ORDINARY FINANCIAL SERVICES PVT. LTD., NEW DELHI V. ITO, WARD- 19(2), NEW DELHI

ITA 7299/DEL/2017

• Counselvise Citation: [2022] 105 COUNSELVISE.COM (IT) 3506 (ITAT-DELHI)
• Duration Of Justice: 4 year(s) 4 month(s) 21 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-04-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: 2011-2012
• Appeal Filed On: 06-12-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Section: 68; 271(1)(c); 143(3)

Judgement Text

I.T.A. No. 7299/Del/2017 1 IN THE INCOME TAX APPELLATE TRIBUNAL [ DELHI BENCH “S.M.C.” NEW DELHI ] BEFORE SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER, S.M.C. आ.अ.सं./I.T.A No. 7299/Del/2017 िनधाᭅरणवषᭅ/Assessment Year: 2011-12 Ordinary Financial Services Pvt. Ltd., 13/34, 4 th Floor, W.E.A. Karol Bagh, New Delhi – 110 005. बनाम Vs. Income Tax Officer, Ward : 19 (2) New Delhi. PAN No. AAACO6367K अपीलाथᱮ/Appellant ᮧ᭜यथᱮ/Respondent िनधाᭅᳯरतीकᳱओरसे /Assessee by : N o n e; राज᭭वकᳱओरसे /Revenue by : Shri Om Parkash, Sr. D. R.; सुनवाईकᳱतारीख/ Date of hearing: 14/03/2022 उ᳃ोषणाकᳱतारीख/Pronouncement on : 28/04/2022 आदेश /O R D E R PER C. N. PRASAD, J.M. : 1. This appeal is filed by the assessee against the order of the ld. Commissioner of Income Tax (Appeals)-25, New Delhi, [hereinafter referred to CIT (Appeals)] dated 13.09.2017 for the assessment year 2011-12 in sustaining the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961 (the Act). I.T.A. No. 7299/Del/2017 2 2. None appeared when the matter called for hearing on 14.03.2022. However, the ld. Counsel for the assessee furnished a brief note stating that the Assessing Officer levied penalty under Section 271(1)(c) of the Act on the sole addition of Rs.49,00,000/- made in the assessment order passed under Section 143(3) of the Act on 11.03.2014. It is stated that the Tribunal by its order dated 21.02.2022 deleted the addition of Rs.49,00,000/- made in the assessment order. Copy of the order was placed on record. Therefore, it is submitted that in the light of the order of the Tribunal the penalty levied under Section 271(1)(c) be deleted. 3. I have perused the order of the Tribunal and find that the Tribunal in ITA. No. 2207 (Del) of 2015 dated 21.02.2022 deleted the impugned addition of Rs.49,00,000/- made under Section 68 of the Act by allowing the appeal of the assessee. Therefore, since the very basis for levying penalty is deleted, the penalty has no legs to stand. Accordingly, the penalty levied under Section 271(1)(c) is deleted. 4. In the result, the appeal of the assessee is allowed. Order pronounced in the open court on : 28/04/2022. Sd/- ( C. N. PRASAD ) JUDICIAL MEMBER Dated : 28/04/2022. *MEHTA* Copy forwarded to 1. Appellant; 2. Respondent; I.T.A. No. 7299/Del/2017 3 3. CIT 4. CIT (Appeals) 5. DR: ITAT ASSISTANT REGISTRAR ITAT, New Delhi. Date of dictation 25.04.2022 Date on which the typed draft is placed before the dictating member 26.04.2022 Date on which the typed draft is placed before the other member 28.04.2022 Date on which the approved draft comes to the Sr. PS/ PS 28.04.2022 Date on which the fair order is placed before the dictating member for pronouncement 28.04.2022 Date on which the fair order comes back to the Sr. PS/ PS 28.04.2022 Date on which the final order is uploaded on the website of ITAT 28.04.2022 Date on which the file goes to the Bench Clerk 28.04.2022 Date on which the file goes to the Head Clerk The date on which the file goes to the Assistant Registrar for signature on the order Date of dispatch of the order