ACIT 10(1), MUMBAI V. INFRASTRUCTURE LEASING & FINANCIAL SERVIES LTD, MUMBAI

ITA 5165/MUM/2012

• Counselvise Citation: 516519914 RSA 2012
• Duration Of Justice: 1 year(s) 1 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 01-10-2013
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: I
• Assessment Year: 2002-2003
• Appeal Filed On: 13-08-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: O P SINGH
• Assessee Lawyers: DILIP V LAKHANI
• Keywords: Depreciation; Difference of opinion; Change of opinion; Reassessment proceedings
• Section: 148

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH I, MUMBAI , ! '# $## #% , & ! ' BEFORE SHRI RAJENDRA SINGH, ACCOUNTANT MEMBER AND SHRI VIVEK VARMA, JUDICIAL MEMBER . : 5165 / / 2012 A.YS. 2002-03 ITA NO. : 5165/MUM/2012 (ASSESSMENT YEAR: 2002-03) DCIT/ACIT 10(1), 455, AAYAKAR BHAVAN, 4 TH FLOOR, M.K. MARG, MUMBAI -400 020 VS M/S. INFRASTRUCTURE LEASING & FINANCIAL SERVICES LIMITED, THE IL & FS FINANCIAL CENTRE, PLOT NO. C-22, G BLOCK, BKC, BANDRA (E), MUMBAI -400 051 .: PAN: AAACI 0989 F (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI O.P. SINGH RESPONDENT BY : SHRI DILIP V. LAKHANI /DATE OF HEARING : 01-10-2013 !' / DATE OF PRONOUNCEMENT : 01-10-2013 + O R D E R $## #% , : PER VIVEK VARMA, JM: THE INSTANT APPEAL HAS BEEN FILED BY THE DEPARTMENT AGA INST THE CANCELLATION OF PENALTY OF RS. 24,71,357/- LEVIED U/S 271(1 )(C) BY THE AO IN THE REASSESSMENT PROCEEDINGS, WHEREIN, THE FOLLOW ING GROUNDS HAVE BEEN TAKEN: 1. ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CA SE THE LD. CIT(A) ERRED IN DELETING THE PENALTY U/S 271(1)(C) OF THE ACT AMOUN TING TO RS. 24,71,357/- LEVIED BY THE AO IN RESPECT OF WRONG CL AIM OF DEPRECIATION ON HOUSE PROPERTY WHICH WAS LET OUT TO EARN RENTAL INCOME. 2. THE APPELLANT PRAYS THAT THE ORDER OF CIT(A) ON THE ABOVE GROUND BE SET ASIDE AND THAT OF THE ASSESSING OFFICER BE RESTORED . 2. AT THE TIME OF HEARING BEFORE US, THE AR SUBMITTED TH AT THE REASSESSMENT PROCEEDINGS, AS INITIATED BY THE AO HAS BEE N QUASHED BY M/S. INFRASTRUCTURE LEASING & FINANCIAL SERVICES LIMITED ITA NO. 5165/MUM/2012 2 THE CO-ORDINATE BENCH OF THE ITAT IN THE CASE OF THE AS SESSEE IN ITAS NO. 167 AND 233 OF 2010 WITH REGARD TO ASSESSMENT YEAR 2002-03 SUBMITTING THE ORDER OF THE ITAT, WHEREIN, PAGE 7 PARAGRAPHS 5.3 B EING RELEVANT, WHICH READS AS UNDER: 5.3 CONSIDERING THE PARTICULAR FACTS AND CIRCUMSTA NCES OF THE CASE UNDER CONSIDERATION, WE ARE OF THE OPINION THAT REOPENING WAS RESULT OF CHANGE OF OPINION. FACT THAT THE AO DID NOT RECORD REASONS FOR COMPUTING INCOME UNDER NORMAL/MAT PROVISIONS, WOULD BE OF NO CONSEQU ENCE. THEREFORE, WE ARE OF THE OPINION THAT THE NOTICE U/S 148 IN TH E PRESENT CASE WAS ISSUED WITHOUT JURISDICTION. 3. SINCE ENTIRE REASSESSMENT PROCEEDINGS HAS BEEN QUAS HED BY THE ITAT, THE INSTANT APPEAL FILED BY THE DEPARTMENT DOES NOT HAVE ANY LEGS TO STAND. IN THE CIRCUMSTANCES, THE APPEAL FILED BY TH E DEPARTMENT IS DISMISSED. 4. IN THE RESULT, DEPARTMENTS APPEAL STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 1 ST OCTOBER, 2013. SD/- SD/- ( ) ( $## #% ) ! ! (RAJENDRA SINGH) (VIVEK VARMA) ACCOUNTANT MEMBER JUDICIAL MEMBER MUMBAI, DATE: 1 ST OCTOBER, 2013 / COPY TO:- 1) / THE APPELLANT. 2) / THE RESPONDENT. 3) & & ' ( ) - 21 MUMBAI / THE CIT (A)-21, MUMBAI. 4) & & ' M.C.-X, MUMBAI / THE CIT M.C.-X, MUMBAI, 5) )*+ , & , & , , -. / THE D.R. I BENCH, MUMBAI. 6) +/ 0 COPY TO GUARD FILE. M/S. INFRASTRUCTURE LEASING & FINANCIAL SERVICES LIMITED ITA NO. 5165/MUM/2012 3 &12 / BY ORDER / / TRUE COPY / / [ 3 / 4 5 & , , -. DY. / ASSTT. REGISTRAR I.T.A.T., MUMBAI *784 . . * CHAVAN, SR. PS