ANUSHAKTI CHEMICALS AND DRUGS LTD ( FRMERLY KNOWN AS AARTI HEALTHCARE LTD), MUMBAI V. ASST CIT RG 10(3), MUMBAI

ITA 7749/MUM/2011

• Counselvise Citation: [2013] 140 COUNSELVISE.COM (IT) 71026 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 9 month(s) 20 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 06-09-2013
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: A
• Next Hearing Date: 29-08-2013
• Assessment Year: 2005-2006
• Appeal Filed On: 16-11-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: MRS JOTHILAKSHMI NAYAK
• Assessee Lawyers: BHAVIN M DEDHIA

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL A BENCH, MUM BAI .. , , BEFORE SHRI I. P. BANSAL, JM AND SHRI SANJAY ARORA , AM ./ I.T.A. NO.7749/MUM/2011 ( / ASSESSMENT YEAR: 2005-06) ANUSHAKTI CHEMICALS AND DRUGS LIMITED (FORMERLY KNOWN AS AARTI HEALTHCARE LIMITED) 2 ND FLOOR, UDYOG KSHETRA, MULUND GOREGAON LINK ROAD, MULUND (W), MUMBAI-400 080 / VS. ASST. CIT, RANGE 10(3) AAYKAR BHAVAN, MUMBAI ./ ./PAN/GIR NO. AAACA 3517 H ( /APPELLANT ) : ( !' / RESPONDENT ) # / APPELLANT BY : SHRI BHAVIN M. DEDHIA !' $ # / RESPONDENT BY : MRS. JOTHILAKSHMI NAYAK % &'( $ )* / DATE OF HEARING : 29.08.2013 +,- $ )* / DATE OF PRONOUNCEMENT : 06.09.2013 . / O R D E R PER SANJAY ARORA, A. M.: THIS IS AN APPEAL BY THE ASSESSEE DIRECTED AGAINST THE ORDER BY THE COMMISSIONER OF INCOME TAX (APPEALS)-22, MUMBAI (CIT(A) FOR SH ORT) DATED 25.08.2011, CONFIRMING THE LEVY OF PENALTY U/S. 271(1)(C) OF THE INCOME TA X ACT, 1961 (THE ACT HEREINAFTER) IN THE SUM OF RS.1,15,46,352/-, I.E., AT 100% OF THE T AX SOUGHT TO BE EVADED. 2 ITA NO. 7749/MUM/2011 (A.Y. 2005-06) ANUSHAKTI CHEMICALS & DRUGS LIMITED VS. ASST. CIT 2. AT THE VERY OUTSET, IT WAS SUBMITTED BY THE LD. AUTHORIZED REPRESENTATIVE (AR), THE ASSESSEES COUNSEL, THAT THE ENTIRE DIFFERENCE IN T HE RETURNED AND THE ASSESSED INCOME IS ON ACCOUNT OF DISALLOWANCE OF DEDUCTION CLAIMED U/S. 3 5(2AB) OF THE ACT. THE TRIBUNAL IN THE QUANTUM PROCEEDINGS VIDE ITS ORDER DATED 18.07. 2012 (IN ITA NO.4402/M/2009) RESTORED THE MATTER BACK TO THE FILE OF THE ASSESSI NG OFFICER (A.O.) TO DECIDE ON THE ASSESSEES CLAIM U/S. 35(2AB) AFRESH BY CONSIDERING THE SAME AS PER THE PROVISIONS OF THE ACT AFTER HEARING THE ASSESSEE. IN VIEW OF THE MATT ER, THE PENALTY PROCEEDINGS WOULD NOT OBTAIN, PLACING A COPY OF THE SAID ORDER ON RECORD. 3. WE HAVE HEARD THE PARTIES, AND PERUSED THE MATER IAL ON RECORD. THE FACTS AS STATED BY THE LD. AR ARE BORNE OUT BY THE RECORD; THE RELE VANT FINDINGS BY THE TRIBUNAL APPEARING AT PARA 3 OF ITS ORDER (SUPRA)(COPY ON RECORD). UND ER THE CIRCUMSTANCES, THEREFORE, THIS MATTER WOULD HAVE TO BE NECESSARILY RESTORED BACK T O THE FILE OF THE A.O. FOR A DECISION AFRESH, AFTER AND IN THE LIGHT OF THE ASSESSMENT FR AMED IN PURSUANCE TO THE ORDER BY THE TRIBUNAL DATED 18/7/2012 (SUPRA), FOR WHICH THE QUA NTUM PROCEEDINGS HAVE BEEN RESTORED TO HIM. WE DECIDE ACCORDINGLY. 4. IN THE RESULT, THE ASSESSEES APPEAL IS ALLOWED FOR STATISTICAL PURPOSES. /-)0 &12/) $ 3$ 456 7 8 ' 9 ) $ ) :; ORDER PRONOUNCED IN THE OPEN COURT ON SEPTEMBER 06, 2013 SD/- SD/- (I. P. BANSAL) (SANJAY ARORA) / JUDICIAL MEMBER / ACCOUNTANT MEMBER % ( MUMBAI; <& DATED : 06.09.2013 '.&../ ROSHANI , SR. PS 3 ITA NO. 7749/MUM/2011 (A.Y. 2005-06) ANUSHAKTI CHEMICALS & DRUGS LIMITED VS. ASST. CIT ! ' #$%& ' &$ / COPY OF THE ORDER FORWARDED TO : 1. / THE APPELLANT 2. !' / THE RESPONDENT 3. % =) ( ) / THE CIT(A) 4. % =) / CIT - CONCERNED 5. @'AB !)&C1 , * C1- , % ( / DR, ITAT, MUMBAI 6. BD2 E( / GUARD FILE ! ( / BY ORDER, )/(* + (DY./ASSTT. REGISTRAR) , % ( / ITAT, MUMBAI