ITO, New Delhi v. M/s Kushagra Real Estate (P) Ltd.,, New Delhi

ITA 4596/DEL/2009 | 2000-2001
Pronouncement Date: 04-02-2010 | Result: Dismissed

Appeal Details

RSA Number 459620114 RSA 2009
Bench Delhi
Appeal Number ITA 4596/DEL/2009
Duration Of Justice 2 month(s)
Appellant ITO, New Delhi
Respondent M/s Kushagra Real Estate (P) Ltd.,, New Delhi
Appeal Type Income Tax Appeal
Pronouncement Date 04-02-2010
Appeal Filed By Department
Order Result Dismissed
Bench Allotted D
Tribunal Order Date 04-02-2010
Date Of Final Hearing 04-02-2010
Next Hearing Date 04-02-2010
Assessment Year 2000-2001
Appeal Filed On 04-12-2009
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH D: NEW DELHI BEFORE SHRI C.L. SETHI JUDICIAL MEMBER & SHRI SHAMIM YAHYA ACCOUNTANT MEMBER ITA NO. 4596/DEL/2009 ASSESSMENT YEAR : 2000-01 INCOME TAX OFFICER WARD 5(3) NEW DELHI. VS. M/S. KUSHAGRA REAL ESTATE (P) LTD. C-1/2003 LAJPAT NAGAR NEW DELHI. (APPELLANT) (RESPONDENT) APPELLANT BY : MS. GARIMA BHAGA T SR. D.R. RESPONDENT BY : NONE. O R D E R PER: C.L. SETHI J.M. THE REVENUE IS IN APPEAL AGAINST THE ORDER OF LD. CIT(A) DATED 29.09.2009 DELETING THE PENALTY OF RS. 10 20 250/- LEVIED BY T HE A.O. U/S 271(1)(C) OF THE INCOME TAX ACT 1961 (THE ACT) FOR THE ASSESSMENT YEAR 2000-01. 2. WE HAVE HEARD THE LD. D.R. NONE FOR THE ASSESSEE WAS PRESENT. 3. IN THIS CASE THE AMOUNT OF RS. 26 50 000/- WAS ADDED TO THE ASSESSEES TOTAL INCOME ON ACCOUNT OF UNEXPLAINED SHARE CAPITA L IN THE ASSESSMENT MADE BY THE A.O. THE A.O. INITIATED PENALTY PROCEEDINGS U/ S 271(1)(C) IN RESPECT OF THE AFORESAID ADDITION OF RS. 26 50 000/- BY OBSERVING THAT ASSESSEE INTRODUCED HIS OWN UNACCOUNTED INCOME IN THE GARB OF SHARE APPLICA TION MONEY. THEREAFTER THE A.O. LEVIED PENALTY AMOUNTING TO RS. 10 20 250/- U/ S 271(1)(C) BEING THE 100% TAX SOUGHT TO BE EVADED ON THE AFORESAID ADDITION O F RS. 26 50 000/-. ITA NO. 4596/DEL/09 2 4. ON AN APPEAL THE LD. CIT(A) DELETED THE PENALTY BY OBSERVING THAT THE AFORESAID ADDITION HAS BEEN DELETED BY THE INCOME T AX APPELLATE TRIBUNAL VIDE ITS ORDER DATED 27.02.2009 AND THEREFORE THE BASI S FOR IMPOSITION OF PENALTY DOES NOT SURVIVE. 5. IN THE LIGHT OF THE AFORESAID FACTS THAT THE VER Y ADDITION IN RESPECT OF WHICH THE AO HAS LEVIED THE PENALTY U/S 271(1)(C) HAS SIN CE BEEN DELETED BY THE TRIBUNAL IN THE QUANTUM APPEAL WE ARE INCLINED TO UPHOLD THE ORDER OF LD. CIT(A) IN DELETING THE PENALTY INASMUCH AS THE ADDITION OF RS. 26 50 000/- MADE BY THE A.O. DOES NOT EXIST OR SURVIVE ANY MORE. THE ORDER OF THE LD. CIT(A) IS THUS UPHELD. 6. IN THE RESULT THE APPEAL FILED BY THE REVENUE I S DISMISSED. 7. THIS DECISION WAS PRONOUNCED IN THE OPEN COURT I MMEDIATELY AFTER THE HEARING WAS OVER ON 4 TH FEBRUARY 2010. SD/- SD/- (SHAMIM YAHYA) ACCOUNTANT MEMBER (C.L. SETHI) JUDICIAL MEMBER DATED: 4 TH FEBRUARY 2010. MAMTA COPY TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR ITAT NEW DELHI. BY ORDER DEPUTY REGISTRAR