DCIT 5(3), MUMBAI V. THE GREAT EASTERN SHIPPING CO. LTD, MUMBAI

ITA 6566/MUM/2014

• Counselvise Citation: [2016] 132 COUNSELVISE.COM (IT) 3531 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 6 month(s) 26 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-05-2016
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: G
• Assessment Year: 2007-2008
• Appeal Filed On: 30-10-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: K RAVIKIRAN
• Section: 14A

Judgement Text

1 M/S THE GREAT EASTERN SHIPPING CO. LTD. ITA 6566 /MUM/201 4 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH G , MUMBAI , , BEFORE SHRI AMIT SHUKLA , JUDICIAL MEMBER AND SHRI ASHWANI TANEJA , ACCOUNTANT MEMBER ITA NO. : 6566 /MUM/201 4 (ASSESSMENT YEAR: 200 7 - 0 8 ) D C IT - 5(3) , R. NO.573, 5 TH FLOOR, AAYAKAR BHAVAN, M K ROAD, MUMBAI - 400 0 2 0 VS M/S THE GREAT EASTERN SHIPPING CO. LTD. OCEAN HOUSE, 134 - A, DR. A B ROAD, WORLI, MUMBAI - 400 0 18 . PAN: A AA C T 1565 C (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI K RAVI KIRAN RESPONDENT BY : SHRI AKRAM KHAN /DAT E OF HEARING : 25 - 05 - 201 6 / DATE OF PRONOUNCEMENT : 25 - 05 - 2016 ORDER , : PER ASHWANI TANEJA , A M: THE P RESENT APPEAL HAS BEEN FILED BY THE REVENUE AGAINST IMPUGNED ORDER DATED 11.08.2014, IN RELATIO N TO THE PENALTY PROCEEDINGS UNDER SECTION 271(1)(C) WHEREBY REVENUE HAS CHALLENGED LEVY OF PENALTY OF RS.36,79,893/ - ON ACCOUNT OF DISALLOWANCE UNDER SECTION 14A. 2 M/S THE GREAT EASTERN SHIPPING CO. LTD. ITA 6566 /MUM/201 4 2. IT HAS BEEN ADMITTED BY BOTH THE PARTIES THAT, IN THE QUANTUM APPEAL, THE TRIBUNAL HAS DEL ETED THE SAID DISALLOWANCE WHICH WAS MADE BY THE AO OVER AND ABOVE WHAT THE ASSESSEE HAS OFFERED THE DISALLOWANCE UNDER SECTION 14A. 3. IN VIEW OF THE AFORESAID FACTS THAT IN THE QUANTUM PROCEEDINGS THE TRIBUNAL VIDE ORDER DATED 20.01.2014 IN ITA NO.397 A ND 437/MUM/2012 HAS DELETED THE DISALLOWANCE MADE BY THE AO UNDER SECTION 14A OVER AND ABOVE WHAT WAS SUO MOTO DISALLOWED BY THE ASSESSEE IN ITS RETURN OF INCOME, THE PENALTY LEVIED ON SUCH DISALLOWANCE HAVE NO LEGS TO STAND. EVEN LD. CIT(A) HAS DELETED TH E PENALTY AFTER FOLLOWING TRIBUNAL ORDER IN THE QUANTUM PROCEEDINGS. ACCORDINGLY, GROUND RAISED BY THE REVENUE IS DISMISSED. 4. IN THE RESULT, APPEAL OF THE REVENUE STANDS DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT ON 25 TH MAY , 201 6 SD/ - SD/ - ( ) ( ) ( ASHWANI TANEJA ) ( AMIT SHUKLA ) ACCOUNTANT MEMBER JUDICIAL M EMBER MUMBAI, DATE: 25 TH MAY , 201 6 3 M/S THE GREAT EASTERN SHIPPING CO. LTD. ITA 6566 /MUM/201 4 / COPY TO: - 1 ) / THE APPELLANT. 2 ) / THE RESPONDENT. 3 ) THE C IT ( A ) 9 , MUMBAI. 4 ) THE CIT - 5 , MUMBAI. 5 ) , , / THE D.R. G BENCH, MUMBAI. 6 ) \ COPY TO GUARD FILE. / BY ORDER / / TRUE COPY / / / , DY. / ASSTT. REGISTRAR I.T.A.T., MUMBAI * . . *CHAVAN, SR.PS