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Income Tax Appellate Tribunal - Mumbai

Dcit-15(3)(2), Mumbai vs M/S. Strides Pharma Science Ltd., ... on 21 April, 2023

      IN THE INCOME TAX APPELLATE TRIBUNAL "G" BENCH, MUMBAI
         BEFORE SHRI ABY T. VARKEY, JM AND SHRI AMARJIT SINGH, AM

                       आयकरअपीलसं/I.T.A. No.136/Mum/2023
                      (निर्धारणवर्ा / Assessment Year: 2011-12)
        DCIT-15(3)(2)                      बिधम/ M/s Strides Pharma Science
                         th
        Room No. 480, 4 Floor,              Vs.   Ltd.
        Aayakar Bhavan, M.K. Road                 201, Devavrata, Sector -17,
        Mumbai- 400020                            Vashi,
                                                  Navi Mumbai- 400703
        स्थधयीलेखधसं ./जीआइआरसं ./PAN/GIR No. : AADCS8104P

            (अपीलार्थी /Appellant)       ..              (प्रत्यर्थी / Respondent)

        Assessee by:                          Shri. Nishit Gandhi
        Revenue by:                           Shri. I Krishna Kumar, (Sr. AR)

                सुनवाईकीतारीख / Date of Hearing:               16/03/2023
                 घोषणाकीतारीख /Date of Pronouncement:          21/04/2023

                                     आदे श/ORDER
PER ABY T. VARKEY, JM:

This is an appeal preferred by the revenue against the order of the Ld. CIT(A)/NFAC dated 21.11.2022 for AY 2011-12.

2. At the outset it is noted that this is a department appeal challenging the action of the Ld. CIT(A) to have deleted the penalty levied u/s 271 (1) (c) of the Income Tax Act, 1961 (herein after 'the Act') based on the fact that the quantum assessment made by the AO have been deleted by Tribunal vide order dated 29.04.2022 in ITA No. 1450/Mum/2021.

3. We have gone through the order passed by the Tribunal in the assessee's own case (quantum appeal) for AY 2011-12 wherein the Tribunal was pleased to quash the reassessment order, wherein AO had made quantum addition of Rs.

ITA. NO 136/M/2023 AY 2011-12 M/s Strides Pharma Science Ltd 58,99,67,000/-. And since, the penalty was levied by AO u/s 271 (1) (c) of the Act, on the quantum addition passed in the re-assessment order, and since it stands quashed, the Penalty levied on the same also must fall because when the foundation goes super structure falls. Therefore, the Ld. CIT(A) rightly deleted the penalty levied by the AO and resultantly the appeal filed by the Revenue is dismissed.

4. In the result, the appeal of the revenue is dismissed.

Order pronounced in the open court on this 21/04/2023.

                            Sd/-                                                    Sd/-
                 (AMARJIT SINGH)                                            (ABY T. VARKEY)
              ACCOUNTANT MEMBER                                            JUDICIAL MEMBER

मुंबई Mumbai; दिनां क Dated : 21/04/2023.

Shubham P. Lohar आदे शकीप्रनिनलनिअग्रेनर्ि/Copy of the Order forwarded to :

1. अपीलार्थी/ The Appellant

2. प्रत्यर्थी/ The Respondent.

4. आयकरआयु क्त/ CIT

5. दवभागीयप्रदतदनदि,आयकरअपीलीयअदिकरण,मुंबई/ DR, ITAT, Mumbai

6. गार्ड फाईल / Guard file.

आदे शधिुसधर/ BY ORDER, सत्यादपतप्रदत //True Copy// उि/सहधयकिं जीकधर /(Dy./Asstt.Registrar) आयकरअिीलीयअनर्करण,मुं बई / ITAT, Mumbai