Ghaziabad Development Authority , Ghaziabad V. DCIT, Exemption Circle, Ghaziabad

ITA 8301/DEL/2018

• Counselvise Citation: [2022] 106 COUNSELVISE.COM (IT) 8825 (ITAT-DELHI)
• Duration Of Justice: 3 year(s) 8 month(s) 12 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 08-09-2022
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: C
• Assessment Year: 2003-2004
• Appeal Filed On: 27-12-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: RANU MUKHERJEE
• Assessee Lawyers: RAKESH GUPTA
• Section: 271(1)(c); 11

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH, ‘C’: NEW DELHI BEFORE SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER ITA Nos.8301 & 8302/DEL/2018 [Assessment Years: 2003-04 & 2006-07] M/s Ghaziabad Development Authority, C/o M/s RRA TAXINDIA, D-28, South Extension, Part-I New Delhi-110049 Vs DCIT, Exemption Circle, Ghaziabad PAN-AAALG0072C Assessee Revenue Assessee by Dr. Rakesh Gupta, Adv. & Sh. Somil Agarwal, Adv. Revenue by Ms. Ranu Mukherjee, CIT-DR Date of Hearing 06.09.2022 Date of Pronouncement .09.2022 ORDER PER BENCH, These are appeals by the assessee are directed against the orders of the Ld. CIT(A), Ghaziabad, both dated 31.10.2018 pertaining to Assessment Years 2003-04 and 2006-07 respectively. 2. These appeals are against levy of penalty u/s 271(1)(c) of the Income Tax Act, 1961(hereinafter ‘the Act’) for both the Assessment Years as under:- Sl. No. Assessment Year Amount (in Rs.) 1 2003-04 1,02,62,02,318/- 2 2006-07 1,55,68,80,766/- 2 ITA NOs.8301 & 8302/DEL/2018 M/s Ghaziabad Development Authority 3. At the outset, in this case, the Ld. Counsel for the assessee contended that the penalty has been levied with regard to the quantum additions in the hands of the assessee, wherein, the ITAT by a common order dated 28.01.2022 for both Assessment Years in ITA No.1828/Del/2017 & 1829/Del/2017, deleted the additions on the basis of which the penalty has been levied. The ITAT in quantum appeals has held that the assessee is eligible for deduction u/s 11 of the Act and the matter was remanded back to the file of the Ld. CIT(A) for limited purpose for recomputing the eligible deduction in accordance with provisions of section 2(15) of the Act. 4. We have heard both the parties and perused the records. We find that the penalty has been levied u/s 271(1)(c) of the Act and the quantum additions has been deleted by the ITAT, hence, the basis of levy of penalty does not survive. In this view of the matter, the penalty is liable to be deleted. We direct accordingly. 5. In the result, both appeals of the assessee are allowed. Order pronounced in the open court on 09 th September, 2022. Sd/- Sd/- [ANUBHAV SHARMA] [SHAMIM YAHYA] JUDICIAL MEMBER ACCOUNTANT MEMBER Delhi; Dated:09.09.2022. f{x~{tÜ? f{x~{tÜ?f{x~{tÜ? f{x~{tÜ? Copy forwarded to: 1. Appellant 2. Respondent 3. CIT 3 ITA NOs.8301 & 8302/DEL/2018 M/s Ghaziabad Development Authority 4. CIT(A) 5. DR Asst. Registrar, ITAT, New Delhi