ACIT CC 39, MUMBAI V. RACHNA LAND P.LTD, NAVI MUMBAI

ITA 602/MUM/2014

• Counselvise Citation: [2015] 134 COUNSELVISE.COM (IT) 2685 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 9 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 04-11-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: D
• Next Hearing Date: 29-10-2015
• Assessment Year: 2008-2009
• Appeal Filed On: 24-01-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Assessee Lawyers: RAMESH JAIN
• Section: 69C

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL D BE NCH, MUMBAI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIAL MEMBER / I .TA NO. 602/MUM/2014 ( / ASSESSMENT YEAR:2008-09 THE ACIT, CC-39, AAYAKAR BHAVAN, MUMBAI-400 020 / VS. M/S. RACHANA LAND PVT. LTD., DRONAGIRI HOUSING COMPLEX, BLDG. NO. GH-10, FLAT NO. 2, GR. FLOOR, SECTOR-30, POST BOKADVIRA VILLAGE, URAN TALUKA, RAIGAD DIST., NAVI MUMBAI-400 702 ./ ./ PAN/GIR NO. : AADCR 7078P ( / APPELLANT ) .. ( / RESPONDENT ) / APPELLANT BY: SHRI SANJEEV KASHYAP / RESPONDENT BY: SHRI RAMESH JAIN / DATE OF HEARING :29.10.2015 !' / DATE OF PRONOUNCEMENT :04.11.2015 #$ / O R D E R PER N.K. BILLAIYA, AM: THIS APPEAL BY THE REVENUE IS PREFERRED AGAINST THE ORDER OF THE LD. CIT(A)-41, MUMBAI DATED 29.10.2013 PERTAINI NG TO ASSESSMENT YEAR 2008-09. 2. THE SOLE GRIEVANCE OF THE REVENUE IS THAT THE LD . CIT(A) ERRED IN DELETING THE PENALTY LEVIED U/S. 271(1)(C) OF TH E ACT HOLDING THAT ITA. NO. 602/M/2014 2 THE QUANTUM ADDITION MADE U/S. 69C OF THE ACT HAS B EEN DELETED BY THE TRIBUNAL. 3. THE GRIEVANCE OF THE REVENUE IS THAT THE DEPARTM ENT HAS NOT ACCEPTED THE ORDER OF THE TRIBUNAL AND HAS PREFERRE D AN APPEAL BEFORE THE HONBLE HIGH COURT OF BOMBAY THEREFORE, THE ORDER OF THE LD. CIT(A) IS ERRONEOUS. 4. A PERUSAL OF THE ORDERS OF THE AUTHORITIES BELOW SHOW THAT THE PENALTY HAS BEEN LEVIED ON THE ADDITIONS MADE U/S. 69C OF THE ACT. THE QUANTUM ADDITION WENT UPTO THE TRIBUNAL AND THE TRIBUNAL BY A CONSOLIDATED ORDER IN ITA NOS. 8159 & 8178/M/2011 D ATED 22.3.2013 HAS DELETED THE QUANTUM ADDITION. 5. SUBLATO FUNDAMENTS CREDIT OPUS MEANING IN THE CASE THE FOUNDATION IS REMOVED, SUPER STRUCTURE FALLS. AS T HE QUANTUM ADDITIONS STANDS DELETED, THE PENALTY FALLS. THERE FORE, NO INTERFERENCE IS CALLED FOR. 6. IN THE RESULT, THE APPEAL FILED BY THE REVENUE I S DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 4 TH NOVEMBER, 2015. SD/- SD/- (AMARJIT SINGH ) (N.K. BILLAIYA) %& # /JUDICIAL MEMBER # / ACCOUNTANT MEMBER ' ( MUMBAI; )# DATED : 4 TH NOVEMBER, 2015 . & . ./ RJ , SR. PS ITA. NO. 602/M/2014 3 !'# $#! / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. * ( ) / THE CIT(A)- 4. * / CIT 5. +,- &&./ , ./' , ' ( / DR, ITAT, MUMBAI 6. -01 2 / GUARD FILE. % / BY ORDER, + & //TRUE COPY// & / %' ( (DY./ASSTT. REGISTRAR) , ' ( / ITAT, MUMBAI