM/ 2011-AY. 2007- 08)THE TRIBUNAL SET ASIDE THE ISSUE OF BROUGHT FORW ARD AND UNABSORBED DEPRECIATION UNDER CL.(III)OF EXPLANATION 1 TO SECTION 115JB(2) TO THE FILE OF TH E AO FOR FRESH ADJUDICATION. 4. BEFORE US,THE AUTHORISED REPRESENTATIVE(AR)REFERRED TO THE ORDER OF THE TRIBUNAL PRONOUNCED FOR THE AY.2007-08(SUPRA).DR LEFT THE MATTER TO THE DISCRETION OF THE BENCH. WE HAVE HEARD THE ITA/3007/MUM/2013 M/S VJTF EDUSERVICES LTD. 2 RIVAL SUBMISSIONS AND PERUSED THE MATERIAL BEFORE U S.WE FIND THAT THE TRIBUNAL HAS REMITTED BACK THE MATTER TO THE FILE OF THE AO TO RE-ADJUDICATE T HE ISSUE. THEREFORE,THE RESULTANT PENALTY ORDER WILL NOT SURVIVE.WE ARE RESTORING BACK THE ISSUE OF LEVY OF PENALTY TO THE FILE OF THE AO FOR FRESH ADJUDICATION.HE WILL AFFORD A REASONABLE OPPORTUNIT Y OF HEARING TO THE ASSESSEE. AS A RESULT,APPEAL FILED BY TH E ASSESSEE STANDS ALLOWED FOR STATISTICAL PURPOSES. 0(1 ! '( 2 3 * . 4* 567 8 * ( 9: . ORDER PRONOUNCED IN THE OPEN COURT ON 16TH, MARCH,2015. / * ,-' ;