M/s. Dream Buidcon Pvt. Ltd., New Delhi V. DCIT, New Delhi

ITA 3216/DEL/2013

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 6625 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 9 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-02-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 24-02-2016
• Assessment Year: 2006-2007
• Appeal Filed On: 21-05-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : B : NEW DELHI BEFORE SHRI R.S. SYAL, AM & SHRI A.T. VARKEY, JM ITA NO.3216/DEL/2013 ASSESSMENT YEAR : 2006-07 M/S DREAM BUILDCON PVT. LTD., 12, RING ROAD, LAJPAT NAGAR-IV, NEW DELHI . PAN: AABCD9084D VS. DCIT, CENTRAL CIRCLE-12, ARA CENTRE, E-2, JHANDEWALAN EXTENSION, NEW DELHI. ASSESSEE BY : SHRI SUDESH GARG, ADVOCATE DEPTT. BY : SHRI SUNIL CHANDER SHARMA, CIT,DR DATE OF HEARING : 24.02.2016 DATE OF PRONOUNCEMENT : 24.02.2016 ORDER PER R.S. SYAL, AM: THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE PENALTY ORDER PASSED BY THE CIT(A) ON 05.02.2013 UPHOLDING THE PENALTY OF RS.21,49,393/-IMPOSED BY THE AO U/S 271( 1)(C) OF ITA NO.3216/DEL/2013 2 THE INCOME-TAX ACT, 1961 (HEREINAFTER ALSO CALLED THE ACT) IN RELATION TO THE ASSESSMENT YEAR 2006-07. 2. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE RELEVANT MATERIAL ON RECORD. IT IS NOTICED THAT TH E AO MADE ADDITION OF RS.63,79,500/- U/S 68 OF THE ACT IN RES PECT OF THREE CREDITORS. THE SAID ADDITION WAS CONFIRMED IN THE FIRST APPEAL. WHEN THE MATTER CAME UP BEFORE THE TRIBUNAL IN QUAN TUM PROCEEDINGS, THE ISSUE WAS RESTORED TO THE FILE OF CIT(A), VIDE ORDER DATED 2 ND JULY, 2014, IN ITA NO.4654/DEL/2009. A COPY OF THIS ORDER IS PLACED AT PAGE 10 OF THE PAPER BOO K. WHILE GIVING EFFECT TO THIS TRIBUNAL ORDER, THE LD. CIT(A ), VIDE HIS ORDER DATED 2.9.2014 HAS DELETED THE SAID ADDITION U/S 68 AMOUNTING TO RS.63,79,500/-. NOTHING HAS BEEN BROU GHT ON RECORD TO DEMONSTRATE THAT THIS ORDER PASSED BY THE LD. CIT(A) DELETING THE ADDITION IN QUANTUM PROCEEDINGS HAS BE EN ASSAILED IN FURTHER APPEAL. IN VIEW OF THE FACT THAT THE VE RY FOUNDATION FOR THE IMPOSITION OF THE INSTANT PENALTY CEASES TO EXIST WITH ITA NO.3216/DEL/2013 3 THE FINAL DELETION OF ADDITION IN QUANTUM PROCEEDIN GS BY THE LD. CIT(A), WE ARE OF THE CONSIDERED OPINION THAT THE E XTANT PENALTY CANT SURVIVE. WE, THEREFORE, ORDER FOR TH E DELETION OF PENALTY. 3. IN THE RESULT, THE APPEAL IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 24.02.2016. SD/- SD/- [A.T. VARKEY] [R.S. SYAL] JUDICIAL MEMBER ACCOUNTANT MEMBER DATED, 24 TH FEBRUARY, 2016. DK COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR, ITAT AR, ITAT, NEW DELHI.