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Income Tax Appellate Tribunal - Mumbai

R.M. Investment & Trading Co. Ltd, ... vs Dcit Cen Cir 1(2), Mumbai on 20 December, 2016

                 IN THE INCOME TAX APPELLATE TRIBUNAL,
                        MUMBAI BENCH "D", MUMBAI

           BEFORE SHRI C.N. PRASAD, JUDICIAL MEMBER AND
        SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER

                                ITA No.2039/M/2015
                              Assessment Year: 2008-09

        M/s. R.M. Investment         &       Dy. Commissioner of Income
        Trading Co. Pvt. Ltd.,               Tax,
        9, Rowdon Street,                    Central Circle - 2,
                                         Vs.
        Udyanchal Building,                  Mumbai
        Flat No.20, 5th Floor,
        Kolkata - 700 017
        PAN: AABCR 6026P
              (Appellant)                        (Respondent)

      Present for:
      Assessee by                 : Shri Haresh P. Kenia, A.R.
      Revenue by                  : Smt. R. M. Madhavi, D.R.

      Date of Hearing             : 30.11.2016
      Date of Pronouncement       : 20.12.2016

                                    ORDER


Per C.N. Prasad, Judicial Member:

This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals)-36, Mumbai [hereinafter referred to as the CIT(A)] dated 27.02.2015 for the assessment year 2008-09 in sustaining the penalty levied under section 271(1)(c) of the Act.

2. The Ld. Counsel for the assessee at the outset submits that the appeal in quantum proceedings has been restored to the file of the Ld. CIT(A) by the co- ordinate bench in ITA No.8346 of 2011 dated 09.07.15 for denovo consideration.

3. The Ld. D.R. has no serious objection in remitting the appeal to the file of the Ld. CIT(A).

2 M/s. R.M. Investment & Trading Co. Pvt. Ltd.

4. We have heard the rival contentions and perused the orders of the authorities below and the co-ordinate bench in quantum proceedings in ITA No.8346 of 2011 dated 09.07.15. We find that the co-ordinate bench has restored the quantum appeal to the file of the Ld. CIT(A). Since the outcome of the appeal in quantum proceedings before the Ld. CIT(A) has a direct bearing on the penalty appeal, we restore the penalty appeal also to the file of the Ld. CIT(A) who shall decide along with the quantum appeal in accordance with law.

5. Thus, the appeal filed by the assessee is restored to the Ld. CIT(A) who shall decide after providing adequate opportunity of being heard to the assessee.

6. In the result, appeal of the assessee is allowed for statistical purposes.

Order pronounced in the open court on 20.12.2016.

          Sd/-                                                    Sd/-
 (Manoj Kumar Aggarwal)                                      (C.N. Prasad)
ACCOUNTANT MEMBER                                        JUDICIAL MEMBER
Mumbai, Dated: 20.12.2016.
* Kishore, Sr. P.S.

Copy to: The Appellant
        The Respondent
        The CIT, Concerned, Mumbai
        The CIT (A) Concerned, Mumbai
        The DR Concerned Bench
//True Copy//                              [




                                                   By Order



                                  Dy/Asstt. Registrar, ITAT, Mumbai.