M/s. Status Mark Finvest Ltd., New Delhi V. DCIT, New Delhi

ITA 6730/DEL/2014

• Counselvise Citation: 673020114 RSA 2014
• Duration Of Justice: 8 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-09-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC 1
• Next Hearing Date: 13-08-2015
• Assessment Year: 2008-2009
• Appeal Filed On: 11-12-2014
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: GARIMA JAIN SENIOR
• Assessee Lawyers: R K KAPOOR
• Section: 115JB

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL DELHI DELHI DELHI DELHI BENCH BENCH BENCH BENCH SMC SMC SMC SMC- -- -1 11 1 : NEW DELHI : NEW DELHI : NEW DELHI : NEW DELHI BEFORE SHRI G.C. GUPTA BEFORE SHRI G.C. GUPTA BEFORE SHRI G.C. GUPTA BEFORE SHRI G.C. GUPTA, VICE , VICE , VICE , VICE PRESIDENT PRESIDENT PRESIDENT PRESIDENT ITA NO ITA NO ITA NO ITA NO . .. . 6730/DEL/2014 6730/DEL/2014 6730/DEL/2014 6730/DEL/2014 ASSESSMENT YEAR ASSESSMENT YEAR ASSESSMENT YEAR ASSESSMENT YEAR : : : : 2008 2008 2008 2008 - -- - 09 0909 09 M/S STATUS MARK FINVEST M/S STATUS MARK FINVEST M/S STATUS MARK FINVEST M/S STATUS MARK FINVEST LIMITED, LIMITED, LIMITED, LIMITED, 601, COPIA COMMERCIAL 601, COPIA COMMERCIAL 601, COPIA COMMERCIAL 601, COPIA COMMERCIAL COMPLEX, COMPLEX, COMPLEX, COMPLEX, 9, JASOLA CORPORATE SUITES, 9, JASOLA CORPORATE SUITES, 9, JASOLA CORPORATE SUITES, 9, JASOLA CORPORATE SUITES, N NN NEW DELHI EW DELHI EW DELHI EW DELHI 110 025. 110 025. 110 025. 110 025. PAN : AAACS2964E. PAN : AAACS2964E. PAN : AAACS2964E. PAN : AAACS2964E. VS. VS. VS. VS. DEPUTY COMMISSIONER OF DEPUTY COMMISSIONER OF DEPUTY COMMISSIONER OF DEPUTY COMMISSIONER OF INCOME TAX, INCOME TAX, INCOME TAX, INCOME TAX, CIRCLE CIRCLE CIRCLE CIRCLE- -- -9(1), 9(1), 9(1), 9(1), NEW DELHI. NEW DELHI. NEW DELHI. NEW DELHI. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI R.K. KAPOOR, CA. RESPONDENT BY : MS. GARIMA JAIN, SENIOR DR. DATE OF HEARING : 13.08.2015 13.08.2015 13.08.2015 13.08.2015 DATE OF PRONOUNCEMENT : 08.09.2015 08.09.2015 08.09.2015 08.09.2015 ORDER ORDER ORDER ORDER THIS APPEAL BY THE ASSESSEE FOR THE ASSESSMENT YEAR 2008-0 9 IS DIRECTED AGAINST THE ORDER OF LEARNED CIT(A)-XII, NE W DELHI DATED 24 TH OCTOBER, 2014. 2. THE ONLY EFFECTIVE GROUND OF APPEAL OF THE ASSESSEE IS AS UNDER:- THAT THE LEARNED CIT(A) HAS GROSSLY ERRED IN LAW AND ON FACTS AND IN THE CIRCUMSTANCES OF THE APPELLANTS CASE I N UPHOLDING LEVY OF PENALTY AMOUNTING TO RS.4,10,218/- U/S 271(1)(C) OF THE INCOME-TAX ACT. 3. LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE PE NALTY U/S 271(1)(C) OF THE INCOME-TAX ACT, 1961 WAS IMPOSED IN THIS CASE ON ITA-6730/DEL/2014 2 ACCOUNT OF TAX PAID UNDER PROVISION OF THE MAT U/S 1 15JB OF THE ACT AND, THEREFORE, NO PENALTY U/S 271(1)(C) OF THE ACT COULD BE IMPOSED AS HELD BY HON'BLE DELHI HIGH COURT IN CIT VS. NALWA SO NS INVESTMENTS LTD. [2010] 327 ITR 543 (DELHI). HE SUBMITTED THA T THE ISSUE IS COVERED IN FAVOUR OF THE ASSESSEE AND, THEREFORE, THE P ENALTY IMPOSED MAY BE CANCELLED. 4. LEARNED DR HAS RELIED ON THE ORDER OF THE ASSESSING O FFICER AND THE LEARNED CIT(A). 5. I HAVE CONSIDERED THE RIVAL SUBMISSIONS AND HAVE PERU SED THE ORDER OF THE AO AND THE LEARNED CIT(A). I FIND THA T THERE IS NO DISPUTE IN THIS CASE REGARDING THE FACT THAT ASSESSMENT FOR THE Y EAR WAS COMPLETED AND TAX PAID AS PER THE MAT PROVISIONS U/S 1 15JB OF THE ACT. THE ISSUE THAT WHETHER PENALTY U/S 271(1)(C) OF THE AC T COULD BE IMPOSED WHERE THE ASSESSMENT FOR THE RELEVANT YEAR WAS CO MPLETED AND TAX PAID AS PER MAT PROVISIONS U/S 115JB IS COVERED IN FAVOUR OF THE ASSESSEE WITH THE DECISION OF HON'BLE JURISDICTIONAL HIGH COURT IN THE CASE OF NALWA SONS INVESTMENTS LTD. (SUPRA) AND, ACC ORDINGLY, THE ISSUE IS DECIDED IN FAVOUR OF THE ASSESSEE AND THE GROUND OF APPEAL IS ALLOWED. 6. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALLOWED. DECISION PRONOUNCED IN THE OPEN COURT ON 8 TH SEPTEMBER, 2015. SD/- (G. (G. (G. (G. C. GUPTA C. GUPTA C. GUPTA C. GUPTA ) )) ) VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VK. ITA-6730/DEL/2014 3 COPY FORWARDED TO: - 1. APPELLANT : M/S STATUS MARK FINVEST M/S STATUS MARK FINVEST M/S STATUS MARK FINVEST M/S STATUS MARK FINVEST LIMITED, LIMITED, LIMITED, LIMITED, 601, COPIA COMMERCIAL COMPLEX, 601, COPIA COMMERCIAL COMPLEX, 601, COPIA COMMERCIAL COMPLEX, 601, COPIA COMMERCIAL COMPLEX, 9, JASOLA CORPORATE SUITES, 9, JASOLA CORPORATE SUITES, 9, JASOLA CORPORATE SUITES, 9, JASOLA CORPORATE SUITES, NEW DELHI NEW DELHI NEW DELHI NEW DELHI 110 025. 110 025. 110 025. 110 025. 2. RESPONDENT : DEPUTY COMMISSIONER OF INCOME TAX, DEPUTY COMMISSIONER OF INCOME TAX, DEPUTY COMMISSIONER OF INCOME TAX, DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE CIRCLE CIRCLE CIRCLE- -- -9(1), NEW DELHI. 9(1), NEW DELHI. 9(1), NEW DELHI. 9(1), NEW DELHI. 3. CIT 4. CIT(A) 5. DR, ITAT ASSISTANT REGISTRAR