Axis Bank Ltd., Ahmedabad V. The Dy.CIT.,Circle-1, Ahmedabad

ITA 61/AHD/2011

• Counselvise Citation: [2014] 140 COUNSELVISE.COM (IT) 72957 (ITAT-AHMEDABAD)
• Duration Of Justice: 3 year(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-01-2014
• Appeal Filed By: Assessee
• Bench Allotted: A
• Next Hearing Date: 27-01-2014
• Assessment Year: 2005-2006
• Appeal Filed On: 10-01-2011
• Court: TRIBUNAL
• Assessee Lawyers: KESHAV KANT LOYALKA
• Keywords: Depreciation

Judgement Text

, , , , IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, AHMEDABAD BEFORE SHRI N. S. SAINI, ACCOUNTANT MEMBER AND SHRI KUL BHARAT, JUDICIAL MEMBER ITA NO. 61/AHD/2011 ASSESSMENT YEAR 2005-06 AXIS BANK LTD. AHMEDABAD. PAN: AAACU2414K VS. DCIT, CIRCLE-1 AHMEDABAD. (APPELLANT) (RESPONDENT) REVENUE BY : SH. SUBHASH BAINS, SR. D.R. ASSESSEE(S) BY : SH. KESHAV KANT LOYALKA, AR / // / DATE OF HEARING : 29/01/2014 !'# / DATE OF PRONOUNCEMENT : 31/01/2014 $% $% $% $%/ // / O R D E R PER SHRI N.S. SAINI, ACCOUNTANT MEMBER: THIS IS AN APPEAL FILED BY THE ASSESSEE AGAINST THE ORDER OF CIT-VI, AHMEDABAD DATED 19.11.2010. 2. THE SOLE ISSUE INVOLVED IN THIS APPEAL OF THE AS SESSEE IS THAT THE LD. CIT(A) ERRED IN SUSTAINING THE LEVY OF PENALTY OF R S 5,73,30,202/- U/S 271(1)(C). 3. WE HAVE HEARD THE RIVAL SUBMISSIONS, PERUSED THE ORDERS OF LOWER AUTHORITIES AND THE MATERIAL AVAILABLE ON RECORD. IN THE INSTANT CASE, THE ASSESSING OFFICER LEVIED PENALTY OF RS 5,73,30,202/ - U/S 271(1)(C) IN ITA NO.61/AHD/2011 AXIS BANK LTD., AHD. VS. DCIT, CIRCLE-1, AHD. FOR A.Y. 2005-06 - 2 - RESPECT OF DEPRECIATION OF RS 15,66,72,000/- WHICH WAS DISALLOWED ON ASSET IN THE CASE OF THE ASSESSEE. 4. ON APPEAL, THE LD. CIT(A) CONFIRMED THE ACTION O F THE ASSESSING OFFICER. 5. BEFORE US, IT WAS POINTED OUT THAT THE DISALLOWA NCE OF DEPRECIATION IN RESPECT OF WHICH PENALTY HAS BEEN LEVIED, WAS DELET ED BY THE TRIBUNAL IN THE QUANTUM APPEAL OF THE ASSESSEE IN ITA NO. 65/AH D/2009 AND 673/AHD/2009 VIDE ORDER DATED 20.12.2013, COPY OF W HICH IS FILED BEFORE US. 6. THUS, WE FIND THAT THE VERY BASIS FOR WHICH PENA LTY WAS LEVIED HAS BECOME NON-EXISTENT AND THEREFORE, PENALTY ALONE CA NNOT SURVIVE. WE, THEREFORE, DELETE THE AFORESAID PENALTY OF RS 5,73, 30,202/- LEVIED U/S 271(1)(C) OF THE ACT AND ALLOW THE GROUNDS OF APPEA L OF THE ASSESSEE. 7. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED. ORDER PRONOUNCED IN THE COURT ON FRIDAY, THE 31 ST JANUARY, 2014 AT AHMEDABAD. SD/- SD/- (KUL BHARAT) JUDICIAL MEMBER ( N.S. SAINI) ACCOUNTANT MEMBER AHMEDABAD; DATED 31/01/2014 GHANSHYAM MAURYA GHANSHYAM MAURYA GHANSHYAM MAURYA GHANSHYAM MAURYA, SR. P , SR. P , SR. P , SR. P. .. .S SS S. .. .