Veeyes Investments Pvt.Ltd.,Hyd, Hyderabad V. ACIT, Central Circle-8, Hyderabad, Hyderabad

MA 62/Hyd/2019

• Counselvise Citation: [2019] 116 COUNSELVISE.COM (IT) 9629 (ITAT-HYDERABAD)
• Duration Of Justice: 1 month(s) 28 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 03-07-2019
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: DB-A
• Assessment Year: 2001-2002
• Appeal Filed On: 06-05-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: NILANJAN DEY
• Section: 271(1)(c)

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH B ', HYDERABAD BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN , ACCOUNTANT MEMBER S.NO. M.A . NO.. AY A PP LICANT RESPONDENT 1 M.A. NO. 59/H/19 (IN ITA NO. 271/H/15) 2001 - 02 M/S FINCITY INVESTMENTS PVT. LTD., HYDERABAD. PAN AACF3011D ASST. COMMISSIONER OF INCOME - TAX, CENTRAL CIRCLE 8, HYDERABAD. 2 M.A. NO. 60/H/19 (IN ITA NO. 272/H/15) 2001 - 02 HIGHGRACE INVESTMENTS PVT. LTD., HYDERABAD. PAN - AAACH5018G ASST. COMMISSIONER OF INCOME - TAX, CENTRAL CIRCLE 8, HYDERABAD. 3 M.A.NO. 61/H/19 (IN ITA NO. 273/H/15) 2001 - 02 M/S ELEM INVESTMENTS (P) LTD., PAN - AAACE4370L ASST. COMMISSIONER OF INCOME - TAX, CENTRAL CIRCLE 8, HYDERABAD. 4 M.A. NO. 62/H/19 (IN ITA NO. 274/H/15) 2001 - 02 VEEYES INVESTMENTS PVT. LTD., HYDERABAD. PAN - AABCV6591K ASST. COMMISSIONER OF INCOME - TAX, CENTRAL CIRCLE 8, HYDERABAD. ASSESSEE BY: SHRI K.C. DEVDAS REVENUE BY: S HRI NILANJAN DEY DATE OF HEARING: 14 /0 6 /2019 DATE OF PRONOUNCEMENT: 03 / 0 7 /201 9 O R D E R PER S. RIFAUR RAHMAN, A.M.: TH ESE MISCELLANEOUS APPLICATION S ARE FILED BY THE ASSESSEE S U/S 254(2) OF THE INCOME TAX ACT SEEKING RECTIFICATION/MODIFICATION OF THE ORDER OF THE TRIBUNAL DATED 28 / 02 /201 9 IN ITA NO S . 271/HYD/2015 AND OTHERS. MA NOS. . 59 TO 62 / H/ 19 M/S ELEM INVESTMENTS (P) LTD. AND OTHERS 2 2. IN THE M.AS., IT WAS STATED THAT AN INADVERTENT ERROR HAS CREPT IN AT PARA 14 OF THE ORDER IN RELA TION TO PENALTY ORDER WHICH NEEDS RECTIFICATION AS IT IS A MISTAKE APPARENT FROM RECORD THAT PENALTY APPEALS WERE DISMISSED INSTEAD OF ALLOWED. 3. WE FIND THAT THERE IS A MISTAKE IN THE ORDER AT PARA 14 OF THE ORDER, WHICH IS REPLACED AS UNDER: 14. IN T HE RESULT, ALL THE APPEALS UNDER CONSIDERATION ARE ALLOWED AND THE AO IS DIRECTED TO DROP PENALTY PROCEEDINGS U/S 271(1)(C) OF THE ACT. 4. OTHER PART OF THE ORDER REMAINS AS IT IS. 5. IN THE RESULT, MAS FILED BY THE ASSESSEES ARE ALLOWED. PRONOUNCED IN THE OPEN COURT ON 3 RD JULY , 201 9 . SD/ - ( P. MADHAVI DEVI ) JUDICIAL MEMBER SD/ - ( S. RIFAUR RAHMAN ) ACCOUNTANT MEMBER HYDERABAD, DATED 3 RD JULY , 201 9 . KV COPY FORWARDED TO: 1. M/S ELEM INVESTMENTS (P) LTD., 2. M/S HIGH GRACE INVESTMENTS PVT. LTD. 3. M/S FINCITY INVESTMENTS P. LTD. 4. M/S VEEYES INVESTMENTS PVT. LTD., 3 RD FLOOR, FLAT NO. 306, PLOT NO. 707 - 709, ROAD NO. 36, FORTUNE MONARCH MALL, JUBILEE HILLS, HYDERABAD 33. 5 . DCIT, CENTRAL CIRCLE 1, HYDERABAD 6. ACIT, CENTRAL CIRCLE 8, HYDERABAD 7 CIT(A) 1 , HYDERABAD 8 CIT(A) 12, HYD . 9 CIT (CENTRAL) , HYDERABAD 10 THE DR, ITAT, HYDERABAD 11 . GUARD FILE