ABHILASHA C.H.S. LTD, MUMBAI V. ITO 16(2)(4), MUMBAI

ITA 5652/MUM/2013

• Counselvise Citation: [2017] 128 COUNSELVISE.COM (IT) 8164 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 6 month(s) 10 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 16-03-2017
• Appeal Filed By: Assessee
• Bench Allotted: A
• Next Hearing Date: 07-03-2017
• Assessment Year: 2005-2006
• Appeal Filed On: 05-09-2013
• Court: TRIBUNAL
• Department Lawyers: RAJESH KUMAR YADAV
• Keywords: Bonafide belief

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA , ACCOUNTANT MEMBER AND SHRI RAVISH SOOD, JUDICIAL MEMBER ITA NO.5652/MUM./2013 ( ASSESSMENT YEAR :2005 - 06 ) ABHILASHA C.H.S. LTD., 46 AUGUST KRANTI ROAD, GOWALIA TANK, MUMBAI 400 036 PAN AAALA0270A . APPELLANT V/S ITO 16(2)(4) MUMBAI . RESPONDENT ASSESSEE BY : NONE REVENUE BY : SHRI. RAJESH KUMAR YADAV DATE OF HEARING 07.03.2017 DATE OF ORDER 16.03.2016 O R D E R PER: SHAMIM YAHYA T HIS APPEAL BY THE ASSESSEE IS D IRECTED AGAI NST ORDER OF LD. CIT - A DATED 12.8. 2013 AND PERTAINS TO ASSESSMENT YEAR 2005 - 06. 2. THE ISSUE RAISED IS THAT LD. CIT (A) ERRED IN CONFIRMING THE LEVY OF PENALTY OF RS14,100/ - U/S. 271 (1) (C). ABHILASHA C.H.S. LTD., ITA NO.5652/MUM./2013 2 3. WE HAVE HEARD THE LD. DR. NON APPEARED ON BEHALF OF THE ASSESSEE. HOWEVER, IN OUR CONSIDER ED OPINION THE ISSUE CAN BE ADJUDICATED BY HEARING THE LD. DR AND PERUSING THE RECORD. 4. WE FIND THAT IN THIS CASE PENALTY WAS LEVIED FOR NOT OFFERING INTEREST RECEIVED FROM HDFC BANK AMOUNTING TO RS. 57,500/ - CLAIMING THE SAME TO BE EXEMPT U/S. 80(P). P ENALTY WAS LEVIED ON GROUND THAT SAID INCOME IS NOT COVERED UNDER EXEMPTION U/S. 80(P). 5. UPON HEARING THE LD. DR AND PERUSING THE RECORD IN OUR CONSIDER OPI NION A BONAFIDE BELIEF ON THE PART OF THE ASSESSEE THAT INTEREST INCOME IS ALSO EXEMPT U/S. 80P CANNOT BE SAID TO BE CONTUMACIES SO AS TO WARRANT LEVY OF PENALTY U/S. 271 (1) (C) OF I.T. A CT. OUR THIS VIEW IS FORTIFIED BY THE DECISION OF A LARGER BENCH OF HONBLE APEX COURT IN THE CASE OF HINDUSTAN STEEL LTD. VS. STATE OF ORRISA 83 ITR 26. 6. ACCORDINGLY WE SET ASIDE THE ORDER OF AUTHORITIES BELOW AND DELETE THE LEVY OF PENALTY. IN THE RESULT THIS APPEAL FILED BY THE ASSESSEE STANDS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 16.03.2017 SD/ - SD/ - RAVISH SOOD SHAMIM YAHIYA JUDICIAL MEMBER ACCOUNTANT MEMBER ABHILASHA C.H.S. LTD., ITA NO.5652/MUM./2013 3 MUMBAI, DATED: 16.03.2017 COPY OF THE ORDER FORWARDED TO : (1) THE ASSESSEE; (2) THE REVENUE; (3) THE CIT(A); (4) THE CIT, MUMBAI CITY CONCERNED; (5) THE DR, ITAT, MUMBAI; (6) GUARD FILE . RUE COPY BY ORDER NISHANT VERMA SR. PRIVATE SECRETARY (DY./ASSTT.REGISTRAR) ITAT, MUMBAI DATE INITIAL 1. DRAFT DICTATED ON 07 .02.2017 SR.PS 2. DRAFT PLACED BEFORE AUTHOR 07 .02.2017 SR.PS 3. DRAFT PROPOSED & PLACED BEFORE THE SECOND MEMBER JM/AM 4. DRAFT DISCUSSED/APPROVED BY SECOND MEMBER JM/AM 5. APPROVED DRAFT COMES TO THE SR.PS/PS 08 .02.2017 SR.PS 6. DATE OF PRONOUNCEMENT .03.2017 SR.PS 7. FILE SENT TO THE BENCH CLERK .03.2017 SR.PS 8. DATE ON WHICH FILE GOES TO THE HEAD CLERK 9. DATE OF DISPATCH OF ORDER ABHILASHA C.H.S. LTD., ITA NO.5652/MUM./2013 4