LONGULF TRADING (INDIA) P.LTD, MUMBAI V. DCIT 8(2), MUMBAI

ITA 3671/MUM/2014

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 8087 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 9 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-03-2017
• Appeal Filed By: Assessee
• Bench Allotted: A
• Assessment Year: 2003-2004
• Appeal Filed On: 22-05-2014
• Court: TRIBUNAL
• Department Lawyers: RAJESH KUMAR YADAV
• Assessee Lawyers: SANJAY R PARIKH

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA , ACCOUNTANT MEMBER AND SHRI RAVISH SOOD, JUDICIAL MEMBER ITA NO.3671/MUM./2014 ( ASSESSMENT YEAR :2003 - 04 ) LONGULF TRADING INDIA PVT. LTD, TIMES SQUARE, A WING, 5 TH FLOOR, UNIT 1B MAROL ANDHERI KURLA RC. ANDHERI (E) MUMBAI 400 059 PAN AAACL1075D . APPELLANT V/S DCIT 2(2), MUMBAI. . RESPONDENT ASSESSEE BY : SHRI. SANJAY R. PARIKH REVENUE BY : SHRI. RAJESH KUMAR YADAV DATE OF HEARING - 06.03.2017 DATE OF ORDER 07.03.2017 O R D E R PER: SHAMIM YAHYA THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST ORDER OF LD. CIT - A DATED. 07.02.2014 AND PERTAINS TO ASSESSMENT YEAR 2003 - 04, WHEREBY LD. - CIT - A HAS CONFIRMED THE PENALTY LEVIED U/S. 271(1) (C) AMOUNTING THE RS. 5 LAKH. 2 . AT THE OUTSET IN THIS CASE LD. COUNSEL SUBMITTED THAT THE ADDITION WITH REGARD TO WHICH THE PENALTY HAS BEEN LEVIED H AS ALREADY BEEN DELETED BY THIS TRIBUNAL IN ASSESSEE OWN CASE I N ITA NO. 2528/MUM/2010 AND ITA NO. LONGULF TRADING INDIA PVT. LTD, ITA NO.3671/MUM./2014 2 2530/MUM/2010 VIDE ORDER DATED 02.03.2016. HENCE LD. CO UNSEL SUBMITTED THAT SINCE THE ADD ITION HAS ALREADY BEEN DELETED, T HE PENALTY LEVIED WITH REGARD TO THE ABOVE DOES NOT SURVIVE. 3 . LD. DR DID NOT DISPUTE THE ABOVE P ROPOSITION. ACCORDINGLY, SINCE THE ADDITION HAS BEEN DELETED THE ITAT THE PENALTY BASED UPON THAT ADDITION DOESNT SURVIVE. HENCE WE SET ASIDE ORDER OF AUTHORITIES BELOW AND DELETE THE LEVY OF PENALTY. IN THE RESULT THE APPEAL FILED BY THE ASSESSEE STANDS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 07.03.2017 SD/ - SD/ - RAVISH SOOD SHAMIM YAHIYA JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI, DATED: 07.03.2017 COPY OF THE ORDER FORWARDED TO : (1) THE ASSESSEE ; (2) THE REVENUE; (3) THE CIT(A); (4) THE CIT, MUMBAI CITY CONCERNED; (5) THE DR, ITAT, MUMBAI; (6) GUARD FILE . TRUE COPY BY ORDER NISHANT VERMA SR. PRIVATE SECRETARY (DY./ASSTT.REGISTRAR) ITAT, MUMBAI LONGULF TRADING INDIA PVT. LTD, ITA NO.3671/MUM./2014 3