ITO, Circle, Parwanoo V. M/s Globe Precision Industries Pvt. Ltd., Baddi

ITA 997/CHANDI/2017

• Counselvise Citation: [2018] 126 COUNSELVISE.COM (IT) 5078 (ITAT-CHANDIGARH)
• Duration Of Justice: 9 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 27-03-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2010-2011
• Appeal Filed On: 14-06-2017
• Result in Favour of: Assessee
• Court: TRIBUNAL

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL CHANDIGARH BENCHES A, CHANDIGARH BEFORE SHRI SANJAY GARG, JUDICIAL MEMBER & MS. ANNAPURNA GUPTA, ACCOUNTANT MEMBER ITA NO. 997/CHD/2017 ASSESSMENT YEAR: 2010-11 THE DCIT, VS. M/S GLOBE PRECISION INDUSTRIES PVT. LTD. CIRCLE PARWANOO, PLOT NO.11, INDUSTRIAL AREA, BAD DI, PARWANOO SOLAN PAN NO. AAACG6736G (APPELLANT) (RESPONDENT) APPELLANT BY : SH. VINEET KRISHAN RESPONDENT BY : SMT. CHANDERKANTA, ADDL CIT. DATE OF HEARING : 27.03.2018 DATE OF PRONOUNCEMENT : 27.03.2018 ORDER PER SANJAY GARG, JUDICIAL MEMBER: THE PRESENT APPEAL HAS BEEN PREFERRED BY THE REVENU E AGAINST THE ORDER OF THE COMMISSIONER OF INCOME TAX (APPEAL S), [HEREINAFTER REFERRED TO AS CIT(A)], SHIMLA DATED 20.03.2017 RER EADING THE ACTION OF THE CIT(A) IN DELETING THE PENALTY LEVIED BY THE ASSESSING OFFICER U/S 271(1)(C) OF THE INCOME-TAX ACT, 1961 (IN SHORT 'THE ACT'). 2. THE LD. COUNSEL FOR THE ASSESSEE, AT THE OUTSET, HAS FURNISHED A COPY OF THE ORDER OF THE HON'BLE JURISDICTIONAL HIG H COURT OF HIMACHAL PRADESH AT SHIMLA AND STATED THAT THE ASSE SSEE HAD CHALLENGED THE QUANTUM ADDITION BEFORE THE HON'BLE HIGH COURT WHICH ITA NO. 997/CHD/2017- M/S GLOBE PRECISION INDUSTRIES, SOLAN 2 STOOD REVERSED BY THE HON'BLE HIGH COURT VIDE ITS O RDER DATED 28.11.2017 IN THE GROUP OF CASES WITH THE LEAD CASE AS M/S STOVEKRAFT INDIA VS. CIT, WHEREIN THE ASSESSEE CASE WAS LISTED AT S.NO. 32 OF THE SAID ORDER BEARING ITA NO.70/2016. 3. THE LD. DR HAS FAIRLY ADMITTED THAT THE QUANTUM ADDITION HAS BEEN SET ASIDE BY THE HON'BLE HIGH COURT, HENCE, TH E RESULTANT PENALTY HAS NO LEGS TO STAND. 4. IN VIEW OF THIS, WE FIND THAT THERE IS NO MERIT IN THE APPEAL OF THE REVENUE AND THE SAME IS ACCORDINGLY DISMISSED. ORDER PRONOUNCED IN THE OPEN COURT. SD/- SD/- (ANNAPURNA GUPTA) (SANJAY GARG) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 27.03.2018 RKK COPY TO: 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT 4. THE CIT(A) 5. THE DR