ACIT, V. Apoorva Ppropertiies & Estat4es Pvt.Ltd.,

ITA 470/PUN/2009

• Counselvise Citation: [2010] 135 COUNSELVISE.COM (IT) 3408 (ITAT-PUNE)
• Duration Of Justice: 1 year(s) 3 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 13-08-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2003-2004
• Appeal Filed On: 20-04-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ABHAY DAMLE
• Assessee Lawyers: R G AMIWAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH A, PUNE BEFORE SHRI SHAILENDRA KUMAR YADAV JUDICIAL MEMBER AND SHRI D. KARUNAKARA RAO ACCOUNTANT MEMBER I.T.A. NO. 470/PN/2009 ( A.Y. 2003-04 ) ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE- 1(1), PU NE APPELLANT VS. APOORVA PROPERTIES & ESTATES PVT. LTD., RESPONDENT KUMAR CAPITAL, 2413, EAST STREET, CAMP, PUNE 411 001 PAN :- AABCA5787C APPELLANT BY: SHRI ABHAY DAMLE RESPONDENT BY: SHRI R.G. AMIWAL ORDER PER D. KARUNAKARA RAO, AM THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE IMPUGNED ORDER OF THE CIT(A)-I, PUNE, PASSED U/S. 271(1)(C ) LEVYING PENALTY OF RS. 75,00,000/-. THE GROUNDS RAISED READ AS UNDER : 1) ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE, THE LEARNED CIT(APPEALS) ERRED IN DELETING THE PENALTY OF RS. 75,00,000/- LEVIED U/S. 271(1)(C ) OF THE I.T. ACT. 2) ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CAS E, THE LEARNED CIT (APPEALS) FAILED TO APPRECIATE THAT THE ASSESSEE CLAIMED A WRONG DEDUCTION U/S 80IB(10) OF THE I.T. ACT AMOUNTING TO RS. 2,15,08,480/- AND THE DISALLOWANCE HAS BEEN SUSTAINED IN APPEAL. 2. DURING THE PROCEEDINGS BEFORE, AT THE VERY OUTSE T, LD COUNSEL INFORMED US THAT THE QUANTUM ADDITIONS ARE DELETED BY THE TRIBUNAL VIDE ITA NO. 113/PN/2007 ORDER DT. 21 ST AUGUST 2009. LR DR FOR THE REVENUE RELIED ON THE ORDER OF THE AO. WE HAVE HEAR D THE PARTIES AND PERUSED THE MATERIAL ON RECORD. PAGE 2 OF 2 ITA NO.470/PN/2009 APOORVA PROPERTIES & ESTATE P. LTD, A.Y. 2003-04 3. ON PERUSAL, WE FIND THAT THE QUANTUM APPEAL IS D ECIDED IN FAVOUR OF THE ASSESSEE VIDE ITA NO. 113/PN/2007 ORDER DT. 21 ST AUGUST 2009. SINCE THE VERY ADDITIONS ARE DELETED BY THE TRIBUNA L, THE LEVY OF PENALTY ON THOSE ADDITIONS DOES NOT STAND. WE, THE REFORE, FIND NO REASON TO INTERFERE IN THE ORDER OF THE CIT(A). ACC ORDINGLY, THE GROUNDS OF THE REVENUE ARE DISMISSED . 3. IN THE RESULT, REVENUES APPEAL IS DISMISSED . ORDER PRONOUNCED ON THE 13TH AUGUST 2010. SD/- SD/- ( SHAILENDRA KUMAR YADAV) JUDICIAL MEMBER (D. KARUNAKARA RAO ) ACCOUNTANT MEMBER PUNE DATED THE 13TH AUGUST 2010 US COPY OF THE ORDER IS FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT(A)- I, PUNE 4. THE CIT- I PUNE 5. THE D.R, A BENCH, PUNE 6. GUARD FILE BY ORDER ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL PUNE