ACIT 21(2), MUMBAI V. SHASHIKALA M. SHETTY, MUMBAI

ITA 5303/MUM/2013

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 92784 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 10 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-06-2015
• Appeal Filed By: Department
• Bench Allotted: E
• Next Hearing Date: 03-06-2015
• Assessment Year: 2007-2008
• Appeal Filed On: 31-07-2013
• Court: TRIBUNAL
• Department Lawyers: MADHUVANI
• Assessee Lawyers: MAHESH O RAJORA
• Keywords: Capital asset; Question of law

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL E , BENCH MUMBAI . . , , BEFORE SHRI R.C.SHARMA , A M & MS. SUSHMA CHOWLA , J M ./ I TA NO. 5303 / MUM/20 1 3 ( / ASSESSMENT YEAR : 200 7 - 08 ) ACIT - 21(2), MUMBAI - 51 VS. SHASHIKALA M. SHETTY, 21, GOLDEN BEACH RUIA PARK RD., JUHU, MUMBAI - 49 ./ ./ PAN/GIR NO. : A A KP S 9568 H ( / APPELLANT ) .. ( / RESPONDENT ) /REVENUE BY : S MT. MADHU VANI /ASSESSEE BY : SHRI MAHESH O RAJORA / DATE OF HEARING : 0 3 /0 6 / 2015 / DATE OF PRONOUNCEMENT 03/06 /2015 / O R D E R PE R R.C.SHARMA (A.M) : TH IS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF CIT(A) - 32 , MUMBAI , DATED 2 - 5 - 2013 FOR THE ASSESSMENT YEAR 200 7 - 08 , IN THE MATTER OF IMPOSITION OF PENALTY U/S.271(1)(C) OF THE ACT . 2. RIVAL CONTENTIONS HAVE BEEN HEARD AND RE CORD PERUSED. IN THIS CASE, PENALTY WAS IMPOSED WITH RESPECT TO ADDITION OF RS. 9,99,87,113/ - MADE BY THE AO. THE ADDITION SO MADE WAS DELETED BY THE TRIBUNAL VIDE ITS ORDER DATED 30 - 10 - 2012. AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF TRIBUNAL WAS DISMISSED BY THE HONBLE BOMBAY HIGH COURT VIDE ITS ORDER DATED 17 - 3 - 2015. ITA NO. 5303 /1 3 2 3. WE HAVE CAREFULLY GONE THROUGH THE ORDERS OF AUTHORITIES BELOW AS WELL AS ORDER OF THE TRIBUNAL IN QUANTUM APPEAL AND THE DECISION OF HONBLE BOMBAY HIGH COURT DATED 17 - 3 - 2015, W HEREIN IT WAS HELD THAT , NO SUBSTANTIAL QUESTION OF LAW ARISES OUT OF THE DECISION OF TRIBUNAL HOLDING THAT SALE OF BUILDING BY THE ASSESSEE WAS A CAPITAL ASSET AND NOT A STOCK - IN - TRADE, WHICH COULD BE TAXED AS ADVENTURE IN NATURE OF TRADE. AS THE ADDIT ION ITSELF HAS BEEN DELETED, PENALTY ORDER HAS NO LEGS TO STAND. ACCORDINGLY, WE CONFIRM THE ACTION OF THE CIT(A) FOR DELETING THE PENALTY. 4 . IN THE RESULT, APPEAL OF THE REVENUE IS DISMISSED. O RDER PRONOUNCED IN THE OPEN COURT ON THIS 03/06 / 201 5 . SD/ - SD/ - ( ) ( SUSHMA CHOWLA ) ( . . ) ( R.C.SHARMA ) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI ; DATED 03/06 /201 5 . . /PKM , . / PS / COPY OF THE ORDER FORWARDED TO : / BY ORDER, / ( ASSTT. REGISTRAR) , / ITAT, MUMBAI 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A), MUMBAI. 4. / CIT 5. , , / DR, ITAT, M UMBAI 6. / GUARD FILE. //TRUE COPY/