Income Tax Appellate Tribunal - Mumbai
Deputy Commissioner Of Income Tax, ... vs Vineet Mittal, Mumbai on 25 July, 2024
IN THE INCOME TAX APPELLATE TRIBUNAL, 'F' BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER ITA No.2997/Mum/2024 (Assessment Year :2014-15) & ITA No.2998/Mum/2024 (Assessment Year :2013-14) Deputy Commissioner Vs. Vineet Mittal of Income Tax Shubham Building Room No.1923, Air Gandhigram Road India Building Near ISKON Temple Nariman Point Juhu Maharashtra-400 021 Maharashtra-400 049 PAN/GIR No.AFHPM8584R (Appellant) .. (Respondent) Assessee by Shri Pratik Jain / Shri Harshit Jain Revenue by Shri Ankush Kapoor Date of Hearing 23/07/2024 Date of Pronouncement 25/07/2024 आदे श / O R D E R PER AMIT SHUKLA (J.M):
The aforesaid appeals have been filed by the Revenue against order dated 03/04/2024 and 24/11/2023 passed by ld. CIT(A)-51, Mumbai in relation to the penalty proceedings u/s.271(1)(c) for the A.Y.2013-14 and 2014-15.2
ITA No.2997 & 2998/Mum/2024 Vineet Mittal
2. In both the appeals Revenue is aggrieved by deletion of penalty of Rs.54,71,505/- for A.Y.2013-14 and Rs.4,27,05,000/- for the A.Y.2014-15. The penalty has been levied on addition made by the ld. AO of Rs.1,71,91,404/-and Rs.12,19,73,443/- for A.Y.2013-14 and 2014-15 respectively which was made u/s.68 by treating long term capital gain on sale of shares of Turbotech Engineering Ltd., as bogus. Ld. CIT (A) has deleted the addition on the ground that Tribunal in the quantum proceedings vide order dated 25/01/2024 has deleted the addition and this quantum has been deleted. The penalty u/s.271 (1)(c) cannot be upheld.
3. The only ground raised by the Revenue before us is that department has not accepted the decision of the Tribunal with respect to the quantum appeal and has preferred further appeal before the Hon'ble High Court.
4. Since the addition on which penalty has been levied by the ld. AO has been deleted by the Tribunal, both u/s.68 on account of bogus long term capital gain and national commission for taking such accommodation entry of LTCG added u/s.69C has been deleted, therefore, penalty levied on such additions now has no legs to stand. Accordingly, ld. CIT (A) has rightly deleted the penalty for both the assessment years. Accordingly, both the appeals of the Revenue are dismissed.
3ITA No.2997 & 2998/Mum/2024 Vineet Mittal
5. In the result, both the appeals of the Revenue are dismissed.
Order pronounced on 25th July, 2024.
Sd/- Sd/-
(GIRISH AGRAWAL) (AMIT SHUKLA)
ACCOUNTANT MEMBER JUDICIAL MEMBER
Mumbai; Dated 25/07/2024
KARUNA, sr.ps
Copy of the Order forwarded to :
1. The Appellant
2. The Respondent.
3. CIT
4. DR, ITAT, Mumbai
5. Guard file.
//True Copy// BY ORDER, (Asstt. Registrar) ITAT, Mumbai