DCIT 1(3)(2), MUMBAI V. MAHARAHSTRA STATE CO OPERAIVE AGRICULTURAL RURAL MULTIPURPOSE DEVELOPEMENT BANK LTD, MUMBAI

ITA 3520/MUM/2017

• Counselvise Citation: [2019] 114 COUNSELVISE.COM (IT) 6198 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 6 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-11-2019
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: D
• Assessment Year: 2001-2002
• Appeal Filed On: 15-05-2017
• Result in Favour of: Revenue
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL 'D' BENCH, MUMBAI BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIAL MEMBER ITA NO. 3520/MUM/2017 (ASSESSMENT YEAR: 2001-02) D C I T - 1(3)(2) ROOM NO. 540, 5TH FLOOR AAYAKAR BHAVAN, M.K. ROAD MUMBAI 400020 VS. M/S. MAHARASHTRA STATE CO - OP. AGRICULTURAL RURAL MULTIPURPOSE DEVELOPMENT BANK LTD. 15-A, MORVI LANE, CHOWPATTYMUMBAI 400007 PAN AAAAM9669E APPELLANT RESPONDENT APPELLANT BY: SHRI RAHUL RAMAN RESPONDENT BY: SHRI RUTURAJ H. GURJAR DATE OF HEARING: 11.11.2019 DATE OF PRONOUNCEMENT: 18.11.2019 O R D E R PER RAJESH KUMAR, AM THIS APPEAL FILED BY REVENUE IS DIRECTED AGAINST TH E ORDER OF THE CIT(A)-3, MUMBAI DATED 06.02.2017 AND IT RELATES TO A.Y. 2001-02. 2. THE ONLY ISSUE RAISED BY THE REVENUE IS DELETION OF PENALTY BY THE CIT(A) OF ` 5,79,24,924/- AS LEVIED BY THE AO UNDER SECTION 271 (1)(C) OF THE ACT. 3. AT THE OUTSET THE LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED BEFORE THE BENCH THAT THE QUANTUM APPEAL FILED BY THE ASSE SSEE BEFORE THE HON'BLE TRIBUNAL HAS BEEN RESTORED TO THE FILE OF T HE CIT(A) FOR PASSING A SPEAKING ORDER, AFTER CONSIDERING THE FACTS OF THE CASE AND AFFORDING REASONABLE OPPORTUNITY OF HEARING THE ASSESSEE IN I TA NO. 5633/MUM/2013 FOR A.Y. 2001-02 AND OTHERS VIDE ORDE R DATED 14.03.2017. THE LEARNED COUNSEL FOR THE ASSESSEE SU BMITTED THAT THE PRESENT PENALTY APPEAL MAY ALSO BE DECIDED ACCORDIN GLY IN VIEW OF THE ORDER OF THE ITAT IN THE QUANTUM APPEAL. ITA NO. 3520/MUM/2017 MAHARASHTRA STATE CO-OP. AGRICULTURAL .. 2 4. THE LEARNED D.R. RELIED ON THE GROUNDS OF APPEAL A ND THE ORDER OF THE AO AND PENALTY ORDER AND LEFT IT TO THE DISCRET ION OF THE BENCH TO DECIDE THE ISSUE AFTER PERUSING THE ORDER OF THAT I TAT IN ITA NO. 5633/MUM/2013 (SUPRA). 5. WE HAVE HEARD THE RIVAL CONTENTIONS AND PERUSED THE RECORD. THE QUANTUM APPEAL IS RESTORED TO THE FILE OF THE LEARN ED CIT(A) TO PASS A SPEAKING ORDER AFTER TAKING INTO CONSIDERATION ALL THE FACTS AND AFFORDING REASONABLE OPPORTUNITY OF HEARING TO THE ASSESSEE. ACCORDINGLY WE RESTORE THE PENALTY APPEAL ALSO TO THE FIE OF THE CIT(A) TO DECIDE THE SAME AFTER DECIDING THE QUANTUM APPEAL. THE ASSESSEE IS AT LIB ERTY TO TAKE ANY FRESH APPEAL BEFORE THE LEARNED CIT(A) DURING THE PENALTY PROCEEDINGS. THE APPEAL OF THE REVENUE IS DISPOSED OFF AS INDICATED ABOVE. 6. IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS ALLOWED FOR STATISTICAL PURPOSES. ORDER PRONOUNCED IN THE OPEN COURT ON 18 TH NOVEMBER, 2019. SD/ - SD/ - (AMARJIT SINGH) (RAJESH KUMAR) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 18 TH NOVEMBER, 2019 COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A) -3, MUMBAI 4. THE PR.CIT - 1, MUMBAI 5. THE DR, D BENCH, ITAT, MUMBAI BY ORDER //TRUE COPY// ASSISTANT REGISTRAR ITAT, MUMBAI BENCHES, MUMBAI N.P.