CROMPTON GREAVES LTD, MUMBAI V. DCIT CIR 6(2), MUMBAI

ITA 5297/MUM/2015

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 0281 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 9 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 09-08-2017
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2004-2005
• Appeal Filed On: 09-11-2015
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RAJAT MITTAL
• Assessee Lawyers: PRADIP M KAPASI
• Section: 115JB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES C, MUMBAI BEFORE SHRI P K BANSAL, VICE PRESIDENT & SHRI PAWAN SINGH, JUDICIAL MEMBER ITA NO. 5297/MUM/2015 ASSESSMENT YEAR : 2004-05 CROMPTON GREAVES LTD CG HOUSE, 6 TH FLOOR, DR ANNIE BESANT ROAD, WORLI, MUMBAI 400 030 PAN AAACC3840K VS. DCIT CIR 6(2) MUMBAI (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI PRADIP M KAPASI RESPONDENT BY : SHRI RAJAT MITTAL DATE OF HEARING : 09. 08 .2017 DATE OF PRONOUNCEMENT : 0 9 .0 8 .2017 O R D E R PER P K BANSAL, VICE-PRESIDENT: THIS APPEAL HAS BEEN FILED BY THE ASSESSEE AGAINST THE ORDER OF THE CIT(A) -12, MUMBAI, DATED 13.08.2015, FOR A.Y. 2004 -05, CONFIRMING THE ORDER OF THE ASSESSING OFFICER LEVYING PENALTY U/S. 271(1)(C) AMOUNTING TO ` 16,74,531/-. 2. WE HAVE HEARD THE RIVAL SUBMISSIONS AND CAREFULL Y CONSIDERED THE SAME ALONG WITH THE ORDERS OF THE AUTHORITIES BELOW. TH E ONLY ISSUE INVOLVED IN THIS APPEAL IS WHETHER PENALTY U/S. 271(1)(C) CAN BE LEV IED WHERE THE INCOME HAS BEEN ASSESSED TO MAT AS PER THE PROVISIONS OF SECTI ON 115JB OF THE ACT. WE NOTED THAT THIS ISSUE IS NO MORE RES INTEGRA IN VIE W OF THE DECISION OF THE ITA NO.5297/MUM/2015 CROMPTON GREAVES LTD. 2 HONBLE SUPREME COURT IN THE CASE OF CIT VS. NALWA SONS INVESTMENT LTD 21 TAXMANN.COM 184(SC), IN WHICH THE HONBLE SUPREME C OURT CONFIRMED THE VIEW TAKEN BY THE DELHI HIGH COURT IN THE CASE OF C IT VS. NALWA SONS INVESTMENT LTD 324 ITR 543 (DEL) THAT WHEN ASSESSME NT WAS MADE ON INCOME COMPUTED U/S. 115JB AND TAX HAD BEEN PAID ON INCOME SO COMPUTED, PENALTY U/S. 271(1)(C) WOULD NOT BE IMPOSED WITH RE FERENCE TO THE ADDITION/DISALLOWANCE MADE IN THE ASSESSMENT UNDER THE NORMAL PROCEDURE. RESPECTFULLY FOLLOWING THE DECISION OF THE HONBLE SUPREME COURT, WE SET ASIDE THE ORDER OF THE CIT(A) AND DELETE THE PENALT Y IMPOSED U/S. 271(1)(C). 3. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED. ORDER PRONOUNCED IN THE OPEN COURT ON 09 TH DAY OF AUGUST, 2017. SD/- SD/- (PAWAN SINGH) (P K BANSAL) JUDICIAL MEMBER VICE-PRESIDENT MUMBAI; DATED: 10 TH AUGUST, 2017 SA COPY OF THE ORDER FORWARDED TO : 1. THE APP ELL ANT. 2. THE RESPONDENT. 3. T HE CIT(A), MUMBAI 4. THE CIT 5. DR, C BENCH, ITAT, MUMBAI BY ORDER, #TRUE COPY # ASSISTANT REGISTRAR INCOME TAX APPELLATE TRIBUNAL, MUMBAI