ANGELO'S COMPUTRS LTD, MUMBAI V. DCIT 9(3), MUMBAI

ITA 3371/MUM/2013

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 3779 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 9 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-02-2016
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 24-02-2016
• Assessment Year: 2004-2005
• Appeal Filed On: 01-05-2013
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Depreciation

Judgement Text

ST. ANGELOS COMPUTERS LTD ITAS NO. 3369 TO 3374 /MUM/201 3 1 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH A , MUMBAI , , BEFORE SHRI AMIT SHUKLA , JUDICIAL MEMBER AND SHRI RA JESH K UM AR , ACCOUNTA NT MEMBER ITA NO. : 3369 /MUM/20 1 3 (ASSESSMENT YEAR: 200 2 - 0 3 ) ITA NO. : 3370/MUM/2013 (ASSESSMENT YEAR: 200 3 - 0 4 ) ITA NO. : 3371/MUM/2013 (ASSESSMENT YEAR: 200 4 - 0 5 ) ITA NO. : 3372/MUM/2013 (ASSESSMENT YEAR: 200 5 - 0 6 ) ITA NO. : 3373/MUM/2013 (ASSESSMENT YEAR : 200 6 - 0 7 ) ITA NO. : 3374/MUM/2013 (ASSESSMENT YEAR: 200 7 - 0 8 ) ST. ANGELO S COMPUTERS LTD , 159, CST ROAD, KALINA, 6 TH FLOOR, JYOTI PLAZA, ABOVE TATA MOTORS, S V ROAD, KANDIVALI (WEST), MUMBAI - 400 0 67 .: PAN: AAECS 9697 J VS AC I T - 9 (3), AAYAKAR BHAVAN, M K ROAD, MUMBAI (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI NISHIT GANDHI RESPONDENT BY : SHRI DARSI SUMAN RATNAM /DATE OF HEARING : 24 - 02 - 201 6 / DATE OF PRONOUNCEMENT : 24 - 02 - 201 6 ORDER PER BENCH : THE AFORESAID APPEAL S HA VE BEEN FILED BY THE ASSESSEE AGAINST A CONSOLIDATED ORDER DATED 2 1.02.2013 PASSED BY CIT(A) - 20 IN RELATION TO THE PENALTY PROCEEDINGS UNDER SECTION 271(1)(C) FOR THE ASSESSMENT YEAR S 2002 - 03, 2003 - 04, 2004 - 05, 2005 - 06, ST. ANGELOS COMPUTERS LTD ITAS NO. 3369 TO 3374 /MUM/201 3 2 2006 - 07 AND 2007 - 08. IN ALL THESE APPEALS, THE PENALTY HAS BEEN LEVIED ON ACCOUNT OF DISALLOWA NCE OF DEPRECIATION ON GOODWILL. 2. AT THE OUTSET, LD. COUNSEL FOR THE ASSESSEE, SHRI NISHIT GANDHI, SUBMITTED THAT, IN THE QUANTUM APPEAL, THE TRIBUNAL VIDE ORDER DATED 22.07.2015 HAS ALLOWED THE ASSESSEES CLAIM FOR DEPRECIATION ON GOODWILL FOLLOWIN G THE DECISION OF HONBLE SUPREME COURT IN THE CASE CIT VS SMIFS SECURITIES LTD. , REPORTED IN 348 ITR 302. ONCE THE ADDITION ITSELF HAS BEEN DELETED IN THE QUANTUM PROCEEDINGS THEN, PENALTY UNDER SECTION 271(1)(C) HAS NO LEGS TO STAND AND ACCORDINGLY, PEN ALTY LEVIED BY THE AO AND AS CONFIRMED BY THE CIT(A) IN ALL THE YEARS S TANDS DELETED. 3. IN THE RESULT, APPEAL OF THE ASSESSEE FOR ALL THE YEARS ARE ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 24 TH FEBRUARY , 2016 . SD/ - SD/ - ( ) ( ) ( RAJESH KUMAR ) ( AMIT SHUKLA ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATE: 24 TH FEBRUARY , 2016 / COPY TO: - 1 ) / THE APPELLANT. 2 ) / THE RESPONDENT. 3) THE CIT (A) - 20 , MUMBAI . 4 ) THE COMMISSIONER OF INCOME TAX - 9 , MUMBAI . 5 ) , , / THE D.R. A BENCH, MUMBAI. 6 ) \ COPY TO GUARD FILE. / BY ORDER / / TRUE COPY / / / , DY. / ASSTT. REGISTRAR I.T.A.T., MUMBAI * . . *CHAVAN, SR.PS