Income Tax Appellate Tribunal - Mumbai
Daimler Chrysler Ag ( Now Known As ... vs Department Of Income Tax on 25 July, 2012
ITA No.3560 of 2011 Daimler Chrysler AG Mumbai D Bench
IN THE INCOME TAX APPELLATE TRIBUNAL
"D" Bench, Mumbai
Before Shri B. Ramakotaiah, Accountant Member and
Shri Amit Shukla, Judicial Member
ITA No.3560/Mum/2011
(Assessment year: 2004-05)
DDIT (IT) 1(2), 119 Scindia Vs. Diamler Chrysler AG (now
House, Ballard Pier, known as Diamler AG), C/o
Mumbai 400 038 S.R. Batliboi & Co. CAS 18th
Floor, Express Towers,
Nariman Point,
Mumbai 400021
(Appellant) (Respondent)
Department by: Shri Ritesh Misra, DR
Assessee by: Shri Jitendra Suvagia
Date of Hearing: 25/07/2012
Date of Pronouncement: 31/07/2012
ORDER
Per B. Ramakotaiah, A.M.
This is a Revenue appeal against the order of the CIT (A)-10 Mumbai, dated 21-02-2011. Assessee was incorporated in Germany and is in the business of manufacturing and selling automobile and its parts. It has filed return of income declaring income at `7,23,24,070/- which was assessed at `8,32,79,870/- vide the order under section 143(3) dated 18.12.2006. AO levied penalty on the additions made in the assessment order. The ITAT has deleted the quantum and therefore, question of levey of penalty under section 271(1)(c) for concealment of income or furnishing of inaccurate particulars of income does not arise. The CIT (A) cancelled the penalty on the above reasons as the disallowance itself is deleted.
2. Both the Counsels agreed that the Revenue appeal cannot survive as the quantum itself on which the penalty was levied was Page 1 of 2 ITA No.3560 of 2011 Daimler Chrysler AG Mumbai D Bench deleted by the ITAT. Accordingly we uphold the order of the CIT (A) and dismiss the Revenue appeal.
3. In the result the appeal filed by the Revenue is dismissed.
Order pronounced in the open court on 31st July, 2012.
Sd/- Sd/-
(Amit Shukla) (B. Ramakotaiah)
Judicial Member Accountant Member
Mumbai, dated 31st July, 2012.
Vnodan/sps
Copy to:
1. The Appellant
2. The Respondent
3. The concerned CIT(A)
4. The concerned CIT
5. The DR, "D " Bench, ITAT, Mumbai
By Order
Assistant Registrar
Income Tax Appellate Tribunal,
Mumbai Benches, MUMBAI
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