DCIT CEN CIR 12, MUMBAI V. PARESH M. KARIYA HUF, MUMBAI

ITA 436/MUM/2014

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 101216 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 8 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-10-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2004-2005
• Appeal Filed On: 20-01-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: PERMANAND J
• Assessee Lawyers: B V JHAVERI

Judgement Text

SHRI PARESH M KARIYA, HUF ITA NO. 436 /MUM/20 1 4 1 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH C , MUMBAI . . , , BEFORE SHRI B R BASKARAN , ACCOUNTANT MEMBER AND SHRI AMIT SHUKLA , JU DICIAL MEMBER ITA NO. : 436 /MUM/20 1 4 ( ASSESSMENT YEAR: 200 4 - 0 5 ) DCIT - CENTRAL CIRCLE 12, ROOM NO. 803, 8 TH FLOOR, OLD CGO BUILDING (ANNEX), M K ROAD, MUMBAI - 400 020 VS SHRI PARESH M KARIYA, HUF, 13 KATHIAWAR CHS, GULMOHAR CROSS ROAD NO. 12, JVPD SCHE ME, MUMBAI - 400 049 .: PAN: AA BHP 6818 C (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI PERMANAND J RESPONDENT BY : SHRI B V JHAVERI /DATE OF HEARING : 06 - 0 7 - 201 5 / DATE OF PRONOUNCEMENT : 0 1 - 10 - 201 5 ORDER , . . : PER AMIT SHUKLA, J M : THE A FORESAID APPEAL HAS BEEN FILED BY THE R E VENUE AGAINST IMPUGNED ORDER DATED 0 1 . 11 .201 4 PASSED BY CIT(A) - 36 , MUMBAI IN RELATION TO THE PENALT Y PROCEEDINGS U/S 271(1)(C) FOR THE ASSESSMENT YEAR 2004 - 05. THE REVENUE IS MAINLY AGGRIEVED BY DELETION OF PENALTY OF RS. 18,26,523/ - LEVIED ON ACCOUNT OF ADDITION MADE AS BOGUS LONG - TERM - CAPITAL - GAIN. 2. AT THE OUTSET, THE LD. COUNSEL FOR THE ASSESSEE S UBMITTED THAT IN THE QUANTUM PROCEEDINGS, THE ADDITION ITSELF HAS BEEN DELETED, THEREFORE, PENALTY LEVIED ON SUCH ADDITION HAS NO LEGS TO STAND. SHRI PARESH M KARIYA, HUF ITA NO. 436 /MUM/20 1 4 2 3. THE LD. DR ALSO ADMITTED THAT ADDITION MADE IN THE CASE OF THE ASSESSEE IN THE QUANTUM PROCEEDINGS HAS BEEN DELETED BY THE TRIBUNAL. 4. AFTER CONSIDERING THE FACTS, WE FIND THAT TRIBUNAL IN THE QUANTUM PROCEEDINGS IN ITA NO. 7203/MUM/2010 VIDE ORDER DATED 13.05.2015 HA S DELETED THE ADDITION OF RS. 55,98, 486 / - AND RS. 2,79,924/ - ON ACCOUNT OF LONG - TERM - CAPITAL - GAIN. THUS, PENALTY ON TH E S E ADDITION S CANNOT BE SUSTAINED. ACCORDINGLY, ORDER OF THE CIT(A) IS AFFIRMED AND GROUND RAISED BY THE REVENUE ARE DISMISSED. 5. IN THE RESULT, APPEAL OF THE REVENUE STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 1 ST O C T O BER, 2015 . SD/ - SD/ - ( . . ) ( ) ( B R BASKARAN ) ( AMIT SHUKLA ) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATE: 1 ST OCTOBER, 2015 / COPY TO: - 1 ) / THE APPELLANT. 2 ) / THE RESPONDENT. 3) THE CIT (A) - 37 , MUMBAI. 4 ) THE CIT CENTRAL - 1, MUMBAI. 5 ) , , / THE D.R. C BENCH, MUMBAI. 6 ) \ COPY TO GUARD FILE. / BY ORDER / / TRUE COPY / / / , DY. / ASSTT. REGISTRAR I.T.A.T., MUMBAI * . . *CHAVAN, SR.PS