ACIT, Central Circle- 3, New Delhi V. Swati Jain, New Delhi

ITA 7355/DEL/2017

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 0587 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 7 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-07-2021
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: G
• Assessment Year: 2014-2015
• Appeal Filed On: 08-12-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: H K CHOUDHERY
• Section: 271(1)(c)

Judgement Text

PAGE 1 OF 4 IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH: G: NEW DELHI) (THROUGH VIDEO CONFERENCING) BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER AND SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA NO:- 7355/DEL/2017 ( ASSESSMENT YEAR: 2014-15) ACIT, CENTRAL CIRCLE-3, NEW DELHI. VS. SWATI JAIN, NEW DELHI. APPELLANT RESPONDENT PAN NO: AEDPG7870B REVENUE BY : SHRI H.K. CHOUDHERY, CIT(DR) ASSESSEE BY : SHRI NIPPUN MITTAL, CA PER ANADEE NATH MISSHRA, AM (A) THIS APPEAL BY REVENUE IS FILED AGAINST THE ORDER OF LEARNED COMMISSIONER OF INCOME TAX (APPEALS)-23, NEW DELHI, [LD. CIT(A), FOR SHORT], DATED 29.09.2017 FOR ASSESSMENT YEAR 2014-15. GROUNDS TAKEN IN THIS APPEAL OF REVENUE ARE AS UNDER: 1.THE ORDER OF LD. CIT(A) IS NOT CORRECT IN LAW AND ON FACTS. 2. ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. CIT(A) HAS ERRED IN OBSERVING THAT NO SATISFACTION HAS BEEN RECORDED IN THE ASSESSMENT ORDER IN RESPECT OF ADDITION MADE IN RESPECT LTCG WHEN JOINT SATISFACTION FOR TWO ADDITION IS RECORDED AT THE BOTTOM OF THE ASSESSMENT ORDER. 3. ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. CIT HAS ERRED IN OBSERVING THAT AO HAD NO JURISDICTION TO LEVY PENALTY U/S 271(1)(C) OF THE INCOME TAX ACT, 1961 WITH REGARD TO LTCG ADDITION WHEN THE SATISFACTION ABOUT FURNISHING OF INACCURATE PARTICULARS OF INCOME IS EVIDENT IN THE ADDITION OF BOGUS LTCG ITSELF. PAGE 2 OF 4 4. ON THE FACTS AND CIRCUMSTANCES OF THE CASE, THE LD. CIT(A) HAS ERRED IN DELETING THE PENALTY OF RS. 90,93,119/-IMPOSED BY ASSESSING OFFICER U/S 271(1)(C) OF THE INCOME TAX ACT, 1961. 5.THE APPELLANT CRAVES LEAVE TO ADD, AMEND ANY/ ALL THE GROUND OF APPEAL BEFORE OR DURING THE COURSE OF HEARING OF THE APPEAL. (B) AT THE TIME OF HEARING, AT THE OUTSET, THE LD. AUTHORIZED REPRESENTATIVE (LD. AR, FOR SHORT) FOR THE ASSESSEE INFORMED US THAT THE ASSESSEE HAS OPTED FOR VIVAD SE VISHWAS SCHEME, 2020 (VSVS, FOR SHORT) FOR THE SETTLEMENT OF SUBJECT MATTER OF THE DISPUTES IN THIS APPEAL. AT THE TIME OF HEARING BEFORE US, THE LD. AR FOR ASSESSEE SUBMITTED BEFORE US THAT THIS APPEAL MAY BE DISMISSED ON ACCOUNT OF THE AFORESAID VSVS. THE LEARNED COMMISSIONER OF INCOME TAX (DEPARTMENTAL REPRESENTATIVE) [LD. CIT(DR), FOR SHORT] DID NOT EXPRESS ANY OBJECTION TO THIS. WE HAVE PERUSED FORM 5 ISSUED BY DESIGNATED AUTHORITY UNDER VSVS, DATED 10/06/2021. AFTER DUE CONSIDERATION, AND IN VIEW OF THE FOREGOING; WE TREAT THIS APPEAL AS WITHDRAWN BY REVENUE ON ACCOUNT OF THE AFORESAID VSVS. ACCORDINGLY, THE APPEAL IS DISMISSED BEING TREATED AS WITHDRAWN. (B.1) BEFORE WE PART, WE HEREBY CLARIFY, BY WAY OF ABUNDANT CAUTION, THAT IF FOR SOME REASON IT IS FOUND BY REVENUE THAT THE DISPUTES UNDER THIS APPEAL BEFORE US ARE NOT FULLY SETTLED UNDER THE AFORESAID VSVS, THEN REVENUE WILL BE AT LIBERTY TO APPROACH ITAT FOR RESTORATION OF THIS APPEAL, IN ACCORDANCE WITH LAW. (B.2) WITH THESE DIRECTIONS, THE AFORESAID APPEAL OF REVENUE IS DISMISSED, BEING TREATED AS WITHDRAWN. (C) FOR STATISTICAL PURPOSES, THIS APPEAL IS DISMISSED. PAGE 3 OF 4 THIS ORDER WAS ALREADY PRONOUNCED ON 19 TH JULY, 2021 IN OPEN COURT, IN THE PRESENCE OF REPRESENTATIVES OF BOTH SIDES; AFTER CONCLUSION OF THE HEARING. SD/- SD/- (KUL BHARAT) (ANADEE NATH MISSHRA) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 19/07/21 (POOJA) COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(APPEALS) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI PAGE 4 OF 4 DATE OF DICTATION DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE OTHER MEMBER DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR. PS/PS DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE DICTATING MEMBER FOR PRONOUNCEMENT DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR. PS/PS DATE ON WHICH THE FINAL ORDER IS UPLOADED ON THE WEBSITE OF ITAT DATE ON WHICH THE FILE GOES TO THE BENCH CLERK 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