SHREE S.K. SYNTHETICS P.LTD, MUMBAI v. ITO 4(2)3, MUMBAI

ITA 8788/MUM/2011 | 2007-2008
Pronouncement Date: 10-07-2013 | Result: Allowed

Appeal Details

RSA Number 878819914 RSA 2011
Assessee PAN AAACJ1578K
Bench Mumbai
Appeal Number ITA 8788/MUM/2011
Duration Of Justice 1 year(s) 6 month(s) 12 day(s)
Appellant SHREE S.K. SYNTHETICS P.LTD, MUMBAI
Respondent ITO 4(2)3, MUMBAI
Appeal Type Income Tax Appeal
Pronouncement Date 10-07-2013
Appeal Filed By Assessee
Order Result Allowed
Bench Allotted E
Tribunal Order Date 10-07-2013
Date Of Final Hearing 26-06-2013
Next Hearing Date 26-06-2013
Assessment Year 2007-2008
Appeal Filed On 28-12-2011
Judgment Text
IN THE INCOME TAX APPELLATE TRIBUNAL E BENCH M UMBAI . . . . '# '# '# '# $ $ $ $ % % % % BEFORE SHRI R.K. GUPTA JM AND SHRI N. K. BILLAIYA AM /. I.T.A. NO.8788/MUM/2011 ( & & & & '& '& '& '& / ASSESSMENT YEAR: 2007-2008) SHREE S.K. SYNTHETICS PVT. LTD. C/O BLDG. NO. 52 ROOM NO. 11 2 ND FLOOR 3 RD MARINE STREET DHOBI TALAO MUMBAI- 400002 / VS. INCOME TAX OFFICER- 4(2) (3) MUMBAI. ( $ /. )* /. PAN/GIR NO. : AAACJ1578K ( (+ / APPELLANT ) : ( -(+ / RESPONDENT ) (+ . / APPELLANT BY : SHRI SUNIL CHOPRA -(+ . / RESPONDENT BY : SHRI JOTNILAKSHMI NAYAK 0$ / DATE OF HEARING : 26.06. 2013 23' 0$ /DATE OF PRONOUNCEMENT : 10. 07. 2013 4 4 4 4 / O R D E R PER : R.K. GUPTA JM THIS APPEAL FILED BY THE ASSESSEE AGAINST THE ORDE R OF LD. CIT(A) -8 DATED 06.08.2010 WHO CONFIRMED THE LEVY OF PENALTY U/S 271(1)(C) REL ATING TO THE ASSESSMENT YEAR 2007-08. 2. THE ASSESSING OFFICER LEVIED PENALTY ON RS. 12 3 3 707/- BEING CLOSING BALANCE OF LOANS RECEIVED FROM DIRECTORS EQUIVALENT TO RS. 4 15 265 /-. THE CIT(A) HAS CONFIRMED THE LEVY OF PENALTY. THE COUNSEL OF THE ASSSESSEE APPEARED BEF ORE THE TRIBUNAL AND STATED THAT QUANTUM ADDITION HAS BEEN DELETED BY THE LD. CIT(A) AND NO SECOND APPEAL HAS BEEN FILED BY THE DEPARTMENT THEREFORE LEVY OF PENALTY IS NOT JUSTI FIED. 2 ITA 8788 (AY-2007-08) SHREE S.K. SYNTHETICV P. LTD VS. ITO 3. ON THE OTHER HAND LD. DR PLACED RELIANCE ON ORD ER OF THE CIT(A). 4. AFTER CONSIDERING THE SUBMISSIONS WE FOUND THAT THE BASIS ON WHICH THE PENALTY WAS LEVIED DOES NOT SURVIVE AS THE QUANTUM ADDITION OF RS. 12 33 707 ON WHICH PENALTY WAS LEVIED HAS BEEN DELETED BY THE LD. CIT(A) AND NO FURTHER A PPEAL HAS BEEN PREFERRED BY THE DEPARTMENT AS STATED BY LD. AR. SINCE BASIS OF THE PENALTY DO ES NOT SURVIVE NOW AS THE QUANTUM ADDITION HAS BEEN DELETED. THEREFORE WE CANCELLED THE LEVY OF PENALTY. 5. IN THE RESULT THE APPEAL OF THE ASSESSEE IS ALL OWED. 06 &070 )0 8' ORDER PRONOUNCED ON 10 TH DAY JULY 2013 . 4 23' 6 10.07.2013 3 SD/- SD/- ( N. K. BILLAIYA ) ( R.K. GUPTA ) $ / ACCOUNTANT MEMBER / JUDICIAL MEMBER MUMBAI: DATED : 10. 07. 2013 . /. PRAMOD KUMAR PS 4 4 4 4 0 0 0 0 :'0 :'0 :'0 :'0 / COPY OF THE ORDER FORWARDED TO : 1. (+ / THE APPELLANT 2. -(+ / THE RESPONDENT 3. ; ) ( / THE CIT(A) 4. ; / CIT - CONCERNED 5. < 0 / DR ITAT MUMBAI 6. =& > / GUARD FILE 4 4 4 4 / BY ORDER ? ?? ? / 8 8 8 8 ) ) ) ) (DY./ASSTT. REGISTRAR) / ITAT MUMBAI