ITO 5(1)(2), MUMBAI V. GBLL POWER LTD, MUMBAI

ITA 5615/MUM/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 1436 (ITAT-MUMBAI)
• Duration Of Justice: 8 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-06-2010
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: G
• Assessment Year: 2001-2002
• Appeal Filed On: 15-10-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: P N DAVADASY
• Assessee Lawyers: SURESH KOTHARI

Judgement Text

ITA NO. 5615/MUM/2009 1 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH G MUMBAI BEFORE SHRI P M JAGTAP, AM & SHRI R S PADVEKAR, JM ITA NO. 5615/MUM/2009 (ASST YEAR 2001-02 ) THE INCOME TAX OFFICER WARD 5(1)(2), MUMBAI VS M/S GBLL POWER LTD 7 NAGIN MAHAL 82 VEER NARIMAN ROAD CHURCHGATE MUMBAI 20 (APPELLANT) (RESPONDENT) PAN: AABCG9275F ASSESSEE BY: SHRI SURESH KOTHARI REVENUE BY: SHRI P N DAVADASY O R D E R PER R S PADVEKAR: IN THIS APPEAL, THE REVENUE HAS CHALLENGED THE IMP UGNED ORDER OF THE LD CIT(A)V, MUMBAI FOR THE ASSESSMENT YEAR 2001-02 DATED 10.8.2009. 2 WE HAVE HEARD THE PARTIES. THE AO LEVIED PENALTY U/S 271(1)(C ) OF THE ACT VIDE ORDER DATED 26.3.2009 ON THE ADDITION MAD E IN RESPECT OF ACCRUED INTEREST ON THE SECURITY DEPOSIT OF RS.1,09,03,879/ -. THE ASSESSEE CHALLENGED THE LEVY OF PENALTY BEFORE THE LD CIT(A) AND THE SAME WAS DELETED BY THE LD CIT(A) AS THE IMPUGNED QUANTUM ADDITION W AS DELETED BY THE TRIBUNAL. 3 THE LD DR FAIRLY CONCEDED THAT THE IMPUGNED QUANT UM ADDITION HAS BEEN DELETED BY THE TRIBUNAL AS REFERRED TO IN THE ORDER OF THE LD CIT(A). ITA NO. 5615/MUM/2009 2 4 AS THE ADDITION ITSELF IS DELETED BY THE TRIBUNAL , A REASON OF LEVY OF THE PENALTY U/S 271(1 ) (C ) DOES NOT SURVIVE AND THE S AME HAS TO BE DELETED AS RIGHTLY DONE BY THE LD CIT(A). WE FIND NO REASON T O INTERFERENCE WITH THE FINDINGS OF THE LD CIT(A); ACCORDINGLY, THE SAME I S CONFIRMED. 5 IN THE RESULT, THE APPEAL FILED BY THE REVENUE IS DISMISSED. ORDER PRONOUNCED ON 18 TH DAY OF JUNE 2010. SD/- SD/- ( P M JAGATAP ) ACCOUNTANT MEMBER (R S PADVEKAR ) JUDICIAL MEMBER PLACE: MUMBAI : DATED: 18 TH , JUNE 2010 RAJ* COPY FORWARDED TO: 1 APPELLANT 2 RESPONDENT 3 CIT 4 CIT(A) 5 DR /TRUE COPY/ BY ORDER DY /AR, ITAT, MUMBAI