The Dy. CIT.,Circle-3, Ahmedabad V. M/s. Edelweiss Broking Ltd., Ahmedabad

MA 146/AHD/2018

• Counselvise Citation: [2019] 111 COUNSELVISE.COM (IT) 2232 (ITAT-AHMEDABAD)
• Duration Of Justice: 10 month(s) 10 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 28-03-2019
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: D
• Assessment Year: 2008-2009
• Appeal Filed On: 18-05-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Keywords: Set aside
• Section: 271(1)(c); 254(2); 27

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD D BENCH (BEFORE SHRI MAHAVIR PRASAD, JUDICIAL MEMBER & SHRI WASEEM AHMED, ACCOUNTANT MEMBER) M.A. NO: 146/AHD/2018 (IN ITA NO. 673/AHD/2015) (ASSESSMENT YEAR: 2008-09) DY. CIT, CIRCLE-3, AHMEDABAD V/S EDELWEISS BROKING LTD.(IN WHICH EDELWEISS STOCK BROKING LTD. HAD ULTIMATELY BEEN MERGED) ANAGRAM HOUSE, DARSHAN SOCIETY, NR. H.L. COLLEGE SIX ROAD, AHMEDABAD (APPELLANT) (RESPONDENT) PAN: AABCE 9421H APPELLANT BY : SHRI S. K. DEV, SR. D.R. RESPONDENT BY : NONE ( )/ ORDER DATE OF HEARING : 01 -02-201 9 DATE OF PRONOUNCEMENT : 28 -03-2019 PER MAHAVIR PRASAD, JUDICIAL MEMBER 1. BY VIRTUE OF THIS MISCELLANEOUS APPLICATION FILED B Y THE REVENUE U/S 254(2) OF THE ACT AND FOLLOWING SUBMISSION HAS BEEN MADE IN T HE MISC. APPLICATION: M.A. NO 146/ AHD/2018 . A.Y. 2008-09 2 IN THIS CASE IN THE ORDER PASSED BY THE HON'BLE TR IBUNAL SHOWS THE PENALTY AMOUNT LEVIED AT RS. 41,36,396/- IN PARA-2 & 4 (PAG E-2) OF THE ORDER PASSED WHEREAS THE PENALTY LEVIED WAS OF RS. 17,00,000/-(P ARA-5 OF THE ORDER). IN THE PARA-2 OF THE ORDER IT IS MENTIONED THAT 'THE SO/E G RIEVANCE OF THE ASSESSEE RELATES TO THE LEVY OF PENALTY U/S 271(1)(C) OF THE ACT AMOUNTING TO RS. 41)36,396/-'. THEREFORE YOU ARE REQUESTED TO KINDLY MAKE NECESSARY CHANGES FOR FURTHER ACTION BY THIS OFFICE. 2. WE HAVE GONE THROUGH THE ORDER OF THE ITAT AND CONSIDERED THE MISC. APPLICATION FILED BY THE REVENUE AND WE FIND THERE IS AN INADVERTENT APPARENT MISTAKE CONSIDERED BY THE ITAT AMOUNT IS MENTIONED 41,36,396/- WHEREAS PENALTY WAS LEVIED AND CONFIRMED BY THE REVENUE OF RS. 17 LACS. THEREFORE RECTIFYING THE OMISSION BY THE ITAT BENCH. THE LAST PARA IS ORDER READ AS FOLLOWS: 8. WE HAVE CAREFULLY PERUSED THE ORDERS OF THE AUT HORITIES BELOW. WE HAVE ALSO GONE THROUGH THE IMPUGNED ASSESSMENT ORDER. WE FIND FORCE, IN THE CONTENTION OF THE ID. COUNSEL. THE TRIBUNAL VIDE ORDER DATED 11.0 7.2014 IN ITA NO. H68/AHD/2011 HAS DELETED THE DISALLOWANCE OF DEPREC IATION ON THE MEMBERSHIP OF THE STOCK EXCHANGE CARD. SINCE THE VERY FOUNDATI ON HAS BEEN REMOVED, WE DO NOT FIND ANY REASON FOR THE LEVY OF PENALTY U/S. 27 1(L)(C) OF THE ACT. WE ACCORDINGLY SET ASIDE THE FINDINGS OF THE ID. CIT ( A) AND DIRECT THE A.O. TO DELETE THE PENALTY OF RS. 17 LACS SO LEVIED U/S. 271(L)(C) OF THE ACT . 4. IN THE RESULT, MISC. APPLICATION FILED BY THE R EVENUE IS ALLOWED AS TERMS STATED ABOVE. ORDER PRONOUNCED IN OPEN COURT ON 28 - 03 - 2019 SD/- SD/- (WASEEM AHMED) (MAHAVIR PRASAD) ACCOUNTANT MEMBER TRUE COPY J UDICIAL MEMBER AHMEDABAD: DATED 28 /03/2019