K AMSHET INVESTMENT P. LTD, MUMBAI V. ITO 6(2)(4), MUMBAI

ITA 3297/MUM/2016

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 9871 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 9 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-03-2018
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: H
• Next Hearing Date: 24-07-2017
• Assessment Year: 2008-2009
• Appeal Filed On: 10-05-2016
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: M C OMI NINGSHEN

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES H, MUMBAI BEFORE SHRI C NAGENDRA PRASAD, JUDICIAL MEMBER & RAJESH KUMAR, ACCOUNTANT MEMBER ITA NO. 3297/MUM/2016 ASSESSMENT YEAR : 2008-09 KAMSHET INVESTMENT PVT. LTD., JINDAL MANSION, 5A, DR G DESHMUKH MARG, MUMBAI 400 026. PAN AAACK2207N VS. ITO 6 ( 2 )( 4 ) MUMBAI (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI HIRO RAI RESPONDENT BY : SHRI M C OMI NINGSHEN (DR) DATE OF HEARING : 01 .0 3 .201 8 DATE OF PRONOUNCEMENT : 07 .03. 201 8 O R D E R PER C NAGENDRA PRASAD, JUDICIAL MEMBER THIS APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST THE ORDER OF THE LEARNED CIT(A)-12, MUMBAI, DATED 23.02.2016, FOR A. Y. 2008-09 IN SUSTAINING PENALTY LEVIED U/S. 271(1)(C) OF THE ACT. 2. AT THE OUTSET, THE LEARNED COUNSEL FOR THE ASSES SEE SUBMITTED THAT THE ADDITION MADE IN THE QUANTUM APPEAL HAS BEEN DELETE D BY THE TRIBUNAL, VIDE ITS ORDER DATED 24.01.2018, IN ITA NO.1248/MUM/2013 . A COPY OF THE SAID ORDER OF THE CO-ORDINATE BENCH IN THE QUANTUM PROCE EDINGS IS FURNISHED BEFORE US. THE LEARNED COUNSEL REFERRING TO PARA 7 OF THE SAID ORDER SUBMITTED THAT THE DISALLOWANCE OF INTEREST PAYABLE TO M/S. JSW STEEL LTD. HAS BEEN DELETED BY THE TRIBUNAL. THEREFORE, HE SUBMIT TED THAT SINCE THE ADDITION HAS BEEN DELETED, THE PENALTY HAS NO LEGS TO STAND. ITA NO.3297/MUM/2016 KAMSHET INVESTMENTS PVT LTD. 2 3. THE LEARNED DR FAIRLY SUBMITTED THAT SINCE THE Q UANTUM ADDITION HAS BEEN DELETED THE PENALTY WILL NOT SURVIVE. 4. ON HEARING BOTH THE PARTIES AND PERUSING THE ORD ER OF THE TRIBUNAL IN THE QUANTUM PROCEEDINGS, WE FIND THAT THE DISALLOWA NCE OF INTEREST PAYABLE TO M/S. JSW STEEL LTD. HAS BEEN DELETED AND SINCE T HE PENALTY WAS LEVIED ON SUCH DISALLOWANCE, THE SAME WILL NOT SURVIVE. IN T HE CIRCUMSTANCES, WE DIRECT THE ASSESSING OFFICER TO DELETE THE PENALTY. 5. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 7 TH DAY OF MARCH, 2018. SD/- SD/- (RAJESH KUMAR) ( C NAGENDRA PRASAD) ACCOUNTANT MEMBER JU DICIAL MEMBER MUMBAI; DATED: 7 TH MARCH, 2018 SA COPY OF THE ORDER FORWARDED TO : 1. THE APP ELL ANT. 2. THE RESPONDENT. 3. T HE CIT(A), MUMBAI 4. THE CIT 5. DR, H BENCH, ITAT, MUMBAI BY ORDER, #TRUE COPY # ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL, MUMBAI