Surya Enterprises Pvt. Ltd., New Delhi V. ITO ward-9(4), New Delhi

ITA 3159/DEL/2019

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 3503 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 4 month(s) 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-08-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2008-2009
• Appeal Filed On: 10-04-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 68; 271(1)(c)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘B’ : NEW DELHI) SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER and SHRI YOGESH KUMAR US, JUDICIAL MEMBER ITA No.3159/Del./2019 (ASSESSMENT YEAR : 2008-09) Surya Enterprises Pvt. Ltd., vs. ITO, Ward 9 (4), 302, Triveni Complex, New Delhi. E-10/12, Jawahar Park, Laxmi Nagar, Delhi – 110 092. (PAN : AAACS3501M) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Malav Goswami, Advocate REVENUE BY : Shri R.S. Yadav, Sr. DR Date of Hearing : 22.08.2022 Date of Order : 25.08.2022 ORDER PER SHAMIM YAHYA, ACCOUNTANT MEMBER : This appeal by the assessee is directed against the order of the ld. CIT (A)-31, New Delhi dated 11.02.2019 pertaining to assessment year 2008-09. 2. The issue raised is that ld. CIT (A) erred in sustaining the levy of penalty under section 271(1)(c) of the Income-tax Act, 1961 (for short ‘the Act’) for an amount of Rs.5,75,094/-. ITA No.3159/Del./2019 2 3. At the outset in this case, ld. counsel of the assessee submitted that the addition with reference to which penalty has been levied was addition of unsecured loan under section 68 of the Act amounting to Rs.9,45,799/- . The ld. counsel further submitted that in quantum appeal, ITAT in assessee’s own case in ITA No.4960/Del/2018 for AY 2008-09 vide order dated 04.04.2019 has deleted the said addition. In this view of the matter, ld. counsel of the assessee submitted that there is now no basis for levy of penalty under section 271(1)(c) of the Act on the addition which has already been deleted by the ITAT. 4. Ld. DR for the Revenue did not controvert the aforesaid submission. 5. Accordingly, since the addition with reference to which penalty has been levied has been deleted by the ITAT, the penalty levied with reference to the said addition cannot survive, hence we set aside the orders of authorities below and delete the penalty. 6. In the result, the appeal filed by the assessee is allowed. Order pronounced in the open court on this 25 th day of August, 2022. Sd/- sd/- (YOGESH KUMAR US) (SHAMIM YAHYA) JUDICIAL MEMBER ACCOUNTANT MEMBER Dated the 25 th day of August, 2022 TS ITA No.3159/Del./2019 3 Copy forwarded to: 1.Appellant 2.Respondent 3.CIT 4.CIT(A)-31, New Delhi. 5.CIT(ITAT), New Delhi. AR, ITAT NEW DELHI.