REYNOLD TRADERS P.LTD, MUMBAI V. ACIT RG 7(2), MUMBAI

ITA 8636/MUM/2010

• Counselvise Citation: [2014] 120 COUNSELVISE.COM (IT) 8143 (ITAT-MUMBAI)
• Duration Of Justice: 3 year(s) 9 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 07-10-2014
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: D
• Next Hearing Date: 19-06-2014
• Assessment Year: 2001-2002
• Appeal Filed On: 10-12-2010
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AKHILENDRA P YADAV

Judgement Text

, IN THE INCOME TAX APPELLATE TRIBUNAL D BENCH, MUMBAI BEFORE HONBLE S/SHRI D. MANMOHAN , VICE-PRESIDENT AND B.R.BASKARAN (AM) , . , . . , ./I.T.A. NO.8636/MUM/2010 ( ! ' / ASSESSMENT YEAR : 2001-02) M/S REYNOLD TRADERS PVT.LTD., VICTORIA HOUSE, PANDURANG BUDHKAR MARG, LOWER PAREL (W), MUMBAI-400013 / VS. ASSTT.COMMISSIONER OF INCOME TAX - 7(2), ROOM NO.671, 6 TH FLOOR, AYAKAR BHAVAN, M.K.ROAD, MUMBAI-400020 ( #$ / APPELLANT) .. ( %&#$ / RESPONDENT) # ./ '( ./ PAN/GIRNO.:AAACR5787N #$ ) / APPELLANT BY : SHRI HIRO RAI %&#$ * ) /RESPONDENT BY: SHRI AKHILENDRA P YADAV + , * -. / DATE OF HEARING : 7.10.2014 /'! * -. /DATE OF PRONOUNCEMENT: 7.10.2014 / O R D E R PER B.R.BASKARAN, ACCOUNTANT MEMBER: THE APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAINS T THE ORDER DATED 20.8.2010 PASSED BY LD CIT(A)-13, MUMBAI AND IT REL ATES TO THE ASSESSMENT YEAR 2001-02. THE ASSESSEE IS AGGRIEVED BY THE DECISION OF LD. CIT(A) IN CONFIRMING THE PENALTY LEVIED BY THE AO UNDER SECTION 271(1)( C) OF THE INCOME TAX ACT, 1961 (THE ACT). 2. THE LD. COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE AO HAS IMPOSED THE PENALTY U/S 271(1)(C) OF THE ACT, ONLY AFTER RECEIP T OF THE APPELLATE ORDER DATED 10.2.2004 PASSED BY LD.CIT(A)-VII, MUMBAI IN QUANTU M ASSESSMENT PROCEEDINGS. IN THE MEANTIME, THE ASSESSEE PREFERRED AN APPEAL B EFORE THE APPELLATE TRIBUNAL CHALLENGING THE ORDER OF LD. CIT(A) PASSED IN QUANT UM ASSESSMENT PROCEEDINGS. I.T.A. NO.8636 /MUM/2010 2 THE HONBLE TRIBUNAL, VIDE ITS ORDER DATED 1.10.200 8, SET ASIDE THE MATTER TO THE FILE OF AO FOR FRESH CONSIDERATION. IN THE ABOVE S AID SET OF FACTS, THE LD AR PLEADED THAT THE MATTER RELATING TO PENALTY MAY ALS O BE SET ASIDE TO THE FILE OF THE AO. 3. WE HAVE HEARD LD D.R AND PERUSED THE RECORD. W E NOTICE THAT THE AO HAS PASSED THE PENALTY ORDER ON 30.3.2005, I.E., AF TER RECEIPT OF ORDER PASSED BY LD. CIT(A) IN THE QUANTUM ASSESSMENT PROCEEDINGS. AS SUBMITTED BY LD A.R, WE NOTICE THAT THE APPELLATE TRIBUNAL HAS RESTORED THE ISSUES, ON WHICH THE PENALTY WAS IMPOSED, TO THE FILE OF AO FOR FRESH CONSIDERAT ION. UNDER THESE SET OF FACTS, WE FIND MERIT IN THE PLEA PUT FORTH BY THE LD A.R T HAT IMPUGNED PENALTY MATTER SHOULD ALSO BE RESTORED TO THE FILE OF AO FOR FRESH CONSIDERATION. ACCORDINGLY, WE SET ASIDE THE ORDER OF LD. CIT(A) AND RESTORE TH E PENALTY MATTER TO THE FILE OF AO WITH THE DIRECTION TO EXAMINE THE SAME AFRESH AN D TAKE APPROPRIATE DECISION IN ACCORDANCE WITH LAW, AFTER AFFORDING NECESSARY O PPORTUNITY OF BEING HEARD TO THE ASSESSEE. 4. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS TRE ATED AS ALLOWED FOR STATISTICAL PURPOSES. THE ABOVE ORDER WAS PRONOUNCED IN THE OPE N COURT ON 07TH OCT, 2014 . /'! + 0 1 2 3 7 TH OCT , 2014 * :, ; SD SD ( . / D. MANMOHAN ) ( . . ,/ B.R. BASKARAN) / VICE- PRESIDENT / ACCOUNTANT MEMBER + , MUMBAI: 07TH OCT,2014. . . ./ SRL , SR. PS I.T.A. NO.8636 /MUM/2010 3 ! ' / COPY OF THE ORDER FORWARDED TO : 1. #$ / THE APPELLANT 2. %&#$ / THE RESPONDENT. 3. + <- ( ) / THE CIT(A)- CONCERNED 4. + <- / CIT CONCERNED 5. 6. =>: %- ? , . ? ! , + , / DR, ITAT, MUMBAI CONCERNED : @, / GUARD FILE. A + / BY ORDER, TRUE COPY ' (ASSTT. REGISTRAR) . ? ! , + , /ITAT, MUMBAI