ACIT CIRCLE-3 , KALYAN V. SHANKESHWAR REAL ESTATE COMPANY , KALYAN

ITA 6747/MUM/2019

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 0163 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 4 month(s) 14 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 15-03-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: G
• Assessment Year: 2011-2012
• Appeal Filed On: 01-11-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: VIJAY KUMAR MENON
• Keywords: Tax effect
• Section: 201

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL , E BENCH MUMBAI BEFORE : SHRI C.N.PRASAD, AM & SHRI M.BALAGANESH, AM ITA NO. 6747 /MUM/ 20 19 ( ASSESSMENT YEAR : 201 1 - 12 ) ACIT, CIRCLE - 3. 2 ND FLOOR, RANI MANSION MURBAD ROAD KALYAN WEST - 421 301 KA LYAN VS. M/S. SHANKHESHWAR REAL ESTATE COMPANY 208, OM SUPREME BUILDING, NEAR D - MARG VALLIPIR ROAD KALYAN (W) - 421 301 PAN/GIR NO. ABCFS6382A (APPELLANT ) .. (RESPONDENT ) REVENUE BY SHRI VIJAY KUMAR MENON ASSESSEE BY SHRI JITENDRA JAIN DATE OF HEA RING 15 / 03 /202 1 DATE OF PRONOUNCEMENT 15 / 03 /202 1 / O R D E R PER M. BALAGANESH (A.M) : THIS APPEAL IN ITA NO. 6747/MUM/2019 FOR A.Y. 2011 - 12 ARISES OUT OF THE ORDER BY THE LD. COMMISSIONER OF INCOME TAX (APPEALS) - 1, THANE IN APPEAL NO. 10061/2017 - 18 DATED 02/08/2019 (LD. CIT(A) IN SHORT) IN THE MATTER OF IMPOSITION OF PENALTY U/S.271(1)(C) OF THE INCOME TAX ACT, 1961. ITA NO . 6747/MUM/2019 M/S. SHANKESHWAR REAL ESTATE COMPANY 2 2. THE LD. DR ARGUED VEHEMENTLY THAT THE PENALTY LEVIED BY THE LD. AO IN RESPECT OF DISALLOWANCE MADE ON BOGUS PURCH ASES. ACCORDINGLY, IN THE OPINION OF THE LD. DR, THE SAME WOULD FALL WITHIN THE EXCEPTION PROVIDED IN THE CBDT CIRCULAR NO.17/2019 DATED 08/08/2019. WE FIND THAT THE EXCEPTION PROVIDED IN THE SAID CIRCULAR DATED 08/08/2019 ISSUED BY THE CBDT WOULD APPLY ON LY IN RESPECT OF QUANTUM ASSESSMENT PROCEEDING AND THE SAME CANNOT BE MADE APPLICABLE FOR PENALTY PROCEEDING AND IT IS WELL SETTLED THAT PENALTY PROCEEDING AND ASSESSMENT PROCEEDINGS ARE DISTINCT AND SEPARATE. IN VIEW OF THIS, WE ARE INCLINED TO TREAT THIS APPEAL AS NOT MAINTAINABLE IN VIEW OF THE CBDT CIRCULAR NO.17/2019 DATED 08/08/2019 TREATING IT AS AN APPEAL INVOLVING TAX EFFECT LESS THAN THE PRESCRIBED MONETARY LIMIT. 3. IN THE RESULT, APPEAL FILED BY THE REVENUE IS DISMISSED AS NOT MAINTAINABLE. ORDER PRONOUNCED IN OPEN COURT ON 15/03/2021 SD/ - ( C.N. PRASAD ) SD/ - (M.BALAGANESH) JUDICIAL MEMBER ACCOUNTANT MEMBER MUMBAI ; DATED 15 / 03 / 2021 KARUNA , SR.PS ITA NO . 6747/MUM/2019 M/S. SHANKESHWAR REAL ESTATE COMPANY 3 COPY OF THE ORDER FORWA RDED TO : BY ORDER, ( ASSTT. REGISTRAR) ITAT, MUMBAI 1. THE APPELLANT 2. THE RESPONDENT. 3. THE CIT(A), MUMBAI. 4. CIT 5. DR, ITAT, MUMBAI 6. GUARD FILE. //TRUE COPY//