PRAKASH C. KANUGO, MUMBAI V. ASST CEN CIR 13, MUMBAI

ITA 5253/MUM/2012

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 92705 (ITAT-MUMBAI)
• Duration Of Justice: 2 year(s) 9 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 02-06-2015
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: C
• Next Hearing Date: 12-11-2014
• Assessment Year: 2008-2009
• Appeal Filed On: 21-08-2012
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: PREMANAND J
• Assessee Lawyers: DR K SHIVRAM MS NEELAM JADHAV
• Section: 153A

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, MUMBAI , , BEFORE SHRI JOGINDER SINGH, JUDICIAL MEMBER AND SHRI N.K . BILLAIYA, A CCOUNTANT M EMBER / I .T.A. NO S . 5253 & 5254/MUM/2012 ( / ASSESSMENT YEAR S : 2008 - 09 & 2009 - 10 SHRI PRAKASH C. KANUGO, 101, 1 ST FLOOR, SHATRUNJAY APARTMENT, 28, SINDHI LANE, N.D. ROAD, MUMBAI - 400 004 / VS. THE ACIT, CENTRAL CIRCLE - 13, OLD CGO BLDG, MUMBAI ./ ./ PAN/GIR NO. : AFKPK 2696F / I .T.A. NO. 7364/MUM/2012 ( / ASSESSMENT YEAR : 2008 - 09 M/S. KEYSTONE INC. (PROP SHRI PATARAM DEWASI) 01, HEERABAI TRUST BLDG., C.P. TANK ROAD, MUMBAI / VS. THE ACIT, CENTRAL CIRCLE - 13, OLD CGO BLDG, MUMBAI ./ ./ PAN/GIR NO. : AEKPD 9705P / I .T.A. NO S . 5263/MUM/2012 ( / ASSESSMENT YEAR : 2009 - 10 M/S. TOP HONEST INCORPORATION, 1 ST FLOOR, SHATRUNJAY APARTMENT, 28, SINDHI LANE, N.D. ROAD, MUMBAI - 400 004 / VS. THE ACIT, CENTRAL CIRCLE - 13, OLD CGO BLDG, MUMBAI ./ ./ PAN/GIR NO. : AAFFT O791E / I .T.A. NO. 5047/MUM/2012 ITA. NO S . 5253, 5254, 7364, 5263, 5047 & 5227/M/12 2 ( / ASSESSMENT YEAR : 2008 - 09 M/S. SETH IRON & STEEL PVT. LTD., SHOP NO. 2, KHUSAL BHAVAN 5, KUMBHARWADI, MUMBAI - 400 004 / VS. THE ACIT, CENTRAL CIRCLE - 13, OLD CGO BLDG, MUMBAI ./ ./ PAN/GIR NO. : AAJCS 8112P / I .T.A. NO . 5 227 /MUM/2012 ( / ASSESSMENT YEAR : 200 8 - 0 9 THE ACIT, CENTRAL CIRCLE - 13, OLD CGO BLDG, MUMBAI / VS. SHRI ASHOK M. SETH, 304, 3 RD FLOOR, BWING, PRATIKSHA TOWERS, R.M. NIMMKAR MARG, MUMBAIA - 400 008 ./ ./ PAN/GIR NO. : AACPB 5967B ( / APPELLANT ) .. ( / RESPONDENT ) / APPELLANT BY: DR. K. SHIVRAM MS. NEELAM JADHAV / RESPONDENT BY : SHRI PREMANAND J. / DATE OF HEARING : 0 2 . 0 6 .2015 / DATE OF PRONOUNCEMENT : 0 2 .0 6 .2015 / O R D E R PER N.K. BILLAIYA, AM: ITA NOS. 5253, 5254, 7364, 5047 & 5263/MUM/2012 ARE APPEALS BY THE ASSESSEE AGAINST LEVY OF PENALTY U/S. 271(1)(C) OF THE ACT AND ITA NO. 5227/M/12 IS THE APPEAL BY THE REVENUE AGAINST THE DELETION OF THE LEVY OF PENALTY U/S. 271(1)(C) OF THE ACT PREFERRED AGAINST SEPARATE ORDERS OF THE F IRST APPELLATE AUTHORITY. ITA. NO S . 5253, 5254, 7364, 5263, 5047 & 5227/M/12 3 2. AT THE VERY OUTSET, THE LD. COUNSEL FOR THE ASSESSEE STATED THAT THE ISSUE OF LEVY OF PENALTY U/S. 271(1)(C) OF THE ACT WAS ELABORATELY DISCUSSED BY THE TRIBUNAL IN THE CASE OF PRAKASH STEELAGE LTD. IN ITA NO. 5257/M/2012. T HE LD. COUNSEL FURTHER POINTED OUT THAT THIS ISSUE HAS BEEN DECIDED AGAINST THE ASSESSEE AND IN FAVOUR OF THE REVENUE. THE LD. A R FAIRLY CONCEDED THAT THE ISSUE MAY BE DECIDED AGAINST THE ASSESSEE IN VIEW OF THE DECISION OF THE TRIBUNAL (SUPRA). 3. WE H AVE CAREFULLY PERUSED THE RESPECTIVE PENALTY ORDER AND THE ORDERS OF THE FIRST APPELLATE AUTHORITY. WE HAVE ALSO GIVEN A THOUGHTFUL CONSIDERATION TO THE ORDER OF THE TRIBUNAL IN ITA NO. 5257/M/12. WE FIND THAT THE TRIBUNAL HAS DISMISSED ASSESSEES APPEAL ON THE GROUND THAT THE ADDITIONAL INCOME WHICH HAS BEEN DECLARED AFTER THE DATE OF SEARCH WAS IN THE RETURN OF INCOME FILED U/S. 153A AND NOT EARLIER. THEREFORE EXPLANATION - 5A IS CLEARLY ATTRACTED AND THE PENALTY LEVIED BY THE AO WAS CONFIRMED. RESPECTF ULLY FOLLOWING THE DECISION OF THE CO - ORDINATE BENCH IN THE LIGHT OF THE CON CESSION MADE BY THE LD. COUNSEL, APPEALS OF THE ASSESSEE ARE DISMISSED AND THAT OF THE REVENUE IS ALLOWED. 4. IN THE RESULT, THE APPEALS FILED BY THE ASSESSEE ARE DISMISSED AND TH E APPEAL FILED BY THE REVENUE IS ALLOWED. OR DER PRONOUNCED IN THE OPEN COURT AT THE TIME OF HEARING ON 2 ND JUNE , 2015 SD/ - SD/ - ( JOGINDER SING H ) (N.K. BILLAIYA) /JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED : 2 ND JUNE , 2015 . . ./ RJ , SR. PS ITA. NO S . 5253, 5254, 7364, 5263, 5047 & 5227/M/12 4 / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) - 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE . / BY ORDER, //TRUE COPY// / (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI