ACIT, New Delhi V. M/s. Magnum Ventures Ltd., New Delhi

ITA 313/DEL/2014

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 6311 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 2 month(s) 6 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 22-03-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: E
• Next Hearing Date: 07-01-2016
• Assessment Year: 2007-2008
• Appeal Filed On: 16-01-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P DAM KANUNJA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH E NEW DELHI BEFORE SHRI J.S. REDDY, ACCOUNTANT MEMBER AND SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER ITA NO. 313/DEL/2014 AY: 20 07-08 ASSTT. COMMISSIONER OF INCOME TAX, VS M/S MAG NUM VENTURES LTD., CENTRAL CIRCLE-10, 3/4326, ANSARI ROAD, JHANDEWALAN, NEW DELHI. DARYA GANJ, NEW DELHI-110002 (APPELLANT) (RESP ONDENT) APPELLANT BY : SHRI P. DAMKANUNJA, SR. DR RESPONDENT BY : NONE DATE OF HEARING: 07.01.2016 DATE OF PRONOUNCEMENT: ORDER PER SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER THIS APPEAL FILED BY THE REVENUE IS DIRECTED AGAINS T THE ORDER PASSED BY THE LD. COMMISSIONER OF INCOME TAX(APPEAL S)- XXXII, NEW DELHI DATED 28.10.2013 FOR ASSESSMENT YEAR 2007 -08 ON THE FOLLOWING GROUND OF APPEAL:- 1. THE CIT(A) ERRED IN LAW AND ON FACTS IN DELETI NG THE PENALTY IMPOSED BY THE ASSESSING OFFICER U/S 271(1)(C) AMOUNTING TO RS. 26,40,313/-. 2. NONE APPEARED FOR THE ASSESSEE, HOWEVER, WRITTEN SUBMISSIONS HAVE BEEN FILED WHICH ARE AVAILABLE ON RECORD. I.T.A. NO. 313/DEL/2014 ASSESSMENT YEAR: 2007-08 2 3. AFTER CONSIDERING THE SUBMISSIONS OF THE LD. D.R . AND THE MATERIAL ON RECORD, IT IS NOTICED THAT THE INCOME TAX DEMAND FOR ASSESSMENT YEAR 2007-08 HAS ALREADY BEEN DELETED BY ITAT DELHI BENCH E VIDE ORDER DATED 14 TH JUNE 2013 IN THE CASE OF THE ASSESSEE IN I.T.A. NO. 842/DEL/2 011 AND IN THE CASE OF THE REVENUE IN I.T.A. NO. 1227/DEL/2011. 4. IN VIEW OF OUR ABOVE ORDER WHEREIN THE ENTIRE AD DITION MADE BY THE ASSESSING OFFICER HAS BEEN DELETED, THE GROU ND RAISED BY THE REVENUE DOES NOT SURVIVE AND WE DISMISS THE SAM E. 5. IN THE RESULT THE APPEAL OF THE REVENUE IS DISMI SSED. ORDER PRONOUNCED IN THE OPEN COURT ON 22 ND OF MARCH, 2016. SD/- SD/- (J.S. REDDY) (SUDHANSHU SRIVASTAVA) ACCOUNTANT MEMBER JUDICI AL MEMBER DATED: THE 22ND OF MARCH, 2016 GS I.T.A. NO. 313/DEL/2014 ASSESSMENT YEAR: 2007-08 3 COPY FORWARDED TO: - 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 4. DR, ITAT BY ORDER ASSTT. REGISTRAR