SHWETA KIRAN BIRAWAT, MUMBAI V. ITO 17(3)(4), MUMBAI

ITA 4197/MUM/2013

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 3994 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 10 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-04-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: E
• Assessment Year: 2005-2006
• Appeal Filed On: 24-05-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A K NAYAK
• Assessee Lawyers: AJAY NAGPAL

Judgement Text

1 SMT. SHWETA ANISH BIRAWAT ITA NO. 4195 /MUM/2013 ITA NO.4196/MUM/2013 SMT. SHWETA KIRAN BIRAWAT ITA NO.4197/MUM/2013 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH E , MUMBAI , , BEFORE SHRI B R BASKARAN , ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA , JUDICIAL MEMBER ITA NO. 4195 /MUM/201 3 (ASSESSMENT YEAR 200 5 - 06 ) ITA NO. 4196/MUM/2013 (ASSESSMENT YEAR 2006 - 07 ) SMT . SHWETA ANISH BIRAWAT , 105/106, 305 - 306, B BLOCK, DEEPAK JYOTI TOWER, G D AMBEDKAR MARG, KALACHOWKI, MUMBAI - 400 033 .:PAN: AUBPS 7750 A VS INCOME - TAX OFFICER 17(3)(4), PIRAMAL CHAMBERS, LALBAUG, PAREL, MUMBAI - 400 033 (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI A JAY NAGPAL RESPONDENT BY : SHRI A K NAYAK ITA NO. 4197/MUM/2013 (ASSESSMENT YEAR 2005 - 06 ) SMT . SHWETA KIRAN BIRAWAT , 105/106, 305 - 306, B BLOCK, DEEPAK JYOTI TOWER, G D AMBEDKAR MARG, KALACHOWKI, MUMBAI - 400 033 .:PAN: AHHPB 8970 C VS INCOME - TAX OFFICER 17(3)(4), PIRAMAL CHAMBERS, LALBAUG, PAREL, MUMBAI - 400 033 (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI AJAY NAGPAL RESPONDENT BY : SHRI A K NAYAK /DATE OF HEARING : 13 - 04 - 201 6 /DATE OF PRONOUNCEMENT : 13 - 04 - 2016 ORDER 2 SMT. SHWETA ANISH BIRAWAT ITA NO. 4195 /MUM/2013 ITA NO.4196/MUM/2013 SMT. SHWETA KIRAN BIRAWAT ITA NO.4197/MUM/2013 , . : - PER AMIT SHUKLA, J. M. : T HE AFORESAID APPEAL S HA VE BEEN FILED BY THE ASSESSEES IN RELATION TO THE PENALTY PROCEEDINGS UNDER SECTION 271(1)(C) FOR THE ASSESSMENT YEAR 2005 - 06 AND 2006 - 07 AGAINST SEPARATE IMPUGNED ORDERS OF EVEN DATE, 13.03.2013 PASSED BY CIT(A) - 29 MUMBAI. IN ALL THESE APPEALS, THE PENALTY HAS BEEN LEVIED O N THE ADDITION MADE BY TREATING THE LONG TERM CAPITA L GAIN SHOWN BY THE ASSESSEE ON THE SALE OF SHARES AS INCOME FROM OTHER SOURCES BY THE AO. 2. BEFORE US, THE LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT IN THE QUANTUM APPEAL THE MATTER HAS REACHED UPTO THE TRIBUNAL WHEREIN THIS ISSUE HAS BEEN DECIDED IN FAV O UR OF THE ASSESSEE BY THE TRIBUNAL VIDE ORDER DATED 20 TH FEBRUARY, 2015 IN BUNCH APPEALS IN THE CASE OF THE ASSESSEES ITAS NO.970, 971 AND 976/M/2010. ONCE THE ISSUE HAS BEEN DECIDED IN FAVOUR OF THE AND ADDITION STANDS DELETED THEN PENALTY HAS NO LEGS TO STAND. 3. THE DR HAS ALSO ADMITTED THAT, IN THE QUANTUM PROCEEDINGS, THIS ISSUE HAS BEEN DECIDED IN FAVOR OF THE ASSESSEE. 4. IN VIEW OF THE AFORESAID FACT THAT IN THE QUANTUM PROCEEDINGS THE TRIBUNAL HAS DECIDED THIS ISSUE IN FAVOUR OF THE ASSESSEE AND NO ADDITIO N NOW SUBSISTS , A CCORDINGLY, THE LEVY OF PENALTY UNDER SECTION 271(1)(C) HAS NO LEGS TO STAND AND THEREFORE, THE PENALTY LEVIED BY THE AO AND CONFIRMED BY THE CIT(A) IN ALL THE APPEALS ARE DELETED. 3 SMT. SHWETA ANISH BIRAWAT ITA NO. 4195 /MUM/2013 ITA NO.4196/MUM/2013 SMT. SHWETA KIRAN BIRAWAT ITA NO.4197/MUM/2013 5. IN THE RESULT, ALL THE APPEALS OF THE ASSESSEE ARE ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 13 TH AP R IL , 2016. SD/ - SD/ - ( ) ( ) (B R B ASKARAN ) ( AMIT SHUKLA ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATE: 13 TH APRIL, 2016 /COPY TO: - 1 ) / THE APPELLANT. 2 ) / THE RESPONDENT. 3) THE CIT(A) - 29 , MUMBAI. 4 ) THE COMMISSIONER OF INCOME TAX - 17 , MUMBAI. 5 ) , , / THE D.R. E BENCH, MUMBAI. 6 ) \ COPY TO GUARD FILE. / BY ORDER / / TRUE COPY / / , ASSTT. REGISTRAR I.T.A.T., MUMBAI * . . *CHAVAN, SR.PS