RATANCHAND S. OSWAL, MUMBAI V. JT CIT (OSD) RG 8(2), MUMBAI

ITA 3330/MUM/2013

• Counselvise Citation: [2014] 120 COUNSELVISE.COM (IT) 8263 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 7 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 12-12-2014
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 03-12-2014
• Assessment Year: 2002-2003
• Appeal Filed On: 30-04-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: BEHARILAL
• Keywords: Gift
• Section: 133A

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL D BE NCH, MUMBAI , !' #$% , !& ! ' BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER ./I .T.A. NO. 3329 & 3330/MUM/2013 ( ( ( ( ( / ASSESSMENT YEAR : 2002-03 & 2004-05 SHRI RATANCHAND S. OSWAL, 81/82, SOLITAIRE, CENTRAL AVENUE, SANTACRUZ (W), MUMBAI-400 054 / VS. THE JT. CIT (OSD), RANGE 8(2), MUMBAI ./I .T.A. NO.3401,3402 &3403/MUM/2013 ( ( ( ( ( / ASSESSMENT YEAR :2002-03, 2004-05 & 2006-07 THE JT. CIT (OSD), RANGE 8(2), MUMBAI / VS. SHRI RATANCHAND S. OSWAL, 81/82, SOLITAIRE, CENTRAL AVENUE, SANTACRUZ (W), MUMBAI-400 054 ) !& ./ * ./ PAN/GIR NO. : AAAPO 2411M ( )+ / APPELLANT ) .. ( ,-)+ / RESPONDENT ) )+ . ! / ASSESSEE BY: SHRI BEHARILAL ,-)+ / . ! / DEPARTMENT BY: SHRI LOVE KUMAR SHRI S.D.SRIVASTAVA / 0& / DATE OF HEARING :03.12.2014 12( / 0& / DATE OF PRONOUNCEMENT :12.12.2014 SHRI RATANCHAND J. OSWAL 2 !3 / O R D E R PER BENCH: ITA NOS. 3330 & 3401/M/2013 ARE CROSS APPEALS BY T HE ASSESSEE AND THE REVENUE FOR A.Y. 2002-03. ITA NOS. 3329 & 3402/M/2013 ARE THE CROSS APPEALS BY THE ASSESSEE AND THE REVENUE F OR A.Y. 2004-05. ITA NO. 3403/M/2013 IS APPEAL BY THE REVENUE FOR A.Y. 2006-07. ALL THESE APPEALS WERE HEARD TOGETHER AND DISPOSED OF BY THIS COMMON ORDER FOR THE SAKE OF CONVENIENCE. ITA NO. 3330/M/2013 A.Y. 2002-03 ASSESSEES APP EAL ITA NO. 3401/M/2013 A.Y. 2002-03 REVENUES APPE AL 2. THE ASSESSEE IS AGGRIEVED BY UPHOLDING THE LEVY OF PENALTY U/S. 271(1)(C) OF THE ACT IN RESPECT OF GIFTS RECEIVED AND THE REVENUE IS AGGRIEVED BY THE DELETION OF THE PENALTY IN RESPECT OF LONG TERM CAPITAL GAINS OFFERED BY THE ASSESSEE FOR TAX AS INCOME FR OM OTHER SOURCES PURSUANT TO SURVEY ACTION U/S. 133A OF THE ACT. 3. THE FACTS IN ISSUE ARE IDENTICAL TO THE FACTS IN ISSUE IN THE CASE OF MRS. RASHILA R OSWAL IN ITA NOS. 3334 & 3420/M/2013 FOR A.Y. 2005- 06. FOR OUR DETAILED REASON GIVEN IN THE APPEAL OF MRS. RASHILA R. OSWAL AND ON FINDINGS THE FACTS IN ISSUES IN THESE APPEAL S TO BE IDENTICAL, THE APPEAL FILED BY THE ASSESSEE IS DISMISSED AND THE A PPEAL FILED BY THE REVENUE IS ALSO DISMISSED. ITA NO. 3402/M/13 A.Y. 2004-05 REVENUES APPEAL ITA NO. 3329/M/13- A.Y. 2004-05 ASSESSEES APPEA L 4. THE ASSESSEE IS AGGRIEVED BY UPHOLDING THE LEVY OF PENALTY U/S. 271(1)(C) OF THE ACT IN RESPECT OF GIFTS RECEIVED AND THE REVENUE IS SHRI RATANCHAND J. OSWAL 3 AGGRIEVED BY THE DELETION OF THE PENALTY IN RESPECT OF LONG TERM CAPITAL GAINS OFFERED BY THE ASSESSEE FOR TAX AS INCOME FR OM OTHER SOURCES PURSUANT TO SURVEY ACTION U/S. 133A OF THE ACT. 3. THE FACTS IN ISSUE ARE IDENTICAL TO THE FACTS IN ISSUE IN THE CASE OF MRS. RASHILA R OSWAL IN ITA NOS. 3334 & 3420/M/2013 FOR A.Y. 2005- 06. FOR OUR DETAILED REASON GIVEN IN THE APPEAL OF MRS. RASHILA R. OSWAL AND ON FINDINGS THE FACTS IN ISSUES IN THESE APPEAL S TO BE IDENTICAL, THE APPEAL FILED BY THE ASSESSEE IS DISMISSED AND THE A PPEAL FILED BY THE REVENUE IS ALSO DISMISSED. ITA NO.3403/M/13 A.Y. 2006-07-REVENUES APPEAL 4. THE REVENUE IS AGGRIEVED BY THE DELETION OF THE PENALTY IN RESPECT OF LONG TERM CAPITAL GAINS OFFERED BY THE ASSESSEE FOR TAX AS INCOME FROM OTHER SOURCES PURSUANT TO SURVEY ACTION U/S. 1 33A OF THE ACT. 5. THE FACTS IN ISSUE ARE IDENTICAL TO THE FACTS IN ISSUE IN THE CASE OF MRS. RASHILA R OSWAL IN ITA NOS. 3334 & 3420/M/2013 FOR A.Y. 2005- 06. FOR OUR DETAILED REASON GIVEN IN THE APPEAL OF MRS. RASHILA R. OSWAL AND ON FINDINGS THE FACTS IN ISSUES IN THIS APPEAL TO BE IDENTICAL, THE APPEAL FILED BY THE REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 12 TH DECEMBER, 2014 SD/- SD/- (VIJAY PAL RAO ) (N.K. BILLAIYA) /JUDICIAL MEMBER !& / ACCOUNTANT MEMBER MUMBAI; 4 DATED : 12 TH DECEMBER, 2014 . . ./ RJ , SR. PS SHRI RATANCHAND J. OSWAL 4 !3 !3 !3 !3 / // / ,0 ,0 ,0 ,0 5!(0 5!(0 5!(0 5!(0 / COPY OF THE ORDER FORWARDED TO : 1. )+ / THE APPELLANT 2. ,-)+ / THE RESPONDENT. 3. 6 ( ) / THE CIT(A)- 4. 6 / CIT 5. 78 ,0 , , / DR, ITAT, MUMBAI 6. 8 9 / GUARD FILE. !3 !3 !3 !3 / BY ORDER, -0 ,0 //TRUE COPY// : :: : / ; ; ; ; (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI