SHABBIR S. RASOOL, MUMBAI V. ITO WD 21(3)(2), MUMBAI

ITA 319/MUM/2014

• Counselvise Citation: 31919914 RSA 2014
• Duration Of Justice: 1 year(s) 5 month(s) 4 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-06-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: E
• Assessment Year: 2008-2009
• Appeal Filed On: 13-01-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NEIL PHILIP
• Section: 69; 2

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH E, MUMBAI BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER ITA NO.319/M/2014 ASSESSMENT YEAR: 2008-09 MR. SHABBIR S. RASOOL, FLAT NO.501, SHELDON APTS, CHANDIVALI FARM LANE, OPP. LATHIA RUBBER CO. ABOVE HDFC BANK, CHANDIVALI VILLAGE, MUMBAI 400 072 PAN: AABPR 5606G VS. INCOME TAX OFFICER, WARD -21(3)(2), MUMBAI (APPELLANT) (RESPONDENT) PRESENT FOR: ASSESSEE BY : SHRI PRAKASH JHUNJHUNWALA, A.R. REVENUE BY : SHRI NEIL PHILIP, D.R. DATE OF HEARING : 18.06.2015 DATE OF PRONOUNCEMENT : 18.06.2015 O R D E R PER SANJAY GARG, JUDICIAL MEMBER: THE PRESENT APPEAL HAS BEEN PREFERRED BY THE ASSES SEE AGAINST THE ORDER DATED 12.11.2013 OF THE COMMISSIONER OF INCOME TAX (APPEALS) [HEREINAFTER REFERRED TO AS THE CIT(A)] RELEVANT TO ASSESSMENT Y EAR 2008-09. 2. THE SOLE ISSUE TAKEN BY THE ASSESSEE IN THIS APP EAL IS IN RELATION TO THE CONFIRMATION OF PENALTY LEVIED U/S 271(1)(C) OF THE ACT IN RESPECT OF ADDITIONS SUSTAINED BY THE CIT(A) U/S 69 OF THE ACT ON ACCO UNT OF UNDISCLOSED INVESTMENT OF RS.4,08,850/- (3,78,000 + 30,850) AND U/S.68 OF ACT AND ON ACCOUNT OF LOAN/ADVANCES OF RS.3,48,168/-. ITA NO.319/M/2014 MR. SHABBIR S. RASOOL 2 3. AT THE OUTSET, THE LD. A.R. OF THE ASSESSEE HAS BROUGHT OUR ATTENTION TO THE ORDER OF THE TRIBUNAL IN QUANTUM APPEAL PASSED IN ITA NO.7623/M/2013 DATED 10.06.2015 VIDE WHICH THE TRIBUNAL HAS SET AS IDE THE ISSUE IN RELATION TO THE ABOVE STATED ADDITIONS TO THE FILE OF THE AO FO R DENOVO ASSESSMENT. SINCE THE VERY BASIS UPON WHICH THE PENALTY HAS BEEN LEVI ED IN THIS CASE HAS CEASED TO EXIST, HENCE, THE CONSEQUENTIAL PENALTY HAS NO LEGS TO STAND. THE IMPUGNED PENALTY IS THEREFORE SET ASIDE. HOWEVER, THE AO WI LL BE AT LIBERTY TO INITIATE FRESH PENALTY PROCEEDINGS, IF HE MAY THINK SO JUSTI FIED, IN RESPECT OF ANY ADDITIONS, IF SO MADE, IN THE FRESH ASSESSMENT PRO CEEDINGS TO BE DONE AS PER THE DIRECTIONS OF THE TRIBUNAL VIDE ORDER DATED 10. 06.2015. 4. SUBJECT TO ABOVE OBSERVATIONS THE APPEAL OF THE ASSESSEE IS HEREBY ALLOWED. ORDER PRONOUNCED WAS IN THE OPEN COURT ON 18.06 .2015. SD/- SD/- (R.C. SHARMA) (SANJAY GARG) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATED: 30.09.2015. * KISHORE, SR. P.S. COPY TO: THE APPELLANT THE RESPONDENT THE CIT, CONCERNED, MUMBAI THE CIT (A) CONCERNED, MUMBAI THE DR CONCERNED BENCH //TRUE COPY// [ BY ORD ER DY/ASSTT. REGISTRAR, ITAT, MUMBAI.