Brijwasi Impex Private Ltd., Delhi V. ACIT, New Delhi

ITA 5195/DEL/2013

• Counselvise Citation: [2016] 133 COUNSELVISE.COM (IT) 7099 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 4 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-02-2016
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 20-01-2016
• Assessment Year: 2007-2008
• Appeal Filed On: 13-09-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: K K JAISWAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : A NEW DELHI BEFORE SHRI H.S.SIDHU, JM AND AND SHRI J.SUDHAKAR REDDY, AM ITA NO: 5195 /DEL/201 3 AY : - 200 7 - 08 BRIJWASI IMPLEX PVT.LTD. VS. ACIT, C.C. 12 1170, KUCHA MAHAJANI NEW DELHI CHANDNI CHOWK DELHI 110 006 PAN: AABCB 7530 L (APPELLANT) (RESPONDENT) APPELLANT BY : SH.RAJIV SAXENA, ADV. RESPONDENT BY : SH. KK JAISWAL, D.R. O R D E R PER J.SUDHAKAR REDDY, ACCOUNTANT MEMBER THIS IS AN APPEAL FILED BY THE ASSESSEE DIRECTED AGAINST THE ORDER OF THE LD.COMMISSIONER OF INCOME TAX (APPEALS) - XXXI, NEW DELHI DA TED 22.07.2013 PERTAINING TO THE ASSESSMENT YEAR (A.Y.) 2007 - 08, WHEREIN PENALTY LEVIED BY THE A.O. U/S 271(1)(C) OF THE ACT WAS CONFIRMED. 2. FACTS IN BRIEF : - THE ASSESSEE IS A COMPANY. DURING THE YEAR UNDER ASSESSMENT THE ASSESSEE COMPANY WAS ENGAGED IN THE BUSINESS OF TRADING IN GOLD BULLION AND ORNAMENTS AND SILVER ARTICLES. THE COMPANY WAS ALSO ENGAGED IN TRADING OF IMMOVABLE PROPERTY. IT FILED ITS E - RETURN OF INCOME ON 31.10.2007 DECLARING INCOME OF RS.5,25,420/ - . THE CASE WAS PROCESSED U/S 143(1) AND SELECTED FOR SCRUTINY. NOTICE WAS SENT U/S 143(2) OF THE ACT. AO INITIATED PENALTY PROCEEDINGS U/S 271(1)(C ) OF THE ACT BY ASSESSING THE TOTAL INCOME AT ITA NO.5195/DEL/2013 A.Y. 2007 - 08 BRIJWASI IMPEX P.LTD., DELHI 2 RS.32,25,420/ - . AGGRIEVED THE ASSESSEE WENT IN APPEAL BEFORE THE FIRST APPELLATE AUT HORITY, WHO CONFIRMED THE PENALTY LEVIED BY THE A.O. 3. FURTHER AGGRIEVED THE ASSESSEE IS IN APPEAL BEFORE US. 4. WE HAVE HEARD SHRI RAJIV SAXENA, LD.COUNSEL FOR THE ASSESSEE AND SHRI KK JAISWAL, LD.D.R. ON BEHALF OF THE REVENUE. 5. AFTER HEARING RIVAL CO NTENTIONS WE FIND THAT THE DELHI A BENCH OF THE TRIBUNAL IN THE ASSESSEE S OWN CASE IN ITA NO S . 2714/DEL/10, ITA NO.362/DEL/11, ITA NOS. 1183 AND 1184/DEL/2011 , ITA 1305/DEL/11 FOR THE AYS 2002 - 03, 2004 - 05, 2006 - 07 AND 2007 - 08 VIDE ITS ORDER DT. 30.10.2 015, DELETED THE QUANTUM ADDITION. AS THE QUANTUM ADDITION WAS DELETED, THE PENALTY HAS NO LEGS TO S T AND. IN VIEW OF THE ORDER OF THE CO - ORDINATE BENCH ON MERITS, WE QUASH THE PENALTY LEVIED. 6. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED. ORDE R PRONOUNCED IN THE OPEN COURT ON 03 RD .FEBRUARY, 2016 . SD/ - SD/ - (H.S.SIDHU) (J.SUDHAKAR REDDY) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: THE 03 RD FEBRUARY, 2016 *MANGA ITA NO.5195/DEL/2013 A.Y. 2007 - 08 BRIJWASI IMPEX P.LTD., DELHI 3 COPY OF THE ORDER FORWARDED TO: 1. APPELLANT; 2.RESPONDENT; 3.CIT; 4.CIT(A); 5.DR; 6.GUARD FILE BY ORDER ASST. REGISTRAR