Shri Harsh Jain, New Delhi V. ITO, Meerut

ITA 4765/DEL/2014

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 87077 (ITAT-DELHI)
• Duration Of Justice: 6 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-03-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2009-2010
• Appeal Filed On: 02-09-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: T VASANTHAN
• Assessee Lawyers: O P SAPRA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH C NEW DELHI BEFORE SHRI S.V. MEHROTRA : ACCOUNTANT MEMBER AND SHRI C.M. GARG : JUDICIAL MEMBER ITA NO. 4765/DEL/2014 ASSTT. YR: 2009-10 HARSH JAIN, VS. INCOME-TAX OFFICER, C/0, O.P. SAPRA & ASSOCIATES, WARD-1(3), MEERUT. C-763, NEW FRIENDS COLONY, NEW DELHI. PAN: ABSPJ 5050 E ( APPELLANT ) ( RESPONDENT ) APPELLANT BY : SHRI O.P. SAPRA ADV. RESPONDENT BY : SHRI T. VASANTHAN SR. DR DATE OF HEARING : 12-03-2015 DATE OF ORDER : 18-03-2015. O R D E R PER S.V. MEHROTRA, A.M: : THIS APPEAL, BY THE ASSESSEEARE, IS DIRECTED AGAIN ST CIT(A)S ORDER DATED 28-3-2014 RELATING TO A.Y. 2009-10. 2. BRIEF FACTS OF THE CASE ARE THAT ASSESSEE HAD FI LED ITS RETURN OF INCOME DECLARING INCOME OF RS. 1,51,720/-. THE ASSESSMENT WAS COMPLETED AT A TOTAL INCOME OF RS. 18,76,720/-, AFTER MAKING FOLLOWING A DDITIONS: (I) U/S 68 RS. 8,60,000 (II) U/S 68 RS. 6,00,000 (III) RE-PAYMENT OF LOAN RS. 15,000 (IV) RE-PAYMENT OF LOAN RS. 2,50,000 2 3. THE AO VIDE PENALTY ORDER DATED 22-10-2012 LEVIE D PENALTY OF RS. 10,37,400/- U/S 271(1)(C) OF THE INCOME-TAX ACT, INTER ALIA, OBSERVING IN PARA 4.4 OF HIS ORDER THAT IT WAS NOT A FIT CASE TO KEEP THE PENALTY IN ABEYANCE TILL DISPOSAL OF APPEAL BY THE TRIBUNAL. 4. AT THE TIME OF HEARING, LD. COUNSEL FOR THE ASSE SSEE FILED BEFORE US COPY OF TRIBUNALS ORDER 24-9-2014 RENDERED IN QUANTUM APPE AL FOR THE ASSESSMENT YEAR IN QUESTION, BEING ITA NO. 2973/DEL/2012, DELETING THE ADDITIONS MADE BY THE AO. HE, THEREFORE, SUBMITTED THAT IN VIEW OF TRIBUNALS ORDER IN QUANTUM APPEAL, THE PENALTY IN QUESTION DOES NOT SURVIVE. 5. WE HAVE HEARD RIVAL SUBMISSIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. WE FIND THAT THE ITAT VIDE ORDER DATED 24- 9-2014 IN ITA NO. 2973/DEL/2012 HAS DELETED THE ADDITIONS MADE BY THE AO. THUS, SINCE THE VERY BASIS FOR LEVY OF PENALTY HAS GONE, THE PENALTY IN QUESTION DOES NOT SURVIVE. ACCORDINGLY, THE PENALTY LEVIED BY AO AND SUSTAINED BY LD. CIT(A) U/S 271(1)(C) IS DELETED. 6. IN THE RESULT, ASSESSEES APPEAL IS ALLOWED. ORDER PRONOUNCED IN OPEN COURT ON 18-03-2015. SD/- SD/- (C.M. GARG) ( S.V. MEHROTRA ) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 18-03-2015. MP COPY TO : 1. ASSESSEE 2. AO 3. CIT 4. CIT(A) 5. DR 3