TRIYA HOLDINGS PVT.LTD., MUMBAI V. DCIT, CIR.-9(3), MUMBAI

ITSSA 38/MUM/2011

• Counselvise Citation: [2012] 124 COUNSELVISE.COM (IT) 7608 (ITAT-MUMBAI)
• Duration Of Justice: 9 month(s) 27 day(s)
• Appeal Type: Income Tax (Search & Seizure) Appeal
• Pronouncement Date: 24-02-2012
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: E
• Assessment Year: misc
• Appeal Filed On: 27-04-2011
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: ABANIKANT NAYAK
• Assessee Lawyers: M SATISH R MODY

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH E, MUMBAI BEFORE SHRI P.M. JAGTAP, ACCOUNTANT MEMBER AND SHRI V. DURGA RAO, JUDICIAL MEMBER. IT(SS)A. NO. 38/MUM/2011. BLOCK PERIOD : 01-04-1996 TO 04-09-2006 M/S TRIYA HOLDINGS PVT. LTD., ASSTT. COMMISSIONER OF INCOME-TAX, 102, GURUKRUPA, KASTURBA VS. CIRCLE-9(3), MUMBAI. CROSS ROAD NO. 1, BORIVALI (E), MUMBAI 400 066. PAN AABCT 4510C APPELLANT. RESPONDENT. APPELLANT BY : SHRI M. SATISH R. MODY. RESPONDENT BY : SHRI ABANI KANT NAYAK. DATE OF HEARING : 22-02-2012 DATE OF PRONOUNCEMENT : 24-02-2012 O R D E R. PER P.M. JAGTAP, A.M. : THIS APPEAL FILED BY THE ASSESSEE IS DIRECTED AGAI NST THE ORDER OF LEARNED CIT(APPEALS)-20, MUMBAI DATED 11-03-2011 WHEREBY HE CONFIRMED THE PENALTY OF RS.2,82,870/- IMPOSED BY THE AO U/S 158BFA(2) INSPI TE OF ADDITION OF RS.4,49,000/- MADE TO THE UNDISCLOSED INCOME OF TH E ASSESSEE ON ACCOUNT OF UNACCOUNTED CASH ALLEGEDLY RECEIVED BY THE ASSESSEE FROM SALE OF SHOP. 2. WE HAVE HEARD THE ARGUMENTS OF BOTH THE SIDES AN D ALSO PERUSED THE RELEVANT MATERIAL ON RECORD. AS SUBMITTED BY THE LEARNED COU NSEL FOR THE ASSESSEE, AN APPEAL WAS FILED BY THE ASSESSEE IN THE QUANTUM PROCEEDING S DISPUTING THE ADDITION OF RS.4,49,000/- MADE TO ITS UNDISCLOSED INCOME IN THE ASSESSMENT COMPLETED BY THE 2 IT(SS)A.NO.38/MUM/2011 AO U/S 158BC. HE HAS SUBMITTED THAT THE SAID APPEAL HAS BEEN DISPOSED OF BY THE TRIBUNAL VIDE ITS ORDER DATED 24 TH JUNE, 2011 PASSED IN IT(SS)A.NO. 07/MUM/2009 CANCELLING THE ASSESSMENT MADE BY THE AO U/S 158BC HOLDING THE SAME TO BE BAD IN LAW. HE HAS ALSO PLACED ON RECORD A COPY OF THE SAID ORDER OF THE TRIBUNAL DATED 24 TH JUNE, 2011. AS A RESULT OF CANCELLATION OF THE ASS ESSMENT ORDER PASSED BY THE AO U/S 158BC WHEREIN THE ADDITION OF RS.4,49,000/- WAS MADE TO THE UNDISCLOSED INCOME OF THE ASSESSEE, THE VERY BASIS OF THE IMPUG NED PENALTY IMPOSED BY THE AO AND CONFIRMED BY THE LEARNED CIT(APPEALS) U/S 158BF A(2) NO MORE SURVIVES AND THE SAME, IN OUR OPINION, IS LIABLE TO BE CANCELLED HAVING NO LEGS TO STAND. WE ORDER ACCORDINGLY AND CANCEL THE PENALTY IMPOSED BY THE A O AND CONFIRMED BY THE LEARNED CIT(APPEALS). 3. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS ALL OWED. ORDER PRONOUNCED ON THIS 24 TH DAY OF FEBRUARY, 2012. SD/- SD/- (V. DURGA RAO) (P.M. JA GTAP) JUDICIAL MEMBER. ACCO UNTANT MEMBER MUMBAI, DATED: 24 TH FEBRUARY, 2012. COPY TO : 1. APPELLANT 2. RESPONDENT 3. C.I.T. 4. CIT(A) 5. DR, E-BENCH. (TRUE COPY ) BY ORDER ASSTT. REGISTRAR, ITAT, MUMBAI BENCHES , WAKODE MUMBAI.