MADHAV LAXMAN APTE, MUMBAI V. ITO WD 10(2)(2), MUMBAI

ITA 5699/MUM/2011

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 83921 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 2 month(s) 5 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 14-10-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 14-10-2014
• Assessment Year: 2006-2007
• Appeal Filed On: 09-08-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: VIVEK BATRA

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL B BE NCH, MUMBAI , !' # # # # , , !' $ BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI VIVEK VARMA, JUDICIAL MEMBER ./I .T.A. NO. 5699/MUM/2011 ( % % % % / ASSESSMENT YEAR : 2006-07 SHRI MADHAV LAZMAN APTE, UNIT NO. 325, ADHYARU INDUSTRIAL ESTATE, 3 RD FLOOR, SUN MILL COMPOUND, LOWER PAREL, MUMBAI-400 013 / VS. THE ITO, WARD 10(2), AAYAKAR BHAVAN, MUMBAI-400 020 '& ./ '( ./ PAN/GIR NO. : ADCPA 3191M ( &) / APPELLANT ) .. ( *+&) / RESPONDENT ) &) , / APPELLANT BY: SHRI RUSHABH MEHTA *+&) - , / RESPONDENT BY: SHRI VIVEK BATRA - ./ / DATE OF HEARING :14.10.2014 01% - ./ / DATE OF PRONOUNCEMENT :14.10.2014 !2 / O R D E R PER N.K. BILLAIYA, AM: THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST TH E ORDER OF THE LD. CIT(A)-22, MUMBAI DT.30.6.2011 PERTAINING TO A.Y.20 06-07. ITA NO. 5699/M/2011 2 2. THE ASSESSEE IS AGGRIEVED BY THE LEVY OF PENALTY U/S. 271(1)(C) OF THE ACT IN RESPECT OF CASH CREDIT AMOUNTING TO RS. 15,00,000/-. 3. AT THE OUTSET, THE LD. COUNSEL FOR THE ASSESSEE STATED THAT THE QUANTUM ADDITION OF RS. 15,00,000/- HAVE BEEN DELET ED BY THE TRIBUNAL IN ITA NO. 1557/M/2010, THEREFORE THE LEVY OF PENALTY DESERVES TO BE CANCELLED. 4. THE LD. DEPARTMENTAL REPRESENTATIVE FAIRLY CONCE DED TO THIS. 5. WE HAVE CAREFULLY PERUSED THE ORDERS OF THE LOWE R AUTHORITIES AND ALSO THE ORDER OF THE TRIBUNAL. WE FIND FORCE IN T HE CONTENTION OF THE LD. COUNSEL. THE TRIBUNAL IN ITA NO. 1557/M/10 HAS DEL ETED THE QUANTUM APPEAL. SINCE THE VERY BASIS FOR THE LEVY OF PENAL TY HAS BEEN REMOVED, WE DO NOT FIND ANY REASON FOR IMPOSING THE PENALTY U/S . 271(1)(C) OF THE ACT. 6. IN THE RESULT, THE APPEAL FILED BY THE ASSESSEE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 14 TH OCTOBER, 2014 SD/- SD/- (VIVEK VARMA ) (N.K. BILLAIYA) !' / JUDICIAL MEMBER !' / ACCOUNTANT MEMBER MUMBAI; 3! DATED : 14 TH OCTOBER, 2014 . . ./ RJ , SR. PS