ITO 21(1)(3), MUMBAI V. THE NAVYUG CHS LTD, MUMBAI

ITA 6459/MUM/2013

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 88664 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 4 month(s) 23 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 24-03-2015
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: B
• Assessment Year: 2005-2006
• Appeal Filed On: 01-11-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: N PADMANABAN
• Section: 143(3)

Judgement Text

THE NAVYUG CHS LTD ITA 6459 /M/20 13 1 T IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH B , MUMBAI , . . , BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI N K BILLAIYA , ACCOUNTANT MEMBER ITA NO. : 6 4 5 9 /MUM/20 13 (ASSESSMENT YEAR: 200 5 - 0 6 ) I NCOME TAX OFFICER - 21 ( 1 )(3), 605, 6 TH FLOOR, C - 10, PRATYAKSH KAR BHAVAN, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400 0 51 VS THE NAVYUG CHS LTD , PLOT NO. 51 , JAI HIND RECREATION CLUB, N S ROAD NO. 11, JVPD SCHEME, JUHU, MUMBAI - 400 0 49 .: PAN: AA AAT 0325 L (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI N PADMANABAN RESPONDENT BY : SHRI SHALIN S DIVATIA /DATE OF HEARING : 2 4 - 03 - 201 5 / DATE OF PRONOUNCEMENT : 24 - 03 - 201 5 ORDER . . , : PER N K BILLAIYA , AM : TH IS APPEAL BY THE REVENUE IS PREFERRED AGAINST THE ORDER OF THE CIT(A) 32, MUMBAI DATED 13.08.2013 PERTAINING TO AY 2005 - 0 6. 2. THE SOLE GRIEVANCE OF THE REVENUE IS THAT THE CIT(A) ERRED IN DELETING THE PENALTY OF RS. 4,55,795/ - LEVIED U/S 271(1)(C) OF THE ACT ON THE GROUND THAT TWO DIFFERENT DECISIONS HAVE BEEN DELIVERED ON THE QUANTUM ADDITIONS BY TWO DIFFERENT CIT(A)S. 3 . THE ASSESSEE IS A COOPERATIVE HOUSING SOCIETY. DURING THE YEAR UNDER CONSIDERATION, THE ASSESSEE HAS RECEIVED TRANSFER FEES AMOUNTING TO RS. 8.38 LAKHS. IN THE ASSESSMENT ORDER DATED 28.12.2007, MADE U/S 143(3) OF THE ACT. THE SAID TRANSFER FEE WAS TREAT ED AS INCOME OF THE ASSESSEE. PENALTY HAVE BEEN LEVIED ON THIS ADDITION OF TRANSFER FEES OF RS. 8,38,000/ - . THE NAVYUG CHS LTD ITA 6459 /M/20 13 2 4. AT THE VERY OUTSET, THE COUNSEL OF THE ASSESSEE BROUGHT TO OUR NOTICE THE DECISION OF THE TRIBUNAL IN THE ASSESSEES OWN CASE FOR AY 2004 - 05 IN ITAS 3399 /M / 10 WHEREIN, THE TRIBUNAL HAS DELETED THE ADDITION MADE ON ACCOUNT OF RECEIPT O F TRANSFER FEES. THE COUNSEL FURTHER STATED THAT FOR THE YEAR UNDER CONSIDERATION, THE MATTER HAS BEEN RESTORED TO THE FILES OF THE AO FOR DE NOVO ASSESSMENT. 5. WE HAVE GIVEN THOUGHTFUL CONSIDERATION TO THE ORDERS OF THE AUTHORITIES BELOW AND THE DECISION OF THE TRIBUNAL IN ASSESSEES OWN CASE FOR AY 2004 - 05. IN OUR CONSIDERED OPINION, IN ASSESSMENT YEAR 2004 - 05 THE TRIBUNAL HAS DELETED THE ADDITION AND FOR THE YEAR UNDER CONSIDERATION THE MATTER HAS BEEN RESTORED TO THE FILES OF THE AO FOR DE NOVO ASSESSMENT. WE, THEREFORE, DO NOT FIND THIS CASE ON FACTS TO BE FIT FOR LEVY OF PENALTY U/S 271(1) OF THE ACT. WE, THEREFORE, DECLINE TO INTERFERE WITH THE FINDING OF TH E CIT(A). 6. APPEAL FILED BY THE REVENUE IS ACCORDINGLY DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 24 TH MARCH, 2015. SD/ - SD/ - ( ) ( . . ) ( VIJAY PAL RAO ) ( N K BILLAIYA ) JUDICIAL MEMBER ACCOUNTANT MEMB ER MUMBAI, DATE: 24 TH MARCH, 2015 / COPY TO: - 1) / THE APPELLANT. 2) / THE RESPONDENT. 3) THE CIT (A) - 32 , MUMBAI. 4) THE CIT - CITY - 21 , MUMBAI. 5) , , / THE D.R. B BENCH, MUMBAI. 6) COPY TO GUARD FILE. THE NAVYUG CHS LTD ITA 6459 /M/20 13 3 / BY ORDER / / TRUE COPY / / / , DY. / ASSTT. REGISTRAR I.T.A.T., MUMBAI * . . *CHAVAN, SR.PS