DEPUTY COMMISSIONER OF INCOME TAX ,HOSHIARPUR CIRCLE, HOSHIARPUR V. MESERS HOSHIARPUR CENTRAL CO-OP BANK LIMITED , HOSHIARPUR

ITA 488/ASR/2018

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 4991 (ITAT-AMRITSAR)
• Duration Of Justice: 10 month(s) 17 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-08-2019
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: DB
• Next Hearing Date: 21-08-2019
• Assessment Year: 2007-2008
• Appeal Filed On: 04-10-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: SURINDER MAHAJAN LD

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUN AL AMRITSAR BENCH, AMRITSAR BEFORE SH. B.R. BASKARAN, ACCOUNTANT MEMBER AN D SH. N.K.CHOUDHRY, JUDICIAL MEMBER ITA NO.488(ASR)/2018 ASSESSMENT YEAR:2007-08 DY. CIT, HOSHIARPUR CIRCLE, HOSHIARPUR VS. M/S. THE HOSHIARPUR CENTRAL CO-OPERATIVE BANK LIMITED RAILWAY ROAD, HOSHIARPUR [PAN:AAAAT 0384K] (APPELLANT) (RESPONDENT) APPELLANT BY : SH. CHARAN DASS (LD. DR) RESPONDENT BY: SH. SURINDER MAHAJAN (LD. CA) DATE OF HEARING: 21.08.2019 DATE OF PRONOUNCEMENT: 21.08.2019 ORDER PER N.K.CHOUDHRY, JM: THE REVENUE DEPARTMENT HAS PREFERRED THE CAPTI ONED APPEAL AGAINST THE ORDER DATED 25/07/2018 IMPUGNED HEREIN PASSED BY THE LD. CIT(A)-1, JALANDHAR U/S. 250(6) OF T HE INCOME TAX ACT, 1961 (HEREINAFTER CALLED AS THE ACT) WHEREBY THE LD. CIT(A) PARTLY DELETED THE PENALTY IMPOSED U/S 271(1)( C) OF THE ACT BY THE A.O. , ON THE BASIS OF ADDITION OF RS.4,33,0 6,000/- ON ACCOUNT OF INTEREST DUE ON 'NPAS'. 2. AT THE OUTSET, IT IS OBSERVED THAT THE LD. CIT(A) WHI LE PARTLY DELETING THE PENALTY OF RS.14,96,04,730/- HAS TAKEN INTO CONSIDERATION THE DECISION OF THE ITAT BENCH IN ASSESSEES QUANTUM APPEAL, WHEREBY THE HONBLE BENCH IN ITA NO.47/ASR/2011 AND ORS. VIDE ITS ORDER DATED 16.07.201 8 ITA N0.488/AST/ 2018 (ASST. YEAR: 2007-08) DCIT VS. THE HOSHIARPUR COOP. BANK LTD. 2 DELETED THE ADDITION OF RS.4,33,06,000/- ON ACCOUNT OF INTEREST DUE ON 'NPAS' ON THE BASIS OF WHICH THE PENALTY WAS IM POSED BY THE ASSESSING OFFICER. THE LD. CIT(A) HAS OBSERVED IN PA RA NO.6 OF ITS ORDER THAT SINCE THE ADDITION ON ACCOUNT OF INTE REST DUE ON NPAS ON WHICH PENALTY WAS LEVIED, ITSELF HAS BEEN DELE TED, THEREFORE, THE PENALTY DOES NOT SURVIVE ON THIS ISSUE. 3. NOTHING ADVERSE AGAINST THE ORDER PASSED BY THE CO- ORDINATE BENCH IN THE ASSESSEES QUANTUM CASE, HAS BEEN POINTED OUT BY THE REVENUE DEPARTMENT. WE ARE IN CON CURRENCE WITH THE VIEW OF LD. CIT(A) TO THE EFFECT 'SINCE THE A DDITION ON ACCOUNT OF INTEREST DUE ON NPAS ON WHICH PENALTY WAS LEV IED, ITSELF HAS BEEN DELETED, THEREFORE, THE PENALTY DOES N OT SURVIVE ON THIS ISSUE', AND THEREFORE OUR INTERFERENCE IS NOT WARRANTED IN THIS CASE AS THE ORDER UNDER CHALLENGE DOES NOT SUFFER FRO M ANY PERVERSITY, ILLEGALITY OR IMPROPRIETY, HENCE, THE APP EAL FILED BY THE REVENUE DEPARTMENT STANDS DISMISSED. 4. IN THE RESULT, THE APPEAL FILED BY THE REVENUE DEPA RTMENT STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 21/0 8/2019. SD/- SD/- (B.R.BASKARAN) (N.K.CHOUDHRY) ACCOUNTANT MEMBER JU DICIAL MEMBER DATED:21/08/2019. /PK/ PS. COPY FORWARDED TO: 1.THE APPELLANT 2.THE RESPONDENT 3.THE CIT 4.THEN CIT(APPEALS) 5.SR DR, I.T.A.T. AMRITSAR 6.GUARD FILE TRUE COPY BY ORDER