MEGA BOLLYWOOD P. LTD, MUMBAI V. CIT CEN (A) IV, MUMBAI

ITA 4530/MUM/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 1379 (ITAT-MUMBAI)
• Duration Of Justice: 10 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-06-2010
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: H
• Next Hearing Date: 24-06-2010
• Assessment Year: 2005-2006
• Appeal Filed On: 03-08-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R M TIWARI
• Keywords: Set aside
• Section: 271(1)(c)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, H, MUMBAI BEFORE SHRI R V EASWAR, PRESIDENT AND SHRI T R SOOD, ACCOUNTANT MEMBER I T A NO: 4530/MUM/2009 (ASSESSMENT YEAR: 2005-06) MEGA BOLLYWOOD PVT. LTD., MUMBAI APPELLANT (PAN: AAACY0507D) VS DEPUTY COMMISSIONER OF INCOME TAX RESPONDENT CENTRAL CIRCLE 24, MUMBAI APPELLANT BY: MS ARATI VISSANJI RESPONDENT BY: MR R M TIWARI O R D E R R V EASWAR, PRESIDENT: THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST TH E LEVY OF PENALTY OF RS.2,19,55,500/- UNDER SECTION 271(1)(C) OF THE INCOME TAX ACT, 1961. AT THE TIME OF THE HEARING IT WAS POINT ED OUT ON BEHALF OF THE ASSESSEE THAT IN ITA NO: 6180/MUM/2008, THE MUMBAI BENCH B OF THE TRIBUNAL HAS, BY ORDER DATED 16.11.2009 SET ASI DE THE ASSESSMENT AND DIRECTED THE ASSESSING OFFICER TO REDO THE SAME AFTER TAKING INTO ACCOUNT THE EVIDENCES TO BE ADDUCED BY THE ASSESSEE . IT IS COMMON GROUND THAT IT IS THIS ASSESSMENT WHICH HAS GIVEN R ISE TO THE PRESENT PENALTY PROCEEDINGS. SINCE THE ASSESSMENT ORDER IT SELF HAS BEEN SET ASIDE, THE PENALTY PROCEEDINGS HAVE NO LEGS TO STAN D. ACCORDINGLY THE PENALTY LEVIED IS CANCELLED AND THE APPEAL OF THE A SSESSEE IS ALLOWED WITH NO ORDER AS TO COSTS. ORDER PRONOUNCED IN THE OPEN COURT ON 30 TH JUNE 2010. SD/- SD/- (T R SOOD) (R V EASWAR) ACCOUNTANT MEMBER PRESIDENT MUMBAI, DATED 30 TH JUNE 2010 SALDANHA ITA NO: 4530/MUM/2009 2 COPY TO: 1. MEGA BOLLYWOOD PVT. LTD. 5/C SWAPNALOK L JAGMOHANDAS MARG, MUMBAI 400 006 2. DCIT, CENTRAL CIRCLE 24 3. CIT-CENTRAL II 4. CIT(A)-IV 5. DR H BENCH TRUE COPY BY ORDER ASSTT. REGISTRAR, ITAT, MUMBAI