Income Tax Appellate Tribunal - Mumbai
Talreja Infotech P.Ltd, Mumbai vs Acit 4(3), Mumbai on 12 July, 2017
IN THE INCOME TAX APPELLATE TRIBUNAL"E" BENCH, MUMBAI
BEFORE SHRI R.C. SHARMA, AM AND SHRI AMARJIT SINGH, JM
आयकरअपीलसं /I.T.A. No.5021/M/2015
(निर्धारणवर्ा / Assessment Year: 2008-09)
Talreja Infotech P. Ltd. बिधम/ ACIT4(3) Mumbai -
599 JSS Rd, 1 Floor,
s t
Vs.
Kapadia Chambers, Chira
Bazar.
Mumbai - 400002
स्थायीले खासं ./जीआइआरसं ./PAN/GIR No. : AABCT2851Q
(अपीलाथी/Appellant) .. (प्रत्यथी /Respondent)
Assessee by: Shri Snehal J. Shah
Department by: Shri Ram Tiwari, SR DR
सुनवाईकीतारीख / Date of Hearing:05.07.2017
घोषणाकीतारीख /Date of Pronouncement:. 12.07.2017
आदे श / O R D E R
PER AMARJIT SINGH, JM:
This is an appeal filed by the assessee against the order dated 15.08.2015 passed by the Commissioner of Income Tax (Appeals)-9, Mumbai [hereinafter referred to as the "CIT(A)"] relevant to the assessment year 2007-08 wherein the penalty levied by the AO has been confirmed.
2. The assessee has raised the following grounds:-
(1) 1"The commissioner of Income-Tax (Appeals)-9 ("CIT(A)") erred in upholding the levy of concealment Talreja Infotech P.Ltd.
penalty of Rs.16,58,369/- u/s 271(1)(c) of the Income Tax Act, 1961 ("the Act") based on irrelevant grounds and judicial pronouncements without considering the factual and legal position as stated by the appellant during the course of hearing.
(11) The appellant prays that the penalty levied u/s 271(1)© be deleted.
(2) (1) The CIT(A) erred in upholding the levy of concealment penalty u/s 271(1)(C) of Rs.16,58,369/-, though in the facts and circumstances of the case, the concealment penalty was unjustified and unwarranted. (11) The appellant prays that the penalty levied u/s 271(1)(c) be deleted.
The appellant craves leave to add, amend and/or alter the above grounds of appeals."
3. The brief facts of the case are that the assessee filed the return of income declaring total income to the tune of Rs.53,06,882/-. Thereafter the assessee revised the return of income on 20.10.2008 and declared income to the tune of Rs.1942222/-. The revised return was filed reducing the claim of return u/s 80IB @ of 30% instead of 100% as claimed in the original return of income. The assessment order was passed on 29.12.2010 u/s 143(3) of the I.T. Act. assessing the total income to the tune of Rs 73,09,110. The penalty proceeding was initiated and addition was made on the basis of the disallowance u/s 80IB was claimed at its factual to the tune of Rs.53,66,892/-. Therefore, the penalty was initiated to the tune of Rs16,58,369. The penalty was confirmed by the CIT(A) under the order of question in dated 05.05.2015 therefore the assessee has filed the present appeal before us.
2Talreja Infotech P.Ltd.
ISSUE NO.1& 2:-
4. Under both the issues the assessee has challenged the confirmation of the penalty levied by the AO. At the very outset, the Ld. representative of the assessee has argued that the quantum for the A.Y. 2008-09 has been deleted by Hon'ble ITAT in ITA.No.2347/M/2012 dated 06.10.2016. Therefore, the penalty is not liable to be sustainable. We have gone through the order of the Tribunal on quantum appeal dated 06.10.2016 for the A.Y. 2008-09 wherein the addition shown made has been deleted by Tribunal. Since, the addition has been deleted by the Hon'ble Tribunal in the above mentioned case on the basis of which penalty was levied therefore, the penalty has no leg to stands. Accordingly, we deleted the penalty and allowed the appeal of the assessee.
5. In the result, the appeal filed by the assessee is hereby ordered to be Allowed.
Order pronounced in the open court on 12.07.2017 Sd/- Sd/-
(R.C. SHARMA) (AMARJIT SINGH) लेखासदस्य / ACCOUNTANT MEMBER न्याययकसदस्य/JUDICIAL MEMBER
मुंबई Mumbai; यदनां कDated :12.07.2017 v.p singh आदे शकीप्रनिनिनिअग्रेनर्ि/Copy of the Order forwarded to :
1. अपीलाथी/ The Appellant 3 Talreja Infotech P.Ltd.
2. प्रत्यथी/ The Respondent.
3. आयकरआयु क्त(अपील)/ The CIT(A)-
4. आयकरआयु क्त/ CIT
5. यवभागीयप्रयतयनयि,आयकरअपीलीयअयिकरण, मुंबई/ DR, ITAT, Mumbai
6. गार्ड फाईल /Guard file.
आदे शधिुसधर/ BY ORDER, सत्यायपतप्रयत //True Copy// उि/सहधयकिंजीकधर (Dy./Asstt.Registrar) आयकरअिीिीयअनर्करण, मुंबई / ITAT, Mumbai 4