DCIT, Noida V. Sh. Ajay Pande, Noida

ITA 5501/DEL/2014

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 2772 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 8 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 29-06-2017
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Next Hearing Date: 28-06-2017
• Assessment Year: 2006-2007
• Appeal Filed On: 10-10-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: R C DANDAY

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCHES : A : NEW DELHI BEFORE SHRI R.S. SYAL, VICE PRESIDENT AND SHRI K. NARASIMHA CHARY, JUDICIAL MEMBER ITA NO.5501/DEL/2014 ASSESSMENT YEAR : 2006-07 DCIT, CIRCLE-1, NOIDA. VS. AJAY PANDE, C/O M/S ADOBE SYSTEMS INDIA PVT. LTD., PLOT NO.1-A, SECTOR 25-A, NOIDA. PAN: AEEPP9030K (APPELLANT) (RESPONDENT) ASSESSEE BY : NONE DEPARTMENT BY : SHRI R.C. DANDAY, SR. DR DATE OF HEARING : 28.06.2017 DATE OF PRONOUNCEMENT : 29.06.2017 ORDER PER R.S. SYAL, VP: THIS APPEAL FILED BY THE REVENUE IS DIRECTED AGAIN ST THE ORDER PASSED BY THE CIT(A) ON 31.07.2014 DELETING THE PEN ALTY OF RS.14 LAC IMPOSED BY THE ASSESSING OFFICER U/S 271(1)(C) OF T HE INCOME TAX ACT, ITA NO.5501/DEL/2014 2 1961 (HEREINAFTER ALSO CALLED THE ACT) IN RELATIO N TO THE ASSESSMENT YEAR 2006-07. 2. BRIEFLY STATED, THE FACTS OF THE CASE ARE THAT T HE ASSESSEE DECLARED CAPITAL GAIN OF RS.120,00,621/- ON SALE OF ESOP AS LONG-TERM CAPITAL GAIN, WHICH WAS TREATED BY THE ASSESSING OFFICER AS SHORT-TERM. AS A RESULT OF SUCH TREATMENT, THERE RESULTED SOME ADDIT ION ON WHICH PENALTY WAS IMPOSED. THE LD. CIT(A) DELETED THE PENALTY BY FOLLOWING THE VIEW TAKEN BY THE TRIBUNAL ON SIMILAR FACTS IN THE ASSES SEES OWN CASE FOR ASSESSMENT YEARS 2004-05 AND 2005-06. THE REVENUE I S AGGRIEVED AGAINST THE DELETION OF SUCH PENALTY. 3. THERE IS NO APPEARANCE FROM THE SIDE OF THE ASSE SSEE DESPITE NOTICE. 4. WE HAVE HEARD THE LD. DR AND PERUSED THE RELEVAN T MATERIAL ON RECORD. IT IS OBSERVED THAT THE LD. CIT(A) FOLLOWE D THE ORDER PASSED BY THE TRIBUNAL FOR ASSESSMENT YEARS 2004-05 AND 2005- 06 DELETING PENALTY IN IDENTICAL CIRCUMSTANCES. A COPY OF SUCH ORDER H AS BEEN PLACED ON RECORD BY WAY OF WRITTEN SUBMISSIONS. SINCE THE FA CTS AND CIRCUMSTANCES OF THE INSTANT APPEAL ARE MUTATIS MUTANDIS SIMILAR TO THOSE AS OBTAINING ITA NO.5501/DEL/2014 3 IN THE IMMEDIATELY PRECEDING TWO ASSESSMENT YEARS A ND, FURTHER, THE LD. DR FAILED TO POINT OUT ANY DISTINGUISHING FEATURE, WE COUNTENANCE THE VIEW TAKEN BY THE LD. CIT(A) ON THIS ISSUE. 5. IN THE RESULT, THE APPEAL IS DISMISSED. THE ORDER PRONOUNCED IN THE OPEN COURT ON 29.06.201 7. SD/- SD/- [K. NARASIMHA CHARY] [R.S. SYAL] JUDICIAL MEMBER VICE PRESIDENT DATED, 29 TH JUNE, 2017. DK COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT (A) 5. DR, ITAT AR, ITAT, NEW DELHI.