KANAK STOCK BROKERS P LTD, MUMBAI V. DCIT CC 46, MUMBAI

ITA 683/MUM/2015

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 2476 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 8 month(s) 19 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 21-10-2016
• Appeal Filed By: Assessee
• Bench Allotted: D
• Next Hearing Date: 18-07-2016
• Assessment Year: 2009-2010
• Appeal Filed On: 02-02-2015
• Court: TRIBUNAL
• Department Lawyers: B S BIST

Judgement Text

, , D, IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES D, MUMBAI , , , BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER, AND SHRI ASHWANI TANEJA, ACCOUNTANT MEMBER ITA NO.679/MUM/2015 ASSESSMENT YEAR: 2006-07 & ITA NO.682/MUM/2015 ASSESSMENT YEAR: 2009-10 ALEMBIC SECURITIES P. LTD., BLOCK H SHRI SADASHIV CHS LTD. 6 TH RD SANTACRUZ(E) MUMBAI-400055 / VS. DC IT CC 46 R.NO.659, 6 TH FLOOR, AAYAKAR BHAVAN M.K. RD. MUMBAI- ( APPELLANT ) ( REVENUE ) P.A. NO . AAACA7087N ITA NO.683/MUM/2015 ASSESSMENT YEAR: 2009-10 & ITA NO.684/MUM/2015 ASSESSMENT YEAR: 2010-11 KANAK STOCK BROKERS P. LTD. BLOCK H SHRI SADASHIV CHS LTD. 6 TH RD SANTACRUZ(E) MUMBAI-400055 / VS. DCIT CC 46 R.NO.659, 6 TH FLOOR, AAYAKAR BHAVAN M.K. RD. MUMBAI- (APPELLANT ) (REVENUE) P.A. NO . AACCK8999H APPELLANT BY SHRI MUKESH CHOKSI (AR) REVENUE BY SHRI B.S. BIST ( SR. DR) ! ' # $% / DATE OF HEARING : 21/10/2016 ALEMBIC SECURITIES P. LTD. 2 # $% / DATE OF ORDER: 21/10/2016 / O R D E R PER BENCH: THESE APPEALS PERTAIN TO TWO ASSESSEES INVOLVING IDENTICAL ISSUE, THEREFORE THESE WERE HEARD TOGETHE R AND DISPOSED OF BY THIS COMMON ORDER. 2. DURING THE COURSE OF HEARING, ARGUMENTS WERE MADE B Y SHRI MUKESH CHOKSI ON BEHALF OF THE ASSESSEE AND BY SHRI B.S. BIST, DEPARTMENTAL REPRESENTATIVE (SR. DR) ON BEHALF OF THE REVENUE. 3. THESE APPEALS HAVE BEEN FILED AGAINST THE COMMON OR DER OF LD. CIT(A) DATED 14.11.2014 PASSED AGAINST THE PENA LTY ORDER U/S 271(1)(C) FOR DIFFERENT YEARS. IDENTICAL ISSUE RAISED IN ALL THE APPEALS IS WITH REGARD TO LEVY OF PENALTY U/S 2 71(1)(C). DURING THE COURSE OF HEARING MR. MUKESH CHOKSI, DIR ECTOR OF THESE COMPANIES APPEARED AND SUBMITTED THAT IN THE QUANTUM APPEAL, THE TRIBUNAL HAS SET ASIDE THE ASSESSMENT O RDER OF LD. CIT(A) AND RESTORED THE MATTER BACK TO THE FILE OF THE AO TO REDETERMINE THE TOTAL INCOME AS PER DIRECTION OF TH E TRIBUNAL AFTER GIVING ORIGINAL OPPORTUNITY OF HEARING TO THE ASSESSEE. THUS, AS ON DATE, ORDER OF THE AO NO MORE SURVIVES AND THEREFORE, PENALTY ORDER SHOULD ALSO GO. 3.1. PER CONTRA, LD. DR SUBMITTED THAT PENALTY ORDERS S HOULD ALSO BE SENT BACK TO THE FILE OF THE AO. 3.2. WE HAVE GONE THROUGH THE ORDERS PASSED BY THE TRIB UNAL DATED 30.09.2016 IN ITA NO.243 TO 245/MUM/2013 IN T HE ALEMBIC SECURITIES P. LTD. 3 CASE OF M/S. ALEMBIC SECURITIES PVT. LTD. V. DCIT A ND ORDER DATED 09.09.2016 IN ITA NO.309 & 310/MUM/2013 IN TH E CASE OF KANAK STOCK BROKERS PVT. LTD. IN BOTH THESE ORDE RS, THE TRIBUNAL HAS SET ASIDE THE ORDER OF THE LD. CIT(A) PASSED IN THE QUANTUM PROCEEDINGS AND RESTORED THE MATTER BACK TO THE FILE OF AO TO RE-DETERMINE THE TOTAL INCOME AS PER TRIBU NALS DIRECTIONS CONTAINED IN ITS ORDERS. UNDER THESE CIR CUMSTANCES, IMPUGNED PENALTY ORDERS ARE ALSO SET ASIDE. THE AO IS AT HIS LIBERTY TO INITIATE THE PENALTY PROCEEDINGS AFTER P ASSING FRESH ASSESSMENT ORDER AS PER LAW AND FACTS OF THE CASE. 4. IN THE RESULT, THESE FOUR APPEALS MAY BE TREATED A S ALLOWED FOR STATISTICAL PURPOSES. ORDER WAS PRONOUNCED IN THE OPEN COURT AT THE CONCLUSION OF HEARING. SD/- (SANJAY GARG ) SD/- (ASHWANI TANEJA) ! / JUDICIAL MEMBER ' ! / ACCOUNTANT MEMBER ! ' MUMBAI; ' DATED : 21/10/2016 CTX? P.S/. .. #$%&'(')% / COPY OF THE ORDER FORWARDED TO : 1. ) *+ / THE APPELLANT 2. ,-*+ / THE RESPONDENT. 3. .$ . ! / ( ) ) / THE CIT, MUMBAI. 4. .$ . ! / / CIT(A)- , MUMBAI 5. 23 , 45 , .$ )% 45$6 , ! ' / DR, ITAT, MUMBAI 6. 7 8 ' / GUARD FILE. / BY ORDER, - 2) , //TRUE COPY// ALEMBIC SECURITIES P. LTD. 4 / (DY./ASSTT. REGISTRAR) , ! ' / ITAT, MUMBAI