DCIT 8(2), MUMBAI V. PANTALOON RETAIL (I) LTD, MUMBAI

ITA 6630/MUM/2012

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 5568 (ITAT-MUMBAI)
• Duration Of Justice: 5 year(s) 8 month(s) 29 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 31-07-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: C
• Assessment Year: 2007-2008
• Appeal Filed On: 01-11-2012
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: S PADMAJA LD
• Assessee Lawyers: DINKLE HARIYA LD
• Keywords: Capital receipt

Judgement Text

ITA NO.6630/MUM/2012 PENTALOON RETAIL (INDIA) LTD. ASSESSMENT YEAR-2007-08 IN THE INCOME TAX APPELLATE TRIBUNAL F BENCH, MUMBAI , , BEFORE SHRI SAKTIJIT DEY, JM AND SHRI MANOJ KUMAR AGGARWAL, AM ./I.T.A. NO.6630/MUM/2012 ( / ASSESSMENT YEAR: 2007-08) DEPUTY COMMISSIONER OF INCOME TAX -8(2) ROOM NO.209/216A, 2 ND FLOOR AAYKAR BHAWAN, M.K.ROAD MUMBAI-400 020 / VS. PA NTALOON RETAIL (INDIA) LIMITED KNOWLEDGE HOUSE, SHYAM NAGAR OFF.JOGESHWARI VIKROLI LINK ROAD JOGESHWARI (E) MUMBAI-400 060 ./ ./PAN/GIR NO. AAACP-6317-L ( ! /APPELLANT ) : ( '# ! / RESPONDENT ) A SSESSEE BY : DINKLE HARIYA , LD. AR RE VENUE BY : S.PADMAJA, LD. CIT DR / DATE OF HEARING : 25/07/2018 / DATE OF PRONOUNCEMENT : 31/07/2018 / O R D E R PER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. AFORESAID APPEAL BY REVENUE FOR ASSESSMENT YEAR [AY] 2007-08 CONTEST THE ORDER OF LD. COMMISSIONER OF INCOME-TAX (APPEALS)-17 [CIT(A)], MUMBAI, APPEAL NO.CIT(A)-17/IT-73/2011-12 DATED 29/08/2012 QUA DELETION OF PENALTY U/S 271(1)(C) FOR RS.841.50 LA CS AS LEVIED BY LD. AO VIDE ORDER DATED 03/08/2011. THE AFORESAID PENAL TY HAS BEEN LEVIED ITA NO.6630/MUM/2012 PENTALOON RETAIL (INDIA) LTD. ASSESSMENT YEAR-2007-08 2 AGAINST QUANTUM ADDITION OF RS.25 CRORES STATED TO BE RECEIVED BY THE ASSESSEE FROM AN ENTITY NAMELY FUTURE MEDIA (I) LTD. AND CLAIMED TO BE NOT TAXABLE, BEING CAPITAL RECEIPTS IN NATURE. THE REVENUE, TREATING THE SAME AS REVENUE IN NATURE, HAS ADDED THE SAME TO TH E INCOME OF THE ASSESSEE VIDE ASSESSMENT U/S 143(3), ORDER DATED 30 /12/2009. THE LD. CIT(A), FINDING THE ISSUE TO BE CONTENTIOUS AND DEB ATABLE, DELETED THE IMPUGNED ADDITIONS, AGAINST WHICH THE REVENUE IS IN FURTHER APPEAL BEFORE US. 2. THE LD. AUHTORIZED REPRESENTATIVE FOR THE ASSESS EE [AR], MS. DINKLE HARIYA, AT THE OUTSET, DREW ATTENTION TO THE FACT THAT THE ASSESSEE CONTESTED THE QUANTUM ADDITION WITH SUCCESS BEFORE THIS TRIBUNAL VIDE ITA NO.5306/MUM/2011 DATED 26/04/2017, A COPY OF WH ICH HAS BEEN PLACED ON RECORD. THE LD. DEPARTMENTAL REPRESENTATI VE [DR] CONTROVERTED THE SAME BY SUBMITTING THAT THAT THE S AME HAS NOT ATTAINED FINALITY YET. 3. UPON DUE CONSIDERATION, WE FIND THAT THE QUANTUM ADDITIONS AGAINST WHICH THE ASSESSEE HAS BEEN SADDLED WITH IMPUGNED P ENALTY HAVE BEEN DELETED BY THE TRIBUNAL. THE REVENUE IS UNABLE TO D EMONSTRATE, IN ANY MANNER, THAT THE RATIO OF THE AFORESAID DECISION HA S BEEN STAYED / REVERSED / OVER-RULED BY ANY HIGHER JUDICIAL AUTHORITY. IN VIEW OF THE SAME, THE IMPUGNED PENALTY DOES NOT SURVIVE AND THE REFORE, WE SEE NO REASON TO INTERFERE WITH THE ORDER OF LD. FIRST APP ELLATE AUTHORITY, IN THIS REGARD. ITA NO.6630/MUM/2012 PENTALOON RETAIL (INDIA) LTD. ASSESSMENT YEAR-2007-08 3 4. RESULTANTLY, THE REVENUES APPEAL STAND DISMISSE D. ORDER PRONOUNCED IN THE OPEN COURT ON 31 ST JULY, 2018 SD/- SD/- (SAKTIJIT DEY) (MANOJ KUMAR AGGARWAL) / JUDICIAL MEMBER / ACCOUNTANT MEMBER MUMBAI; DATED : 31.07.2018 SR.PS:-THIRUMALESH ! / COPY OF THE ORDER FORWARDED TO : 1. ! / THE APPELLANT 2. '# ! / THE RESPONDENT 3. ( ) / THE CIT(A) 4. / CIT CONCERNED 5. ) *' + , + , / DR, ITAT, MUMBAI 6. * ,-. / GUARD FILE / BY ORDER, / (DY./ASSTT.REGISTRAR) , / ITAT, MUMBAI