A IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, MUMBAI , . , BEFORE S H RI MAHAVIR SINGH, VP AND S H RI M. BALAGANESH, AM ./ ITA NO. 6288 /MUM/2019 ( / ASSESSMENT YEAR 2008 - 09 ) THE ASST. COMMISSIONER OF INCOME TAX, CIRCLE 4(1)(1), ROOM NO.640, 6 TH FLOOR, AAYAKAR BHAVAN, M.K. ROAD, MUMBA I - 400 020 / VS. ICICI SECURITIES LIMITED ICICI CENTRE, H.T. PAREKH MARG, CHURCHGATE, MUMBAI - 400 020 ( / APPELLANT) ( / RESPONDENT) . / PAN NO. AAACI0996E / APPELLANT BY : SHRI ALOK SINGH, CIT DR / RESPONDENT BY : MS. KRUPA GANDHI, AR / DATE OF HEARING : 21 .06.2021 / DATE OF PRONOUNCEMENT : 24. 06.2021 / O R D E R . , / PER M. BALAGANESH , AM : THIS APPEAL OF REVENUE IS ARISING OUT OF THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEALS)] - 9 , MUMBAI [IN SHORT CIT(A)], DATED 10.07.2019 . THE ASSESSMENT WAS FRAMED BY THE ADDL. COMMISSIONER OF INCOME TAX , RANGE - 4(1) , MUMBAI (IN SHORT D CIT/ ITO / AO) FOR THE A.Y. 2008 - 09 VIDE ORDER DATED 16.12.2010 UNDER SECTION 143(3) OF THE INCOME - TAX ACT, 1961 (HEREINAFTER THE ACT). 2. THE ONLY ISSUE TO BE DECIDED IN THIS APPEAL IS AS TO WHETHER THE LEARNED CIT(A) WAS JUSTIFIED IN DELETING THE PENALTY U NDER SECTION PAGE | 2 ITA NO. 6288 /MUM/ 2019 ICICI SECURITIES LIMITED; AY 08 - 09 271(1)(C) OF THE ACT IN THE FACTS AND CIRCUMSTANCES OF THE INSTANT CASE. 3. WE HAVE HEARD THE RIVAL SUBMISSIONS AND PERUSED THE MATERIALS AVAILABLE ON RECORD. WE FIND AT THE OUTSET BOTH THE PARTIES MUTUALLY AGREED THAT THE QUANTUM APPEAL HAS ALRE ADY BEEN DECIDED BY THIS TRIBUNAL IN FAVOUR OF THE ASSESSEE WHICH WAS RELIED UPON BY THE LEARNED CIT(A) FOR DELETING THE PENALTY. SINCE, THIS IS ONLY A PENALTY APPEAL; WE DO NOT DEEM IT FIT TO RECORD THE ENTIRE FACTS OF THE CASE AND THE SERIES OF PROCEEDIN GS THAT HAPPENED IN THE QUANTUM PROCEEDINGS, FOR THE SAKE OF BREVITY. AS ULTIMATELY, WE FIND THAT THE QUANTUM APPEAL HAS BEEN DECIDED IN FAVOUR OF THE ASSESSEE BY THIS TRIBUNAL IN ITA NO.1906/MUM/2012 DATED 15.09.2017. THE RELEVANT PORTION HAS BEEN REPRODU CED BY THE LEARNED CIT(A) IN PARA 4.2 OF HIS ORDER. ACCORDINGLY, WE HOLD THAT ONCE THE QUANTUM ADDITION IS DELETED, THE CONCEALMENT PENALTY LEVIED UNDER SECTION 271(1)(C) OF THE ACT WOULD HAVE NO LOCUS STANDI. WE FIND NO INFIRMITY IN THE ORDER OF THE CIT(A ) DELETING THE PENALTY. 4. IN THE RESULT, THE APPEAL OF REVENUE IS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 24 . 0 6.2021. SD/ - SD/ - ( /MAHAVIR SINGH) ( . / M. BALAGANESH ) ( / VICE PRESIDENT) ( / ACCOUNTANT MEMBER) , / MUMBAI, DATED: 24 . 06.2021 , . / SUDIP SARKAR, SR.PS PAGE | 3 ITA NO. 6288 /MUM/ 2019 ICICI SECURITIES LIMITED; AY 08 - 09 / COPY OF THE ORDER FORWARDE D TO : 1. / THE APPELLANT 2. / THE RESPONDENT. 3. ( ) / THE CIT(A) 4. / CIT 5. , , / DR, ITAT, MUMBAI 6. / GUARD FILE. / BY ORDER, //TRUE COPY . / SR. PRIVATE SECRETARY , / ITAT, MUMBAI