M/s. Redtopaz Real Estates Pvt. Ltd., New Delhi V. ITO, New Delhi

ITA 872/DEL/2013

• Counselvise Citation: 87220114 RSA 2013
• Duration Of Justice: 1 year(s) 11 month(s) 11 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 23-01-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: F
• Next Hearing Date: 07-01-2015
• Assessment Year: 2007-2008
• Appeal Filed On: 12-02-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: VIKRAM SAHAY

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH F NEW DELHI BEFORE SHRI S.V. MEHROTRA : ACCOUNTANT MEMBER AND SHRI H.S. SIDHU : JUDICIAL MEMBER ITA NO. 872/DEL/2013 A.Y. 2007-08 REDTOPAZ REAL ESTATES PVT. LTD., VS. INCOME-TAX OFF ICER, 1-E, JHANDEWALAN EXTENSION, 15(3), NEW DELHI. NAAZ CINEMA COMPLEX, NEW DELHI-110055. PAN: AADCR 6634 H ( APPELLANT ) ( RESPONDENT ) APPELLANT BY : SHRI R.S. SINGHVI CA RESPONDENT BY : SHRI VIKRAM SAHAY SR. DR DATE OF HEARING : 07-01-2015 DATE OF ORDER : 23-01-2015. O R D E R PER S.V. MEHROTRA, A.M:- THIS APPEAL, PREFERRED BY THE ASSESSEE, IS DIREC TED AGAINST THE ORDER DATED 17-04-2013, PASSED BY THE CIT(APPEALS)-XVIII , NEW DELHI IN APPEAL NO. 430/11-12, SUSTAINING THE PENALTY OF RS. 14,50, 790/- LEVIED BY THE AO U/S 271(1)(C) OF THE I.T. ACT, 1961, RELATING TO A.Y. 2007-08. 2. LD. COUNSEL FOR THE ASSESSEE AT THE OUTSET CONTE NDED THAT IN QUANTUM APPEAL, THE ITAT DELHI BENCH F IN ITA NO. 1501/DEL/2011, VIDE ORDER DATED 12-5-2014 HAS DELETED THE DISALLOWANCE AMOUNTING TO RS. 40,9 5,375/- MADE U/S 40(A)(IA) OF THE ACT, WHICH WAS THE SUBJECT MATTER OF INITIATING PENALTY PROCEEDINGS U/S 271(1)(C) OF THE ACT. 3. LD. DR WAS FAIR ENOUGH TO ADMIT THE AFORESAID FA CTUAL POSITION. 4. WE HAVE HEARD RIVAL CONTENTIONS AND PERUSED THE MATERIAL AVAILABLE ON RECORD. ADMITTEDLY, IN QUANTUM APPEAL, THE DISALLO WANCE MADE U/S 40(A)(IA) OF THE I.T. ACT, WHICH WAS THE SUBJECT MATTER OF IMPOSITIO N OF PENALTY IN QUESTION, HAS BEEN DELETED BY THE ITAT. SINCE THE VERY BASE FOR IMPOSITION OF PENALTY IN QUESTION HAS GONE, THE PENALTY IN QUESTION HAVE NO LEGS TO STAND. ACCORDINGLY, PENALTY OF RS. 14,50,790/- LEVIED BY THE AO AND SU STAINED BY THE LD. CIT(A) U/S 271(1)(C), IS CANCELLED. 5. IN THE RESULT, ASSESSEES APPEAL IS ALLOWED. ORDER PRONOUNCED IN OPEN COURT ON 23-01-2015. SD/- SD/- ( H.S. SIDHU ) ( S.V. MEHROTRA ) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 23-01-2015. MP COPY TO : 1. ASSESSEE 2. AO 3. CIT 4. CIT(A) 5. DR