KAUSHIK M. AJMERA, MUMBAI V. ITO WD 24(2)(1), MUMBAI

ITA 613/MUM/2009

• Counselvise Citation: [2010] 136 COUNSELVISE.COM (IT) 2244 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 2 month(s) 15 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-04-2010
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 13-04-2010
• Assessment Year: 1998-1999
• Appeal Filed On: 30-01-2009
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: Set aside
• Section: 271(1)(c); 68

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, MUMBAI. BEFORE SHRI R.V.EASWAR, SR.VP AND SHRI J.SUDHAKAR R EDDY,AM I.T.A. NO.613/MUM/2009 (ASSESSMENT YEAR: 1998-99) SHRI KAUSHIK M.AJMERA, 501, SHUBHAM APTS, OPP.MAMLATDAR WADI ROAD NO.6, MALAD(W), MUMBAI-400 064. PAN:AABPA0612K VS. THE INCOME TAX OFFICER, WARD-24(2)(1), MUMBAI. (APPELLANT) (RESPONDENT) APPELLANT BY : NONE RESPONDENT BY : MR. MANVENDRA GOYAL, DR O R D E R PER R.V.EASWAR, SENIOR VICE PRESIDENT: THIS APPEAL BY THE ASSESSEE IS DIRECTED AGAINST THE LEVY OF PENALTY OF RS.84,624/- UNDER SECTION 271(1)(C) OF THE ACT. THE PENALTY HAS BEEN LEVIED ON THE GROUND THAT THE PURCHASE AND SALE OF DIAMON DS APPEARING IN THE ACCOUNTS OF THE ASSESSEE WERE CONF ESSED TO BE NON-GENUINE AND MERELY TO FACILITATE CERTAIN PERSON S WHO FILED DECLARATIONS UNDER VDIS 97. IT WAS THE CASE OF THE DEPARTMENT THAT THE ASSESSEE HAS NOT SATISFACTORILY EXPLAINED THE NATURE AND SOURCE OF THE SUM OF RS.2,69,850/- ADDED UNDER SECT ION 68 AS UNEXPLAINED CASH RECEIVED. 2. IT IS SEEN FROM THE APPEAL RECORD THAT THE TRIB UNAL HAS BY ORDER PRONOUNCED ON 8 TH OCTOBER, 2008 IN ITA NO.1984/MUM/2006 SET ASIDE THE ASSESSMENT AND RESTO RED THE ISSUE GIVING RISE TO THE ADDITION AND CONSEQUENT L EVY OF PENALTY TO THE FILE OF THE ASSESSING OFFICER TO BE DECIDED AFRESH IN THE LIGHT OF THE DECISION OF THE SPECIAL BENCH OF THE T RIBUNAL IN THE CASE OF MANOJ AGRAWAL & OTHERS, 113 ITD 377(SB). IN VIEW OF THIS ORDER OF THE TRIBUNAL, THE PENALTY PROCEEDINGS HAVE NO LEGS ITA NO.613/M/09 2 TO STAND. ACCORDINGLY THE PENALTY LEVIED IS CANCELL ED AND THE APPEAL OF THE ASSESSEE IS ALLOWED WITH NO ORDER AS TO COSTS. ORDER PRONOUNCED ON THIS 15 TH DAY OF APRIL, 2010. SD/- (J.SUDHAKAR REDDY) SD/- ( R.V.EASWAR ) ACCOUNTANT MEMBER SENIOR VICE PRESIDENT MUMBAI, DATED 15 TH APRIL, 2010. SOMU COPY TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT-24, MUMBAI. 4. THE CIT(A)-XXIV, MUMBAI 5. THE DR A BENCH /TRUE COPY/ BY ORDE R ASSTT. REGISTRAR, I.T.A.T, MUMBAI