ACIT 18(1), MUMBAI V. AQUATECH ENGINEERS, MUMBAI

ITA 5923/MUM/2013

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 88406 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 4 month(s) 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-02-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2008-2009
• Appeal Filed On: 04-10-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ASGHAR ZAIN
• Assessee Lawyers: KISHORE CHAUDHARI

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES A MUMBAI . . , , BEFORE SHRI I.P. BANSAL, JUDICIAL MEMBER AND SHRI CHANDRA POOJARI , ACCOUNTANT MEMBER ITA NO.5923/MUM/2013 (A.Y. 2008-09) ACIT-18(1), ROOM NO. 116, 1 ST FLOOR, PIRAMAL CHAMBERS, PAREL, MUMBAI 400012 PAN:AAAFA6767G (APPELLANT ) VS. M/S.AQUATECH ENGINEERS, 302, UNIQUE INDUSTRIAL ESTATE, OFF. VEER SAVARKAR MARG, PRABHADEVI, MUMBAI 400025. (RESPONDENT) APPELLANT BY : SHRI ASGHAR ZAIN RESPONDENT BY : SHRI KI SHORE CHAUDHARI DATE OF HEARING : 18/02/2015 DATE OF PRONOUNCEMENT : 18 /02/2015 ORDER PER I.P.BANSAL, J.M: THIS IS AN APPEAL FILED BY THE REVENUE AND IT IS D IRECTED AGAINST THE ORDER PASSED BY LD. CIT(A)-29, MUMBAI DATED 15/07/2013 FO R ASSESSMENT YEAR 2008-09. 2. A CONCEALMENT PENALTY OF RS.11,26,870/- WAS IMPO SED ON DISALLOWANCE OF CLAIM OF EXEMPTION UNDER SECTION 54EC OF THE INCO ME TAX ACT, 1961 (THE ACT) BEING INVESTMENT MADE IN CAPITAL GAIN BONDS OF NATI ONAL HIGHWAY AUTHORITY OF INDIA LTD.. LD. CIT(A) HAS DELETED THE SAID PENALT Y ON THE BASIS THAT ADDITION IS DELETED BY ITAT VIDE ORDER DATED 19/6/2012. THE R ELEVANT PORTION OF TRIBUNALS ORDER HAS BEEN REPRODUCED BY LD. IT(A) IN PARA 8.2 OF THE IMPUGNED ORDER. ITA NO.5923/MUM/2013 (A.Y. 2008-09) 2 3. DURING THE COURSE OF HEARING LD. AR HAS ALSO FIL ED BEFORE US COPY OF AFOREMENTIONED ORDER OF THE TRIBUNAL, VIDE WHICH IM PUGNED ADDITION ON WHICH CONCEALMENT PENALTY HAS BEEN LEVIED IS DELETED. 4. IN THIS VIEW OF THE SITUATION, AFTER HEARING BOT H THE PARTIES, WE DECLINE TO INTERFERE IN THE RELIEF GRANTED BY LD. CIT(A) AS NO CONCEALMENT PENALTY COULD BE LEVIED AS THE ADDITION ITSELF IS DELETED. THE APP EAL FILED BY THE DEPARTMENT IS DEVOID OF MERIT AND IS DISMISSED. 5. IN THE RESULT, THE APPEAL FILED BY THE REVENUE I S DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 1 8/02/2015 ! ' #$% & '() 18/02/2015 $ ' * + SD/- S D/- ( /CHANDRA POOJARI ) ( . . / I.P. BANSAL ) /ACCOUNTANT MEMBER / JUDICIAL EMBER MUMBAI; '( DATED 18/02/2015 ITA NO.5923/MUM/2013 (A.Y. 2008-09) 3 ! ! ! ! ' '' ' ,-. ,-. ,-. ,-. /.%- /.%- /.%- /.%- / COPY OF THE ORDER FORWARDED TO : 1. 01 / THE APPELLANT 2. ,201 / THE RESPONDENT. 3. 3 ( ) / THE CIT(A)- 4. 3 / CIT 5. .4* ,-( , , / DR, ITAT, MUMBAI 6. *5 6 / GUARD FILE. !( !( !( !( / BY ORDER, 2.- ,- //TRUE COPY// 7 77 7 / 8 8 8 8 (DY./ASSTT. REGISTRAR) , / ITAT, MUMBAI . ( . ./ VM , SR. PS