M/s. INDUSTRIAL DEVELOPMENT BANK OF INDIA LTD., MUMBAI V. DCIT Rg. - 3(1), MUMBAI

ITA 3921/MUM/2006

• Counselvise Citation: [2013] 140 COUNSELVISE.COM (IT) 70702 (ITAT-MUMBAI)
• Duration Of Justice: 7 year(s) 2 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-08-2013
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: F
• Next Hearing Date: 21-08-2013
• Assessment Year: 1993-1994
• Appeal Filed On: 20-06-2006
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R R PRASAD
• Assessee Lawyers: C KARTHIKEYAN
• Section: 143(3); 147; 148

Judgement Text

, , , , , IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES F, MUMBAI .. , ! ' # $$, % ', & BEFORE SHRI R.S.SYAL, AM AND SHRI SANJAY GARG, JM ITA NO.3921/MUM/2006 : ASST.YEAR 1993-1994 M/S.INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED, TAXATION CELL, 7 TH FLOOR IDBI TOWER, WTC COMPLEX CUFFE PARADE, MUMBAI 400 005. PAN :AAACI1105R. THE DY.COMMISSIONER OF INCOME-TAX RANGE 3(1) MUMBAI. ( '( / // / APPELLANT) * * * * / VS. ( +,'(/ RESPONDENT) '( - -- - . . . . / APPELLANT BY : SHRI C.KARTHIKEYAN +,'( - . - . - . - . / RESPONDENT BY : SHRI R.R.PRASAD (CIT-DR) * - /! / / / / DATE OF HEARING : 21.08.2013 012 - /! / DATE OF PRONOUNCEMENT : 23.08.2013 ' 3 ' 3 ' 3 ' 3 / / / / O R D E R PER R.S.SYAL (AM) : THIS APPEAL BY THE ASSESSEE ARISES OUT OF THE ORDER PASSED BY THE COMMISSIONER OF INCOME-TAX (APPEALS) ON 23.02.2006 UPHOLDING PENALTY OF ` 35.77 CRORE IMPOSED BY THE ASSESSING OFFICER U/S 271(1)(C) OF THE ACT, IN RELATION TO THE ASSESSMEN T YEAR 1993-1994. 2. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED T HE RELEVANT MATERIAL ON RECORD. AT THE VERY OUTSET, THE LEARNED COUNSEL FOR THE ASSESSEE CONTENDED THAT THE PENALTY WAS IMPOSED PUR SUANT TO THE ASSESSMENT FRAMED U/S 143(3) READ WITH SECTION 147 OF THE ACT. A COPY OF THE ORDER PASSED BY THE TRIBUNAL IN ITA NO. 1391/MUM/2004 ETC. 12.12.2012 WAS PLACED ON RECORD BY WHICH THE T RIBUNAL QUASHED THE NOTICE U/S 148 AND THE PURSUANT ASSESSMENT. THE LEARNED ITA NO.3921/MUM/2006. M/S.INDUSTRIAL DEVELOPMENT BANK OF INDIA LTD. 2 DEPARTMENTAL REPRESENTATIVE FAIRLY CONCEDED THAT TH E ORDER PASSED BY THE TRIBUNAL QUASHING THE REASSESSMENT IS FINAL. AS THE QUESTION OF PENALTY EMANATED FROM THE ORDER PASSED U/S 147, WHI CH DOES NOT EXIST BECAUSE OF THE TRIBUNAL QUASHING SUCH REASSESSMENT, WE ARE OF THE CONSIDERED OPINION THAT NO PENALTY, FLOWING FROM SU CH INCONSEQUENTIAL ORDER, CAN BE SUSTAINED. WITHOUT S EPARATELY GOING INTO THE MERITS OF THE ADDITIONS, WE ORDER FOR THE DELETION OF PENALTY SUSTAINED IN THE FIRST APPEAL ON THIS SCORE ALONE. 3. 4 /5 6 / 7 - #/ 89 IN THE RESULT, THE APPEAL IS ALLOWED. ORDER PRONOUNCED ON THIS 23 RD DAY OF AUGUST, 2013. ' 3 - 012 :'*5 1 - $ SD/- SD/- (SANJAY GARG) (R.S.SYAL) % ' % ' % ' % ' / JUDICIAL MEMBER ! ' ! ' ! ' ! ' / ACCOUNTANT MEMBER MUMBAI ; :'* DATED : 23 RD AUGUST, 2013. DEVDAS* ' 3 - +%/;< = <2/ ' 3 - +%/;< = <2/ ' 3 - +%/;< = <2/ ' 3 - +%/;< = <2// COPY OF THE ORDER FORWARDED TO : 1. '( / THE APPELLANT 2. +,'( / THE RESPONDENT. 3. > () / THE CIT, MUMBAI. 4. > / CIT(A) XXVII, MUMBAI. 5.